Form 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if smaller reporting company)

Smaller reporting company

0001193125-15-280971.txt : 20150806 0001193125-15-280971.hdr.sgml : 20150806 20150806160412 ACCESSION NUMBER: 0001193125-15-280971 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150806 DATE AS OF CHANGE: 20150806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Approach Resources Inc CENTRAL INDEX KEY: 0001405073 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 510424817 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33801 FILM NUMBER: 151033082 BUSINESS ADDRESS: STREET 1: ONE RIDGMAR CENTRE STREET 2: 6500 WEST FREEWAY, SUITE 800 CITY: FORT WORTH STATE: TX ZIP: 76116 BUSINESS PHONE: 8179899000 MAIL ADDRESS: STREET 1: ONE RIDGMAR CENTRE STREET 2: 6500 WEST FREEWAY, SUITE 800 CITY: FORT WORTH STATE: TX ZIP: 76116 10-Q 1 d942590d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-33801

APPROACH RESOURCES INC.

(Exact name of registrant as specified in its charter)


Delaware		51-0424817
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Ridgmar Centre 6500 West Freeway, Suite 800 Fort Worth, Texas		76116
(Address of principal executive offices)		(Zip Code)

(817) 989-9000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during .the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No

The number of shares of the registrant’s common stock, $0.01 par value, outstanding as of July 30, 2015, was 40,556,033.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Approach Resources Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(In thousands, except shares and per-share amounts)


	June 30, 2015			December 31, 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	752		$	432
Accounts receivable:
Joint interest owners		67			132
Oil, NGL and gas sales		17,290			19,635
Unrealized gain on commodity derivatives		16,716			39,951
Prepaid expenses and other current assets		1,246			929

Total current assets		36,071			61,079
PROPERTIES AND EQUIPMENT:
Oil and gas properties, at cost, using the successful efforts method of accounting		1,838,218			1,708,278
Furniture, fixtures and equipment		5,614			5,561

Total oil and gas properties and equipment		1,843,832			1,713,839
Less accumulated depletion, depreciation and amortization		(436,785	)		(382,180	)

Net oil and gas properties and equipment		1,407,047			1,331,659
Unrealized gain on commodity derivatives		10			—

Total assets	$	1,443,128		$	1,392,738

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	16,504		$	33,336
Oil, NGL and gas sales payable		4,837			8,536
Deferred income taxes – current		5,851			14,242
Accrued liabilities		40,280			50,738

Total current liabilities		67,472			106,852
NON-CURRENT LIABILITIES:
Senior secured credit facility, net		254,410			147,072
Senior notes, net		244,688			244,239
Deferred income taxes		107,704			110,677
Asset retirement obligations		9,893			9,571

Total liabilities		684,167			618,411
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value, 10,000,000 shares authorized none outstanding		—			—
Common stock, $0.01 par value, 90,000,000 shares authorized, 40,547,527 and 39,814,199 issued and outstanding, respectively		399			399
Additional paid-in capital		577,080			572,888
Retained earnings		181,482			201,040

Total stockholders’ equity		758,961			774,327

Total liabilities and stockholders’ equity	$	1,443,128		$	1,392,738

See accompanying notes to these unaudited consolidated financial statements

Approach Resources Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations

(In thousands, except shares and per-share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
REVENUES:
Oil, NGL and gas sales	$	38,605		$	73,408		$	71,903		$	135,335
EXPENSES:
Lease operating		6,917			7,946			14,063			15,797
Production and ad valorem taxes		2,974			4,925			5,802			9,094
Exploration		1,165			1,966			2,255			2,704
General and administrative		7,510			7,402			15,612			15,937
Depletion, depreciation and amortization		28,404			28,573			54,924			52,179

Total expenses		46,970			50,812			92,656			95,711

OPERATING (LOSS) INCOME		(8,365	)		22,596			(20,753	)		39,624
OTHER:
Interest expense, net		(6,243	)		(5,357	)		(12,165	)		(10,494	)
Equity in losses of investee		—			(186	)		—			(186	)
Realized gain (loss) on commodity derivatives		9,281			(3,320	)		25,182			(4,659	)
Unrealized loss on commodity derivatives		(13,904	)		(7,678	)		(23,225	)		(13,604	)
Other income (expense)		12			(109	)		38			(109	)

(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) PROVISION		(19,219	)		5,946			(30,923	)		10,572
INCOME TAX (BENEFIT) PROVISION		(7,369	)		2,153			(11,365	)		3,834

NET (LOSS) INCOME	$	(11,850	)	$	3,793		$	(19,558	)	$	6,738

(LOSS) EARNINGS PER SHARE:
Basic	$	(0.29	)	$	0.10		$	(0.48	)	$	0.17

Diluted	$	(0.29	)	$	0.10		$	(0.48	)	$	0.17

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		40,554,758			39,368,606			40,357,059			39,306,296
Diluted		40,554,758			39,384,613			40,357,059			39,322,392

