Approach Resources marks $1.7 million of January operating income

By Caroline Salls

Pittsburgh, March 2 – Approach Resources Inc. posted $1.47 million of operating income for January on $4.6 million in oil and gas revenue, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

In comparison, Approach reported an $814,000 operating loss for December on $5.77 million in oil and gas revenue.

The net loss for January was $551,000, narrowing from a $3.7 million December net loss.

The company had $5.76 million in cash and cash equivalents as of Jan. 31, down from $8.62 million at the end of December.

Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18 under Chapter 11 case number 19-36444.

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