Authorization

Approach Resources Inc. Reports Fourth Quarter and Full-Year 2018 Financial and Operating Results

Approach Resources Inc. (NASDAQ: AREX) today reported financial
and operational results for the fourth quarter and full-year 2018,
estimated year-end 2018 proved reserves and provided an update on its
efforts to pursue deleveraging alternatives.


Fourth Quarter 2018 Highlights





Fourth quarter production of 963 MBoe or 10.5 MBoe/d






Net income was $0.9 million, or $0.01 per diluted share. Adjusted net
loss (non-GAAP) was $6.9 million, or $0.07 per diluted share






EBITDAX (non-GAAP) of $13.5 million






Cash operating expenses (non-GAAP) of $8.85 per Boe, a 28% decrease
over the prior quarter





Full-Year 2018 Highlights





Full year production of 4,082 MBoe or 11.2 MBoe/d






Year-end 2018 proved reserves 180.1 MMBoe, an increase in oil reserves
of 5% over the prior year






Drilled six and completed nine horizontal Wolfcamp wells during the
year with an inventory of seven drilled and uncompleted wells at
year-end






Net loss was $19.9 million, or $0.21 per diluted share. Adjusted net
loss (non-GAAP) was $25 million, or $0.26 per diluted share






EBITDAX (non-GAAP) of $59 million, a 7% increase over the prior year






Revenue of $114 million, an 8% increase over the prior year






Unhedged cash margin (non-GAAP) of $16.19 per Boe, a 16% increase over
the prior year





Adjusted net loss, EBITDAX, cash operating expenses and unhedged cash
margin are non-GAAP measures. See "Supplemental Non-GAAP Financial and
Other Measuresa?? below for our definitions and reconciliations of
adjusted net loss and EBITDAX to net income (loss) and unhedged cash
margin to revenues.
See also:
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