See accompanying notes to these unaudited consolidated financial statements

Approach Resources Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

(In thousands)


	Six Months Ended June 30,
	2015			2014
OPERATING ACTIVITIES:
Net (loss) income	$	(19,558	)	$	6,738
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depletion, depreciation and amortization		54,924			52,179
Amortization of debt issuance costs		787			689
Unrealized loss on commodity derivatives		23,225			13,604
Exploration expense		1,486			2,704
Share-based compensation expense		4,292			3,761
Deferred income tax (benefit) expense		(11,365	)		3,834
Equity in losses of investee		—			186
Other non-cash items		(38	)		—
Changes in operating assets and liabilities:
Accounts receivable		2,410			(1,669	)
Prepaid expenses and other current assets		(288	)		(420	)
Accounts payable		(3,423	)		(2,396	)
Oil, NGL and gas sales payable		(3,699	)		3,418
Accrued liabilities		1,248			469

Cash provided by operating activities		50,001			83,097

INVESTING ACTIVITIES:
Additions to oil and gas properties		(131,414	)		(192,872	)
Contribution to equity method investment		—			(186	)
Change in restricted cash		—			7,350
Additions to furniture, fixtures and equipment, net		(53	)		(2,070	)
Change in working capital related to investing activities		(25,214	)		2,591

Cash used in investing activities		(156,681	)		(185,187	)

FINANCING ACTIVITIES:
Borrowings under credit facility		182,500			114,421
Repayment of amounts outstanding under credit facility		(75,500	)		(68,421	)
Debt issuance costs		—			(2,227	)

Cash provided by financing activities		107,000			43,773

CHANGE IN CASH AND CASH EQUIVALENTS		320			(58,317	)
CASH AND CASH EQUIVALENTS, beginning of period	$	432		$	58,761

CASH AND CASH EQUIVALENTS, end of period	$	752		$	444

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$	11,424		$	9,961

SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTION:
Asset retirement obligations capitalized	$	116		$	260

See accompanying notes to these unaudited consolidated financial statements

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

1. Summary of Significant Accounting Policies

Organization and Nature of Operations

Approach Resources Inc. (“Approach,” the “Company,” “we,” “us” or “our”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. We focus on finding and developing oil and natural gas reserves in oil shale and tight gas sands. Substantially all of our properties are located in the Permian Basin in West Texas.

Consolidation, Basis of Presentation and Significant Estimates

The interim consolidated financial statements of the Company are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full year, due in part to the volatility in prices for oil, natural gas liquids (“NGLs”) and gas, future commodity prices for commodity derivative contracts, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, the timing of acquisitions, product supply and demand, market competition and interruptions of production. You should read these consolidated interim financial statements in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 26, 2015.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions are eliminated. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. Significant assumptions are required in the valuation of proved oil and gas reserves, which affect our estimate of depletion expense as well as our impairment analyses. Significant assumptions also are required in our estimation of accrued liabilities, commodity derivatives, income tax provision, share-based compensation and asset retirement obligations. It is at least reasonably possible these estimates could be revised in the near term, and these revisions could be material. Certain prior-year amounts have been reclassified to conform to current-year presentation. These classifications have no impact on the net (loss) income reported.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. This new guidance permits adoption through the use of either a full retrospective approach or a modified retrospective approach for annual reporting periods beginning on or after December 15, 2016, with early application not permitted. In July 2015, FASB delayed the effective date one year, making the new standard effective for interim periods and annual periods beginning after December 15, 2017. We have not determined which transition method we will use and are continuing to evaluate our existing revenue recognition policies to determine whether any of our contracts will be affected by the new requirements.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

In April 2015, FASB issued an accounting standards update for “Interest – Imputation of Interest,” which simplifies the presentation of debt issuance costs. This accounting standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new update is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years), with early adoption permitted and retrospective application required. We have elected to adopt this accounting standard update as of June 30, 2015. The adoption of this new accounting standard update resulted in a reclassification of debt issuance costs from Other assets to Senior secured credit facility, net and Senior notes, net. See Note 3 “Long-Term Debt” for disclosure of debt issuance costs. Adoption of this accounting standard update did not impact our statements of operations or cash flows.

2. Earnings Per Common Share

We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. The following table provides a reconciliation of the numerators and denominators of our basic and diluted earnings per share (dollars in thousands, except per-share amounts).


