Approach Resources, Inc. reported unaudited consolidated earnings and Production results for the first quarter ended March 31, 2018. For the quarter, the company reported Oil, NGL and gas sales were $28,772,000 compared to $26,355,000 a year ago. Operating loss was $1,243,000 compared to $5,105,000 a year ago. Loss before income tax benefit was $9,056,000 compared to $2,068,000 a year ago. Net loss was $7,446,000 or $0.08 per diluted share compared to $140,768,000 or $2.0 per diluted share a year ago. Adjusted net loss was $7,062,000 compared to $7,536,000 a year ago. Adjusted net loss per diluted share was $0.07 compared to $0.11 a year ago. EBITDAX (non-GAAP) was $13,735,000 compared to $14,101,000 a year ago. Capital expenditures incurred during first quarter 2018 totaled $13.7 million and included $12.4 million for drilling and completion activities, and $1.3 million for infrastructure projects and equipment.

Production for first quarter 2018 totaled 1,020 Mboe, or 11.3 MBoe/d, made up of 27% oil, 34% NGLs and 39% natural gas.

Based on the redeployment of its capital to its Pangea West area, the second quarter of 2018 production guidance is expected to be 11.4 to 11.6 MBoe per day.

The company's 2018 Capex program was set between $50 million and $70 million, depending on realized commodity price and will be funded primarily out of free cash flow.