FORT WORTH, Texas, Sept. 2, 2008 (GLOBE NEWSWIRE) -- Approach Resources Inc. (Nasdaq:AREX) (the "Company") today reported that an estimated 54 million cubic feet equivalent ("MMcfe") of natural gas, net to the Company, was shut in from the Company's Ozona Northeast field over the equivalent of approximately three calendar days from August 28 through August 31, 2008, due to a rupture in Energy Transfer's Oasis pipeline. The Oasis pipeline transports natural gas from the Permian Basin to the Katy Hub near Houston. The volume that was temporarily shut in represents approximately 2.6% of the Company's total net production for the second quarter of 2008.
The Company resumed production in Ozona Northeast on August 31, 2008; however, the Company noted that it could experience some temporary residual effects of the shut-in as compression facilities are restarted and the wells are returned to production.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the volume and potential impact of shut-in production. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Other risks inherent in the Company's business are detailed in its Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Approach Resources Inc.
Approach Resources Inc. is an independent energy company engaged in the exploration, development, production and acquisition of unconventional natural gas and oil properties in the United States and British Columbia. The Company focuses on natural gas and oil reserves in tight sands and shale. The Company operates or holds leases in Texas, Kentucky and New Mexico and has a non-operating interest in British Columbia. For more information about the Company, please visit www.approachresources.com.
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