FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 29, 2012--
- Total production up 22% to 8.1 MBoe/d
- Oil production increases 113% to 250 MBbls
Third Quarter 2012 Production
Estimated third quarter 2012 production totaled 747 MBoe (8.1 MBoe/d), compared to 612 MBoe (6.7 MBoe/d) produced in third quarter 2011, a 22% increase. Estimated third quarter 2012 production also increased 7% over second quarter 2012 production of 702 MBoe (7.7 MBoe/d). Estimated oil production for third quarter 2012 increased 113% to 250 MBbls, compared to 117 MBbls produced in third quarter 2011. Estimated production for third quarter 2012 was 34% oil, 31% NGLs and 35% natural gas, compared to 19% oil, 38% NGLs and 43% natural gas in third quarter 2011.
Production from north Project Pangea in the Wolfcamp oil shale resource play was impacted by downtime at a third-party natural gas processing facility during third quarter 2012. We estimate that the impact to third quarter 2012 production as a result of plant downtime totaled approximately 340 Boe/d. We expect that intermittent downtime may continue through
We have begun construction on a new, 5.5 mile, 8-inch high-pressure natural gas line to deliver our natural gas production from north Project Pangea to a gas processing facility in
Due to the unanticipated plant downtime, and subject to timely completion of our new gas lines, we expect full-year 2012 production to be 2,800 MBoe - 3,000 MBoe.
Third Quarter 2012 Commodity Prices
Preliminary, average realized prices for third quarter 2012, before the effect of commodity derivatives, were
Third Quarter 2012 Capital Expenditures
Preliminary, unaudited estimates of capital expenditures during third quarter 2012 totaled
Conference Call Scheduled for
Approach will host a conference call on
To participate in the conference call, domestic participants should dial (800) 901-5217 and international participants should dial (617) 786-2964 approximately 15 minutes before the scheduled conference time. To access the simultaneous webcast of the conference call, please visit the Calendar of Events page under the Investor Relations section of the Company's website, www.approachresources.com, 15 minutes before the scheduled conference time to register for the webcast and install any necessary software. The webcast will be archived for replay on the Company's website until
In addition, the Company will host a telephone replay of the call, which will be available for one week. U.S. callers may access the telephone replay by dialing (888) 286-8010 and international callers may dial (617) 801-6888. The passcode is 64514392.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include expectations of anticipated financial and operating results of the Company, including production, realized prices, capital expenditures, volume and impact of production curtailment, timing of infrastructure projects, delivery of natural gas production to a processing facility and production guidance. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in the Company's
Information in this release regarding production, realized commodity prices and capital expenditures is preliminary and unaudited. Final results will be provided in our quarterly report on Form 10-Q for the three and nine months ended
For a glossary of oil and gas terms and abbreviations used in this release, please see our Annual Report on Form 10-K filed with the
Approach Resources Inc.
Megan P. Hays, 817.989.9000
Manager, Investor Relations & Corporate Communications