	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Income (numerator):
Net (loss) income – basic	$	(11,850	)	$	3,793	$	(19,558	)	$	6,738

Weighted average shares (denominator):
Weighted average shares – basic		40,554,758			39,368,606		40,357,059			39,306,296
Dilution effect of share-based compensation, treasury method		—	(1)		16,007		—	(1)		16,096

Weighted average shares – diluted		40,554,758			39,384,613		40,357,059			39,322,392

Net (loss) income per share:
Basic	$	(0.29	)	$	0.10	$	(0.48	)	$	0.17

Diluted	$	(0.29	)	$	0.10	$	(0.48	)	$	0.17

(1)	Approximately 39,000 options to purchase our common stock were excluded from this calculation because they were antidilutive for the three and six months ended June 30, 2015.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

3. Long-Term Debt

The following table provides a summary of our long-term debt at June 30, 2015, and December 31, 2014 (in thousands).


	June 30,			December 31,
	2015			2014
Senior secured credit facility:
Outstanding borrowings	$	257,000		$	150,000
Debt issuance costs		(2,590	)		(2,928	)

Senior secured credit facility, net		254,410			147,072
Senior notes:
Principal		250,000			250,000
Debt issuance costs		(5,312	)		(5,761	)

Senior notes, net		244,688			244,239

Total long-term debt	$	499,098		$	391,311

Senior Secured Credit Facility

At June 30, 2015, our borrowing base under our amended and restated senior secured credit facility (the “Credit Facility”) was $525 million, with aggregate lender commitments of $450 million and maximum commitments from the lenders of $1 billion. The Credit Facility has a maturity date of May 7, 2019. The borrowing base is redetermined semi-annually in April and October based on our oil, NGL and gas reserves. We, or the lenders, can each request one additional borrowing base redetermination each calendar year.

Borrowings bear interest based on the agent bank’s prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available under the Credit Facility. Margins vary based on the borrowings outstanding compared to the borrowing base of the lenders.

We had outstanding borrowings of $257 million under the Credit Facility at June 30, 2015, compared to $150 million of outstanding borrowings at December 31, 2014. The weighted average interest rate applicable to borrowings under the Credit Facility for the six months ended June 30, 2015, was 2%. We had outstanding unused letters of credit under the Credit Facility totaling $0.3 million at June 30, 2015, and December 31, 2014, which reduce amounts available for borrowing under the Credit Facility.

Obligations under the Credit Facility are secured by mortgages on substantially all of the oil and gas properties of the Company and its subsidiaries. The Company is required to maintain liens covering the oil and gas properties of the Company and its subsidiaries representing at least 80% of the total value of all oil and gas properties of the Company and its subsidiaries.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

Covenants

The Credit Facility contains two principal financial covenants:

•

a consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter, and

•

a consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.

The Credit Facility also contains covenants restricting cash distributions and other restricted payments, transactions with affiliates, incurrence of other debt, consolidations and mergers, the level of operating leases, asset sales, investment in other entities and liens on properties.

In addition, the obligations of the Company may be accelerated upon the occurrence of an Event of Default (as defined in the Credit Facility). Events of Default include customary events for a financing agreement of this type, including, without limitation, payment defaults, the inaccuracy of representations and warranties, defaults in the performance of affirmative or negative covenants, defaults on other indebtedness of the Company or its subsidiaries, bankruptcy or related defaults, defaults related to judgments and the occurrence of a Change of Control (as defined in the Credit Facility), which includes instances where a third party becomes the beneficial owner of more than 50% of the Company’s outstanding equity interests entitled to vote.

Senior Notes

In June 2013, we completed our public offering of $250 million principal amount of 7% Senior Notes due 2021 (the “Senior Notes”). Annual interest on the Senior Notes is $17.5 million, payable semi-annually on June 15 and December 15. On June 15, 2015, we made a semi-annual interest payment of $8.8 million.

We issued the Senior Notes under a senior indenture dated June 11, 2013, among the Company, our subsidiary guarantors and Wells Fargo Bank, National Association, as trustee. The senior indenture, as supplemented by a supplemental indenture dated June 11, 2013, is referred to as the “Indenture.”

On and after June 15, 2016, we may redeem some or all of the Senior Notes at specified redemption prices, plus accrued and unpaid interest to the redemption date. Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. In addition, before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. If we sell certain of our assets or experience specific kinds of changes of control, we may be required to offer to purchase the Senior Notes from holders. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee:

•

in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if the sale or other disposition otherwise complies with the Indenture;

•

in connection with any sale or other disposition of the capital stock of that guarantor to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if that guarantor no longer qualifies as a subsidiary of the Company as a result of such disposition and the sale or other disposition otherwise complies with the Indenture;

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

•

if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the Indenture;

•

upon defeasance or covenant defeasance of the notes or satisfaction and discharge of the Indenture, in each case, in accordance with the Indenture;

•

upon the liquidation or dissolution of that guarantor, provided that no default or event of default occurs under the Indenture as a result thereof or shall have occurred and is continuing; or

•

in the case of any restricted subsidiary that, after the issue date of the notes is required under the Indenture to guarantee the notes because it becomes a guarantor of indebtedness issued or an obligor under a credit facility with respect to the Company and/or its subsidiaries, upon the release or discharge in full from its (i) guarantee of such indebtedness or (ii) obligation under such credit facility, in each case, which resulted in such restricted subsidiary’s obligation to guarantee the notes.

