Profile: Approach Resources Inc (AREX.OQ)

AREX.OQ on NASDAQ Stock Exchange Global Select Market

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Approach Resources Inc., incorporated on September 12, 2002, is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. The Company focuses on oil and gas reserves in oil shale and tight gas sands in the Midland Basin of the greater Permian Basin in West Texas, where it leases approximately 148,000 net acres. The Company’s drilling targets include the Clearfork, Wolfcamp shale, Canyon Sands, Strawn and Ellenburger zones. It refers to the Clearfork and Wolfcamp zones together as the Wolffork, and its development project in the Permian Basin as Project Pangea, which includes the northwestern portion of Project Pangea that it refers to as Pangea West. As of December 31, 2012, it owned and operated 594 producing oil and gas wells in the Permian Basin, and had an estimated 2,983 identified drilling and recompletion locations, of which 359 were proved.

The Company’s proved reserves are located in Crockett and Schleicher Counties, Texas. During the year ended December 31, 2012, production totaled 2.9 million barrels of oil equivalent. Production for 2012, was 34% oil, 31% natural gas liquids (NGLs) and 35% natural gas. The Company operated two horizontal rigs and one vertical rig in 2012, and drilled a total of 46 gross (45.8 net) wells. The Company recompleted 19 gross (19 net) wells in the Wolffork in 2012.

Permian Basin - Project Pangea and Pangea West

The Company’s properties in the Permian Basin are located in Crockett and Schleicher Counties, Texas. As of December 31, 2012, the Company owned interests in approximately 594 gross (583.2 net) wells, all of which it operates. As of December 31, 2012, the Company had working and net revenue interests of approximately 100% and 76%, across Project Pangea and Pangea West. The Wolfcamp shale is located in the oil-to-wet gas window across its Permian acreage position and is naturally fractured due to its proximity to the Ouachita-Marathon thrust belt and mineralogy, specifically the carbonate and quartz minerals. It also has identified 170 proved drilling locations targeting the Canyon Sands and deeper zones. As of December 31, 2012, its estimated proved reserves were 95.5 million barrels of oil equivalent the Permian Basin, made up of 39% oil, 31% NGLs and 30% natural gas.

East Texas Basin - North Bald Prairie

The Company has drilled and completed 11 gross wells, including one well completed as a saltwater disposal well. The Company has a 50% working interest and approximately 40% net revenue interest in the approximately 6,200 gross (3,400 net) acre project. As of December 31, 2012, it had estimated proved reserves of 820 million cubic feet of gas in North Bald Prairie. The Company’s primary targets in North Bald Prairie are the Cotton Valley Sands and Cotton Valley Lime. Secondary targets include the shallower Rodessa, Pettit and Travis Peak formations.

Company Address

Approach Resources Inc

ONE RIDGMAR CENTRE
SUITE 800, 6500 WEST FREEWAY
FORT WORTH   TX   76116
P: +1817.9899000
F: +1817.9899001

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