Profile: Approach Resources Inc (AREX.OQ)
2 Oct 2015
Approach Resources Inc., incorporated on September 12, 2002, is an independent energy company. The Company is engaged in the exploration, development, production and acquisition of oil and gas properties in the Midland Basin of the greater Permian Basin in West Texas. The Company focuses on finding and developing oil and natural gas reserves in oil shale and tight gas sands. The Company is developing resource potential from the Wolfcamp shale oil formation. The Company's additional drilling targets include the Clearfork, Canyon Sands, Strawn and Ellenburger zones. The Company refers its development project in the Permian Basin as Project Pangea, which includes Pangea West. The Company also owns interest in the East Texas Basin.
As of December 31, 2014, the Company leased approximately 136,000 net acres in the Midland Basin of the greater Permian Basin in West Texas and its estimated proved reserves in Crockett and Schleicher Counties, Texas were 146.2 million barrels of oil equivalent (MMBoe). As of December 31, 2014, the Company owned and operated 729 producing oil and gas wells in the Permian Basin.
Permian Basin - Project Pangea
The Company's properties in the Permian Basin are located in Crockett and Schleicher Counties, Texas. As of December 31, 2014, the Company owned interests in approximately 729 gross (716 net) wells, all of which it operates. As of December 31, 2014, the Company had working and net revenue interests of approximately 100% and 76%, respectively, across Project Pangea. The Company's acreage position in the Permian Basin is characterized by various commercial hydrocarbon zones, including the Clearfork, Dean, Wolfcamp shale, Canyon Sands, Strawn and Ellenburger zones. The Company has one rig operating in Project Pangea, which is drilling horizontal Wolfcamp wells.
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 5,000 gross (2,000 net) acre project. As of December 31, 2014, the Company had estimated proved reserves of 750 million cubic feet (MMcf) in North Bald Prairie. The Company's primary targets in North Bald Prairie are the Cotton Valley Sands and Cotton Valley Lime. The Company has no rigs running in North Bald Prairie.
Approach Resources Inc
One Ridgmar Centre
6500 West Freeway, Suite 800
FORT WORTH TX 76116