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Approach Resources Inc
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Q2 2019 Results Presenation
| J. Ross Craft | Page 3 of 11 |
April 30, 2024
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"Q2 2019 Results Presenation "
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Company overview APPROACH RESOURCES OVERVIEW ASSET MAP Enterprise value $427 MM 1 High-quality reserve base • 180.1 MMBoe proved reserves 2 • 60% liquids, 29% oil • $761.8 MM proved PV-10 (non-GAAP) Permian Basin core operating area • 128,000 gross (116,000 net) acres • ~900 MMBoe gross, unrisked resource potential • ~1,300 identified HZ drilling locations • ~100% working interest • Large contiguous acreage position with multiple benches Large-scale infrastructure facilitates efficient development • 329,000 Bbl capacity water recycling facility • Centralized compressor and gas lift infrastructure Asset characteristics • Stable leasehold that is largely HBP provides for flexible budget • 7 DUCs as of 6/30/19 • Currently suspended drilling program in light of restructuring considerations, and are evaluating 2019 capital expenditure budget 1. Enterprise value is equal to market capitalization using net debt, the closing share price of $0.29 per share and the share count each as of 6/28/2019. 2. Proved reserves as of 12/31/2018. All Boe and Mcfe calculations are based on a 6 to 1 conversion ratio. Reserves were estimated using SEC pricing at December 31, 2018 and were calculated based on the first-of-the-month, twelve month average prices for oil, NGLs and natural gas of $65.68 per BBL, $24.12 per Bbl and $3.17 per MMBtu, respectively, adjusted for basis differentials, grade and quality. 3 Second Quarter 2019 Results – August 8, 2019