Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Approach Resources Inc., Valuation and Financial Data 9 Approach Resources Inc., Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Approach Resources Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Approach Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Approach Resources Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Approach Resources Inc., Quarterly Production Trends 14 Approach Resources Inc., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Approach Resources Inc., Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Approach Resources Inc., Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Approach Resources Inc., Valuation and Financial Data, 2011-2015 20 Approach Resources Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Approach Resources Inc., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Approach Resources Inc., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Approach Resources Inc., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Approach Resources Inc., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Approach Resources Inc., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 75 Approach Resources Inc. - Recent Developments 75 Mar 03, 2016: Approach Resources Reports Fourth Quarter And Full-Year 2015 Results And Provides 2016 Outlook 75 Nov 04, 2015: Approach Resources Reports Third Quarter 2015 Results 78 Sep 25, 2015: Approach Resources Announces Reaffirmation Of Lender Commitments In Credit Facility At $450 Million 80 Aug 05, 2015: Approach Resources Reports Second Quarter 2015 Results 80 May 06, 2015: Approach Resources Reports First Quarter 2015 Results 81 Feb 25, 2015: Approach Resources Reports Fourth Quarter And Full-Year 2014 Results And Provides 2015 Outlook 83 Feb 11, 2015: Approach Resources Announces Record Annual Production and Proved Reserves 87 Appendix 89 Methodology 89 Coverage 89 Secondary Research 89 Primary Research 89 Data Information Sources 90 Company Source 90 SEC/Other Regulatory Filings 90 Other Sources 90 Expert Panel Validation 90 Data Definition 90 Oil and Gas Reserves 90 Units of Measure 91 About GlobalData 91 Disclosure 91 Disclaimer 91

List of Tables Table 1: Approach Resources Inc., Key Facts 8 Table 2: Approach Resources Inc., Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Approach Resources Inc., Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Approach Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Approach Resources Inc., Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Approach Resources Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Approach Resources Inc., Share Price Performance, 2011-2015 20 Table 14: Approach Resources Inc., Key Valuation Metrics, 2011-2015 21 Table 15: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Approach Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Approach Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Approach Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Approach Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Approach Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Approach Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Table 30: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Approach Resources Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: Approach Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Approach Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Approach Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Approach Resources Inc., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Approach Resources Inc., Producible Oil and Gas Wells, 2011-2015 69 Table 41: Approach Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Approach Resources Inc., Exploratory and Developed Wells, 2011-2015 74 List of Figures Figure 1: Approach Resources Inc., Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Approach Resources Inc., Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Approach Resources Inc., Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Approach Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Approach Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Approach Resources Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Approach Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Approach Resources Inc., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Approach Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Approach Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Approach Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Approach Resources Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Approach Resources Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Approach Resources Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Approach Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Approach Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Approach Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Approach Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Approach Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Approach Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Approach Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Approach Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Approach Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Approach Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Approach Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Approach Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Approach Resources Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Approach Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Approach Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Approach Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Approach Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Approach Resources Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Approach Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: Approach Resources Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Approach Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: Approach Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Approach Resources Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: Approach Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Approach Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: Approach Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: Approach Resources Inc., Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: Approach Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: Approach Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: Approach Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: Approach Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: Approach Resources Inc., Producible Oil and Gas Wells, 2011-2015 69 Figure 69: Approach Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: Approach Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: Approach Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: Approach Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: Approach Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: Approach Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: Approach Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: Approach Resources Inc., Exploratory and Developed Wells, 2011-2015 74