The Indenture restricts our ability, among other things, to (i) sell certain assets, (ii) pay distributions on, redeem or repurchase, equity interests, (iii) incur additional debt, (iv) make certain investments, (v) enter into transactions with affiliates, (vi) incur liens and (vii) merge or consolidate with another company. These restrictions are subject to a number of important exceptions and qualifications. If at any time the Senior Notes are rated investment grade by both Moody’s Investors Service and Standard & Poor’s Ratings Services and no default (as defined in the Indenture) has occurred and is continuing, many of these restrictions will terminate. The Indenture contains customary events of default.

Subsidiary Guarantors

The Senior Notes are guaranteed on a senior unsecured basis by each of our consolidated subsidiaries. Approach Resources Inc. is a holding company with no independent assets or operations. The subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the Company other than the subsidiary guarantors are minor. There are no significant restrictions on the Company’s ability, or the ability of any subsidiary guarantor, to obtain funds from its subsidiaries through dividends, loans, advances or otherwise.

At June 30, 2015, we were in compliance with all of our covenants, and there were no existing defaults or events of default, under our debt instruments.

4. Commitments and Contingencies

Our contractual obligations include long-term debt, a daywork drilling contract, operating lease obligations, asset retirement obligations and employment agreements with our executive officers. At June 30, 2015, outstanding borrowings under the Credit Facility were $257 million, compared to $150 million at December 31, 2014. In February 2015, we exercised our early termination option related to one of our daywork drilling contracts. We incurred $0.5 million in expenses related to the early termination of this contract, which is recorded in exploration expense on our consolidated statements of operations. Since December 31, 2014, there have been no other material changes to our contractual obligations.

In August 2015, we will exercise our early termination option related to our last remaining drilling rig contract. We expect to incur $1.8 million in expenses related to the early termination of this contract, which will be recorded on our consolidated statements of operations in the third quarter of 2015.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

We are involved in various legal and regulatory proceedings arising in the normal course of business. While we cannot predict the outcome of these proceedings with certainty, we do not believe that an adverse result in any pending legal or regulatory proceeding, individually or in the aggregate, would be material to our consolidated financial condition or cash flows.

5. Income Taxes

The effective income tax rate for the three and six months ended June 30, 2015, was 38.3% and 36.8%, respectively. Total income tax expense for the three and six months ended June 30, 2015, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to the impact of a reduction in the state tax rate of $0.8 million, partially offset by a tax shortfall related to share-based compensation of $0.2 million and $0.4 million, respectively.

The effective income tax rate for the three and six months ended June 30, 2014, was 36.2% and 36.3%, respectively. Total income tax expense for the three and six months ended June 30, 2014, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to state taxes and the impact of permanent differences between book and taxable income.

6. Fair Value of Financial and Derivative Instruments

The following table provides our outstanding commodity derivative positions at June 30, 2015.


Commodity and Period	Contract Type	Volume Transacted	Contract Price
Crude Oil
July 2015 – December 2015	Collar	1,600 Bbls/d	$84.00/Bbl - $91.00/Bbl
July 2015 – December 2015	Collar	1,000 Bbls/d	$90.00/Bbl - $102.50/Bbl
July 2015 – December 2015	Three-Way Collar	500 Bbls/d	$75.00/Bbl - $84.00/Bbl - $94.00/Bbl
July 2015 – December 2015	Three-Way Collar	500 Bbls/d	$75.00/Bbl - $84.00/Bbl - $95.00/Bbl
July 2015 – December 2016	Swap	500 Bbls/d	$62.50/Bbl
July 2015 – December 2016	Swap	250 Bbls/d	$62.55/Bbl
Natural Gas
July 2015 – December 2015	Swap	200,000 MMBtu/month	$4.10/MMBtu
July 2015 – December 2015	Collar	130,000 MMBtu/month	$4.00/MMBtu - $4.25/MMBtu

In June 2015, we entered into crude oil swaps covering a total of 500 Bbls per day and 250 Bbls per day through December 31, 2016, at $62.50/Bbl and $62.55/Bbl, respectively.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

The following table summarizes the fair value of our open commodity derivatives as of June 30, 2015, and December 31, 2014 (in thousands).


	Asset Derivatives
	Balance Sheet Location	Fair Value
		June 30,		December 31,
		2015		2014
Derivatives not designated as hedging instruments
Commodity derivatives	Unrealized gain on commodity derivatives	$	16,726	$	39,951

The following table summarizes the change in the fair value of our commodity derivatives (in thousands).


