FORT WORTH, Texas--(BUSINESS WIRE)--Jun. 25, 2012-- Approach Resources Inc.(NASDAQ: AREX) today announced that Ernst & Young LLP has named Approach's President and Chief Executive Officer, J. Ross Craft, a regional winner for the Ernst & Young Entrepreneur Of The Year® award for the Southwest Area North region. Regional winners were selected by an independent judging panel made up of area business, academic and community leaders. Award winners were announced at a special gala event held Saturday, June 23, 2012, at the Hyatt Regency Dallas hotel in Dallas, Texas.
The Ernst & Young Entrepreneur Of The Year® award recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. The unique award encourages entrepreneurial activity and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs.
J. Ross Craft was selected as a finalist from nearly 80 nominations by a panel of independent judges. As regional award winner, Mr. Craft is eligible for consideration for the Entrepreneur Of The Year National Award. Winners of the national awards will be announced at the annual awards gala in Palm Springs, California, on November 18, 2012. The awards are the culminating event of the Ernst & Young Strategic Growth Forum®, the nation's most prestigious gathering of high-growth, market-leading companies, which will be held November 14 -18, 2012. Winners of the national competition will then move on to compete for the World Entrepreneur of the Year Award. The Ernst and Young recognition program has been in existence for 26 years and has expanded to include 50 countries on six continents.
J. Ross Craft commented, "I consider it a true honor to be chosen as a representative for our region at the national competition. I give thanks and credit to the innovative team at Approach who 'cracked the code' on the West Texas Wolfcamp oil shale resource play - a play that promises to be one of the largest oil discoveries in our country's history - and also give thanks to our Board of Directors and our fellow stockholders for their support and confidence along the way."
About Ernst & Young Entrepreneur Of The Year®
Ernst & Young Entrepreneur Of The Year® is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. For more information about our organization, please visit www.ey.com.
About Approach Resources Inc.
Approach Resources Inc. is an independent oil and gas company with core operations, production and reserves located in the Permian Basin in West Texas. The Company targets multiple oil and liquids-rich formations in the Permian Basin, where the Company operates approximately 145,000 net acres. The Company's estimated proved reserves as of December 31, 2011, total 77.0 million barrels of oil equivalent, made up of 61% oil and NGLs and 39% natural gas. For more information about the Company, please visit www.approachresources.com. Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.
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 the expectations of management regarding the Wolfcamp oil shale play. These statements are based on certain assumptions made by the Company based on management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model" or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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 Securities and Exchange Commission ("SEC") filings. The Company's SEC filings are available on the Company's website at www.approachresources.com. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Source: Approach Resources Inc.
Approach Resources Inc.
Megan P. Hays, 817.989.9000
Manager, Investor Relations & Corporate Communications