Approach Resources Inc. (AREX) is an independent energy company headquartered in Fort Worth, Texas. Founded in September 2002, the company engages in the exploration, development, production and acquisition of unconventional natural gas and oil properties onshore in the United States and British Columbia. The focus of the company is to find and develop natural gas reserves in known tight gas sands and shale gas areas.
By applying advanced drilling, fracturing and completion techniques, the company has successful found and exploited unconventional reservoirs. Growth for the company since its inception has come from the drilling operations in the company’s West Texas drilling program, which began with the first well in Ozona Northeast in February 2004. From that February to December 2007, the company successfully drilled 285 wells out of 303 total wells drilled.
Approach Resources will continue to review opportunities to acquire producing properties, undeveloped acreage and drilling prospects. The company strives to minimize operating costs by concentrating assets within geographic areas where consolidation of operating control can create operating efficiencies. In addition, the company is the operator of a good portion of the producing properties and plans to continue doing so in order to better manage timing and risk as well as the cost of exploration and development, drilling and ongoing operations.
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