	Income Statement	Three Months Ended						Six Months Ended
	Location	June 30,						June 30,
		2015			2014			2015			2014
Derivatives not designated as hedging instruments
Commodity derivatives	Realized gain (loss) on commodity derivatives	$	9,281		$	(3,320	)	$	25,182		$	(4,659	)
	Unrealized loss on commodity derivatives		(13,904	)		(7,678	)		(23,225	)		(13,604	)

		$	(4,623	)	$	(10,998	)	$	1,957		$	(18,263	)

Unrealized gains and losses, at fair value, are included on our consolidated balance sheets as current or non-current assets or liabilities based on the anticipated timing of cash settlements under the related contracts. Changes in the fair value of our commodity derivative contracts are recorded in earnings as they occur and included in income (expense) on our consolidated statements of operations. We estimate the fair values of swap contracts based on the present value of the difference in exchange-quoted forward price curves and contractual settlement prices multiplied by notional quantities. We internally valued the option contracts using industry-standard option pricing models and observable market inputs. We use our internal valuations to determine the fair values of the contracts that are reflected on our consolidated balance sheets. Realized gains and losses are also included in income (expense) on our consolidated statements of operations. Accounts receivable related to oil, NGL and gas sales includes $2.4 million and $4.8 million from realized gains on commodity derivatives at June 30, 2015, and December 31, 2014, respectively.

We are exposed to credit losses in the event of nonperformance by the counterparties on our commodity derivatives positions and have considered the exposure in our internal valuations. However, we do not anticipate nonperformance by the counterparties over the term of the commodity derivatives positions.

To estimate the fair value of our commodity derivatives positions, we use market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and attempt to use the best available information. We determine the fair value based upon the hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are as follows:

•

Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. At June 30, 2015, we had no Level 1 measurements.

Approach Resources Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2015

•

Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Our derivatives, which consist primarily of commodity swaps and collars, are valued using commodity market data which is derived by combining raw inputs and quantitative models and processes to generate forward curves. Where observable inputs are available, directly or indirectly, for substantially the full term of the asset or liability, the instrument is categorized in Level 2. At June 30, 2015, all of our commodity derivatives were valued using Level 2 measurements.

•

Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At June 30, 2015, we had no Level 3 measurements.

Financial Instruments Not Recorded at Fair Value

The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands).


	June 30, 2015
	Carrying Amount		Fair Value
Senior Notes, net	$	244,688	$	228,750

The fair value of the Senior Notes uses pricing that is readily available in the public market. Accordingly, the fair value of the Senior Notes would be classified as Level 2 in the fair value hierarchy.

7. Share-Based Compensation

In February 2015, we awarded an aggregate of 724,249 restricted shares to our executive officers, of which 482,833 shares are subject to certain performance conditions and 241,416 shares are subject to three-year total shareholder return (“TSR”) conditions, assuming maximum TSR is achieved. The aggregate fair market value of the award, assuming target TSR is achieved, is $4.5 million, which will be expensed over a service period of approximately three years, subject to performance and three-year TSR conditions.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is intended to assist in understanding our results of operations and our financial condition. This section should be read in conjunction with management’s discussion and analysis contained in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2015. Our consolidated financial statements and the accompanying notes included elsewhere in this report contain additional information that should be referred to when reviewing this material. Certain statements in this discussion may be forward-looking. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ from those expressed in this report. A glossary containing the meaning of the oil and gas industry terms used in this management’s discussion and analysis follows the “Results of Operations” table in this Item 2.

Cautionary Statement Regarding Forward-Looking Statements

Various statements in this report, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, typical well economics and our future reserves, production, revenues, costs, income, capital spending, 3-D seismic operations, interpretation and results and obtaining permits and regulatory approvals. When used in this report, the words “will,” “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,” “potential” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. We caution all readers that the forward-looking statements contained in this report are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to the factors listed or referred to in the “Risk Factors” section and elsewhere in this report. All forward-looking statements speak only as of the date of this report. We disclaim any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, unless required by law. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. The risks, contingencies and uncertainties relate to, among other matters, the following:

•

uncertainties in drilling, exploring for and producing, oil and gas;

•

oil, NGL and gas prices;

•

overall United States and global economic and financial market conditions;

•

domestic and foreign demand and supply for oil, NGLs, gas and the products derived from such hydrocarbons;

•

the willingness and ability of the Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain oil price and production controls;

•

our ability to obtain additional financing necessary to fund our operations and capital expenditures and to meet our other obligations;

•

the effects of government regulation and permitting and other legal requirements, including laws or regulations that could restrict or prohibit hydraulic fracturing;

•

disruption of credit and capital markets;

•

our financial position;

