Approach Resources Inc. (AREX) is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company's business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas. The Company's assets cover an area of approximately 126,000 net acres. Its proved reserves are approximately 166.6 million barrels of oil equivalent. The Company's proved reserves are primarily located in Crockett and Schleicher Counties, Texas. The Company's Permian Basin acreage is known as the Project Pangea. The Company owns and operates approximately 800 producing oil and gas wells in the Permian Basin. The Company, through a joint venture with EnCana Oil & Gas (USA) Inc., holds interests in the approximately 3,000 gross acre project in Limestone and Robertson Counties, Texas, in the East Texas Cotton Valley trend.
Analyst Upgrade/Downgrade Update Brokerage firm: Suntrust Change: Upgrade Previous Rating: Reduce Current Rating: Hold Previous Price Target: N/A Current Price Target: N/A Analyst Upgrade/Downgrade Update Brokerage firm: Wunderlich Change: Upgrade Previous Rating: Hold Current Rating: Buy Previous Price Target: $4 Current Price Target: $5.50
