Revenue Update on Approach Resources(NASDAQ:AREX)

Approach Resources(NASDAQ:AREX) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 3, 2016. Company reported revenue of $22.43M. Analysts estimated a revenue of $22.16M. Earnings per share were $-0.25. Analysts had estimated an EPS of $-0.29.

Approach Resources (AREX) made into the market gainers list on Fridays trading session with the shares advancing 28.27% or 0.54 points. Due to strong positive momentum, the stock ended at $2.45, which is also near the day’s high of $2.5. The stock began the session at $1.91 and the volume stood at 43,70,476 shares. The 52-week high of the shares is $3.19 and the 52 week low is $0.6012. The company has a current market capitalization of $102 M and it has 4,16,11,672 shares in outstanding.

Approach Resources Inc. is an independent energy company. The Company is engaged in the exploration development production and acquisition of oil and gas properties in the Midland Basin of the greater Permian Basin in West Texas. The Company focuses on finding and developing oil and natural gas reserves in oil shale and tight gas sands. The Company is developing resource potential from the Wolfcamp shale oil formation. The Company’s additional drilling targets include the Clearfork Canyon Sands Strawn and Ellenburger zones. The Company refers its development project in the Permian Basin as Project Pangea which includes Pangea West. The Company also owns interest in the East Texas Basin. The Company owns and operates approximately 729 producing oil and gas wells in the Permian Basin.

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