•

our cash flows and liquidity;

•

disruptions to, capacity constraints in or other limitations on the pipeline systems that deliver our oil, NGLs and gas and other processing and transportation considerations;

•

marketing of oil, NGLs and gas;

•

high costs, shortages, delivery delays or unavailability of drilling and completion equipment, materials, labor or other services;

•

competition in the oil and gas industry;

•

uncertainty regarding our future operating results;

•

interpretation of 3-D seismic data;

•

replacing our oil, NGL and gas reserves;

•

our ability to retain and attract key personnel;

•

our business strategy, including our ability to recover oil, NGLs and gas in place associated with our Wolfcamp shale oil resource play in the Permian Basin;

•

development of our current asset base or property acquisitions;

•

estimated quantities of oil, NGL and gas reserves and present value thereof;

•

plans, objectives, expectations and intentions contained in this report that are not historical; and

•

other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 26, 2015.

Overview

Approach Resources Inc. is an independent energy company focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas, where we lease approximately 130,000 net acres, as of June 30, 2015. We believe our concentrated acreage position provides us an opportunity to achieve cost, operating and recovery efficiencies in the development of our drilling inventory. We are currently developing significant resource potential from the Wolfcamp shale oil formation. Additional drilling targets could include the Clearfork, Canyon Sands, Strawn and Ellenburger zones. We sometimes refer to our development project in the Permian Basin as “Project Pangea,” which includes “Pangea West.” Our management and technical team have a proven track record of finding and developing reserves through advanced drilling and completion techniques. As the operator of all of our estimated proved reserves and production, we have a high degree of control over capital expenditures and other operating matters.

At December 31, 2014, our estimated proved reserves were 146.2 million barrels of oil equivalent (“MMBoe”), made up of 38% oil, 28% NGLs, 34% gas and 41% proved developed reserves. Substantially all of our proved reserves are located in the Permian Basin in Crockett and Schleicher counties, Texas. At June 30, 2015, we owned working interests in 750 producing oil and gas wells.

Second Quarter 2015 Activity

During the three months ended June 30, 2015, we produced 1,391 MBoe, or 15.3 MBoe/d. We drilled nine horizontal wells, completed 10 horizontal wells and had two additional horizontal wells in the final stages of completion.

2015 Capital Expenditures

For the three months ended June 30, 2015, our capital expenditures totaled $56.9 million, consisting of $53.5 million for drilling and completion activities, $3.1 million for infrastructure projects and equipment and $0.3 million for acreage acquisitions and extensions. During the first half of the year, we spent $131.5 million of our planned $160 million capital budget. In reponse to a continued decline in oil, NGL and gas prices, we have suspended our drilling and completion activities for the remainder of the year. Our current estimate of capital expenditures in 2015 is $150 million. We will continue to monitor commodity prices and operating expenses to determine any further adjustments to our capital budget.

Our 2015 capital budget excludes acquisitions and lease extensions and renewals and is subject to change depending upon a number of factors, including prevailing and anticipated prices for oil, NGLs and gas, results of horizontal drilling and completions, economic and industry conditions at the time of drilling, the availability of sufficient capital resources for drilling prospects, our financial results and the availability of lease extensions and renewals on reasonable terms.

Results of Operations

The following table sets forth summary information regarding oil, NGL and gas revenues, production, average product prices and average production costs and expenses for the three and six months ended June 30, 2015 and 2014. We determine a barrel of oil equivalent using the ratio of six Mcf of natural gas to one Boe, and one barrel of NGLs to one Boe. The ratios of six Mcf of natural gas to one Boe and one barrel of NGLs to one Boe do not assume price equivalency and, given price differentials, the price for a Boe of natural gas or NGLs may differ significantly from the price for a barrel of oil.


	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Revenues (in thousands):
Oil	$	25,627	$	51,570		$	46,930	$	93,315
NGLs		5,603		11,560			10,755		21,858
Gas		7,375		10,278			14,218		20,162

Total oil, NGL and gas sales		38,605		73,408			71,903		135,335
Realized gain (loss) on commodity derivatives		9,281		(3,320	)		25,182		(4,659	)

Total oil, NGL and gas sales including derivative impact	$	47,886	$	70,088		$	97,085	$	130,676

Production:
Oil (MBbls)		499		525			993		975
NGLs (MBbls)		408		370			778		665
Gas (MMcf)		2,897		2,348			5,436		4,282

Total (MBoe)		1,391		1,286			2,677		2,353
Total (MBoe/d)		15.3		14.1			14.8		13.0
Average prices:
Oil (per Bbl)	$	51.31	$	98.28		$	47.27	$	95.73
NGLs (per Bbl)		13.72		31.21			13.82		32.87
Gas (per Mcf)		2.55		4.38			2.62		4.71

