Approach Resources, Inc.: An Independent Oil and Natural Gas Company

One of the independent oil and natural gas companies headquartered in Fort Worth, Texas is Approach Resources, Inc. The business was incorporated in 2002 and made its initial public offering on the NASDAQ, where it continues to publicly trade its common stocks under the ticker symbol AREX.

As an energy company, Approach Resources is engaged in the exploration, exploitation and production of oil and gas in reserves across the Midland Basin in West Texas. Through the company’s efforts in acquiring promising properties, the business continues to expand its operations. As of, there are more than 680 wells that the business owns and operates. It ceaselessly hunts for resources in promising areas across the region. Additional drilling activities are also observed in the Canyon Sands play, Strawn, Clearfork and Ellenburger zones. It has been reported that the business is sitting on reserves amounting to more than 114.7 million barrels of oil equivalent (MMBoe).

Owning a leading position in the Midland Basin, the company’s largest operations in the Permian Basin is referred to as the Project Pangea, which spans from the Crockett County to Schleicher, Texas. By strategically acquiring and expanding its operations in the region, the company ensures the generated income of the business. It currently has three rigs operating on their Project Pangea.

In addition to its operations in the Permian Basin, Approach Resources has also entered into a venture project with EnCana Oil & Gas (USA), Inc. Under their agreements, the company has engaged in drilling activities in the Robertson and Limestone Counties in Texas. There are 11 wells that have been completed and one serves as a saltwater disposal property. In this venture, the company has 50% working interests and 40% net revenue interests on their 6,200 gross acre project. The location of the project is in the North Bald Prairie where it is reported to have proven reserves of more than 807 million cubic feet of gas and 4.7 million barrels of oil equivalent.