Approach Resources Inc. (AREX) Q1 2010 Earnings Call May 04, 2010 11:00 a.m. ET Executives Ross Craft - President and CEO Steve Smart - CFO Curtis Henderson - General Counsel Qingming Yang - VP, Exploration Analysts Mitch Wurschmidt - KeyBanc Jeff Hayden - Rodman Renshaw Joel Havard - Hilliard Lyons Irene Haas - Canaccord PresentationOperator Good morning everyone, and welcome to the Approach Resources first quarter 2010 earnings conference call and audio webcast. (Operator Instructions)
Management's remarks today will include forward-looking statements. These statements are subject to many factors that could cause actual results to differ materially from management's expectations as expressed in those forward-looking statements. Those factors are described in the company's SEC filings, and management refers you to the company's website or to the SEC website to review those filings. The company undertakes no obligation to publicly update or revise any forward-looking statements. Also, during this call, management will refer to certain non-GAAP financial measures. Reconciliations of those measures to the most directly comparable GAAP measures are contained in the company's first quarter 2010 earnings release, and under the non-GAAP financial information page of the company's website at www.approachresources.com. I'm now going to turn the call over to Mr. Ross Craft, the company's President and CEO. Ross Craft Good morning, everyone. Thanks for participating this morning, and for your interest in Approach. With me on the call today we have Steve Smart, our Chief Financial Officer; Curtis Henderson, our General Counsel; and Qingming Yang, our Vice President of Exploration. Overall, we are pleased with the quarter and very excited by where the company stands today. We already have increased our average daily production 13% since the first quarter of 2010 with production coming in around 24.8 MMcfe/d.