Total (per Boe)	$	27.76	$	57.06		$	26.86	$	57.51
Realized gain (loss) on commodity derivatives (per Boe)		6.68		(2.58	)		9.41		(1.99	)

Total including derivative impact (per Boe)	$	34.44	$	54.48		$	36.27	$	55.52
Costs and expenses (per Boe):
Lease operating	$	4.97	$	6.18		$	5.25	$	6.71
Production and ad valorem taxes		2.14		3.83			2.17		3.86
Exploration		0.84		1.53			0.84		1.15
General and administrative		5.40		5.75			5.83		6.77
Depletion, depreciation and amortization		20.43		22.21			20.51		22.17

Glossary

Bbl. One stock tank barrel, of 42 U.S. gallons liquid volume, used herein to reference oil, condensate or NGLs.

Boe. Barrel of oil equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of oil equivalent, and one Bbl of NGLs to one Bbl of oil equivalent.

MBbl. Thousand barrels of oil, condensate or NGLs.

MBoe. Thousand barrels of oil equivalent.

Mcf. Thousand cubic feet of natural gas.

MMBoe. Million barrels of oil equivalent.

MMcf. Million cubic feet of natural gas.

NGLs. Natural gas liquids.

/d. “Per day” when used with volumetric units or dollars.

Three Months Ended June 30, 2015, Compared to Three Months Ended June 30, 2014

Oil, NGL and gas sales. Oil, NGL and gas sales decreased $34.8 million, or 47%, for the three months ended June 30, 2015, to $38.6 million, from $73.4 million for the three months ended June 30, 2014. The decrease in oil, NGL and gas sales was due to a decrease in average realized commodity prices ($35.9 million) offset by an increase in production volumes ($1.1 million). Production volumes increased as a result of our continued development in Project Pangea.

Net (loss) income. Net loss for the three months ended June 30, 2015, was $11.9 million, or $0.29 per diluted share, compared to net income of $3.8 million, or $0.10 per diluted share, for the three months ended June 30, 2014. Net loss for the three months ended June 30, 2015, included an unrealized loss on commodity derivatives of $13.9 million and a realized gain on commodity derivatives of $9.3 million. Net loss for the three months ended June 30, 2015, was primarily due to lower revenues ($34.8 million) due to depressed commodity prices.

Oil, NGL and gas production. Production for the three months ended June 30, 2015, totaled 1,391 MBoe (15.3 MBoe/d), compared to production of 1,286 MBoe (14.1 MBoe/d) in the prior-year period, an 8% increase. Production for the three months ended June 30, 2015, was 36% oil, 29% NGLs and 35% gas, compared to 41% oil, 29% NGLs and 30% gas in the 2014 period. Production volumes increased during the three months ended June 30, 2015, as a result of our continued development in Project Pangea.

Commodity derivative activities. Our commodity derivative activity resulted in a realized gain of $9.3 million and a realized loss of $3.3 million for the three months ended June 30, 2015 and 2014, respectively. Our average realized price, including the effect of commodity derivatives, was $34.44 per Boe for the three months ended June 30, 2015, compared to $54.48 per Boe for the three months ended June 30, 2014. Realized gains and losses on commodity derivatives are derived from the relative movement of commodity prices in relation to the fixed pricing in our derivatives contracts for the respective periods. The unrealized loss on commodity derivatives was $13.9 million and $7.7 million for the three months ended June 30, 2015 and 2014, respectively. As commodity prices increase or decrease, the fair value of the open portion of those positions decreases or increases, respectively.

Historically, we have not designated our derivative instruments as cash-flow hedges. We record our open derivative instruments at fair value on our consolidated balance sheets as either unrealized gains or losses on commodity derivatives. We record changes in such fair value in net (loss) income on our consolidated statements of operations under the caption entitled “unrealized loss on commodity derivatives.”

Lease operating. Our lease operating expenses (“LOE”) decreased $1 million, or 13%, for the three months ended June 30, 2015, to $6.9 million, or $4.97 per Boe, from $7.9 million, or $6.18 per Boe, for the three months ended June 30, 2014. The decrease in LOE per Boe for the three months ended June 30, 2015, was primarily due to decreases in well repairs, workovers and maintenance, water hauling, and pumpers and supervision, partially offset by a slight increase in compressor rental and repair. The following table summarizes LOE per Boe.


