Approach Resources marks $2.38 million loss for March; revenue down

By Caroline Salls

Pittsburgh, May 6 – Approach Resources Inc. posted a $2.38 million operating loss for March on $2.53 million in oil and gas revenue, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Those figures showed a decline from the $924,000 of operating income reported for February on $4.03 million in oil and gas revenue.

The net loss for March was $4.08 million, growing from a $1.32 million February net loss.

The company had $7.32 million in cash and cash equivalents for March, down from $7.89 million at the end of February.

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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