Approach Resources Updates Production; Shares Slump 3%


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Arex Resources ( AREX ) reported estimated production for full year and fourth quarter 2012 and provided an operations update and 2013 outlook.

Estimated 2012 production totaled 2,888 MBoe (7.9 MBoe/d), up 24% from 2011. Oil production for 2012 increased 101% compared to 2011. Estimated production for 2012 was of 34% oil, 31% NGLs and 35% natural gas, compared to 21% oil, 34% NGLs and 45% natural gas in 2011.

Estimated Q4 2012 production totaled 784 MBoe (8.5 MBoe/d), up 21% from the same period in 2011 and 5% from the prior quarter.

AREX shares are down 2.8% at $24.12.

The company estimated 2013 production to be 3,600 to 3,900 MBoe, with first quarter 2013 production ranging from 8.9 MBoe/d to 9.1 MBoe/d.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AREX

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