Approach Resources (AREX) is actively developing oil and gas assets in the Permian Basin, where the company has 134,500 net acres under lease. The company has proved reserves of 57.3 million barrels of oil equivalent (BOE) in the Permian Basin as of 12/31/2010.
Approach Resources has its properties concentrated in the Southern Midland Basin of the Permian and is focused on the Wolffork oil play on its acreage. The company is working at Project Pangea and Pangea West.
Approach Resources reported average daily production of 5,200 BOE per day from Project Pangea during the first quarter of 2011.
Other prospective formations that Approach Resources has on its acreage in the Permian Basin include the Ellenburger, Wolfcamp, Clearfork, Strawn and Canyon Sands zones.