Approach Resources (AREX) Misses Q3 EPS by 3c; CEO Comments on Outlook
More News related to AREX
- Approach Resources Inc. Announces the Retirement of Glenn W. Reed, Vice President - Operations
- J.P. Morgan Downgrades Approach Resources (AREX) to Neutral
- Approach Resources (AREX) Misses Q3 EPS by 3c; CEO Comments on Outlook
- Approach Resources Inc. Provides 2009 Drilling Activity and Guidance Update and Announces 2010 Capital Budget and Guidance
- Approach Resources Inc. Reports Results for Third Quarter 2009 and Announces Borrowing Base Increase
Approach Resources Corp. (NASDAQ: AREX) reports Q3 adjusted EPS of $0.05, 3 cents worse than the analyst estimate of $0.08. Revenue for the quarter was $8.8 million, which compares to the estimate of $12.71 million.
J. Ross Craft, the Company's President and Chief Executive Officer, commented, "Releasing our rigs after the first quarter of 2009 helped us reduce our long-term debt from $47.7 million at March 31, 2009 to $36.9 million at September 30, 2009. Releasing our rigs, however, also contributed to a decrease in our average daily production in 2009, as we elected not to offset the natural decline of our tight gas fields in an unfavorable natural gas price environment. Given current, higher natural gas prices, we now have resumed drilling operations in Cinco Terry and plan to resume drilling in Ozona Northeast this month. Our drilling and development program for the remainder of 2009 and 2010 reflects our commitment to long-term growth by drilling in our low-risk, low-cost, core development areas."
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