	Three Months Ended June 30,
	2015		2014		Change			% Change
Compressor rental and repair	$	1.78	$	1.73	$	0.05			2.9	%
Water hauling and other		1.60		1.67		(0.07	)		(4.2	)
Pumpers and supervision		0.89		0.92		(0.03	)		(3.3	)
Well repairs, workovers and maintenance		0.70		1.86		(1.16	)		(62.4	)

Total	$	4.97	$	6.18	$	(1.21	)		(19.6	)%

Production and ad valorem taxes. Our production and ad valorem taxes decreased $1.9 million, or 40%, for the three months ended June 30, 2015, to $3 million from $4.9 million for the three months ended June 30, 2014. The decrease in production and ad valorem taxes was primarily due to the decrease in oil, NGL and gas sales between the two periods. Production and ad valorem taxes were $2.14 per Boe and $3.83 per Boe and approximately 7.7% and 6.7% of oil, NGL and gas sales for the three months ended June 30, 2015 and 2014, respectively.

Exploration. We recorded $1.2 million, or $0.84 per Boe, and $2 million, or $1.53 per Boe, of exploration expense for the three months ended June 30, 2015 and 2014, respectively. Exploration expense for the respective periods resulted primarily from lease expirations.

General and administrative. Our general and administrative expenses (“G&A”) increased $0.1 million, or 1%, to $7.5 million, or $5.40 per Boe, for the three months ended June 30, 2015, from $7.4 million, or $5.75 per Boe, for the three months ended June 30, 2014. G&A decreased $1 million for the three months ended June 30, 2015, excluding the impact of a $1.1 million benefit of forfeited stock awards related to the retirement of one of our executive officers during the three months ended June 30, 2014. The decrease in salaries and benefits and professional fees was due to cost saving initiatives. We expect G&A to continue to decline from prior-year levels due to our cost saving initiatives. The following table summarizes G&A in millions and G&A per Boe.


	Three Months Ended June 30,
	2015				2014				Change
	$MM		Boe		$MM		Boe		$MM			Boe			% Change (Boe)
Salaries and benefits	$	3.5	$	2.49	$	4.1	$	3.17	$	(0.6	)	$	(0.68	)		(21.5	)%
Share-based compensation		2.1		1.49		1.1		0.86		1.0			0.63			73.3
Professional fees		0.7		0.53		0.8		0.60		(0.1	)		(0.07	)		(11.7	)
Other		1.2		0.89		1.4		1.12		(0.2	)		(0.23	)		(20.5	)

Total	$	7.5	$	5.40	$	7.4	$	5.75	$	0.1		$	(0.35	)		(6.1	)%

Depletion, depreciation and amortization. Our depletion, depreciation and amortization expense (“DD&A”) decreased $0.2 million, or 1%, to $28.4 million for the three months ended June 30, 2015, from $28.6 million for the three months ended June 30, 2014. Our DD&A per Boe decreased by $1.78 per Boe, or 8%, to $20.43 per Boe for the three months ended June 30, 2015, compared to $22.21 per Boe for the three months ended June 30, 2014. The decrease in DD&A expense and DD&A per Boe over the prior-year period was primarily due to lower oil and gas property carrying costs relative to estimated proved developed reserves.

Interest expense, net. Our interest expense, net, increased $0.8 million, or 17%, to $6.2 million for the three months ended June 30, 2015, from $5.4 million for the three months ended June 30, 2014. This increase was due to higher interest expense from increased borrowings under our amended and restated senior secured credit facility (the “Credit Facility”). We expect our interest expense to remain higher than the prior-year period as a result of a higher outstanding balance under the Credit Facility.

Income taxes. Our income taxes decreased $9.6 million to an income tax benefit of $7.4 million for the three months ended June 30, 2015, from an income tax expense of $2.2 million for the three months ended June 30, 2014. The decrease in income taxes was primarily due to the net loss before income taxes in the 2015 period. Our effective income tax rate for the three months ended June 30, 2015, was 38.3%, compared to 36.2% for the three months ended June 30, 2014. The effective tax rate increased for the three months ended June 30, 2015, compared to the prior-year period due to the impact of a reduction in the state tax rate of $0.8 million.

Six Months Ended June 30, 2015, Compared to Six Months Ended June 30, 2014

Oil, NGL and gas sales. Oil, NGL and gas sales decreased $63.4 million, or 47%, for the six months ended June 30, 2015, to $71.9 million, from $135.3 million for the six months ended June 30, 2014. The decrease in oil, NGL and gas sales was due to a decrease in average realized commodity prices ($74.3 million) offset by an increase in production volumes ($10.9 million). Production volumes increased as a result of our continued development in Project Pangea.

Net (loss) income. Net loss for the six months ended June 30, 2015, was $19.6 million, or $0.48 per diluted share, compared to net income of $6.7 million, or $0.17 per diluted share, for the six months ended June 30, 2014. Net loss for the six months ended June 30, 2015, included an unrealized loss on commodity derivatives of $23.2 million and a realized gain on commodity derivatives of $25.2 million. Net loss for the six months ended June 30, 2015, was primarily due to lower revenues ($63.4 million) resulting from depressed commodity prices.

Oil, NGL and gas production. Production for the six months ended June 30, 2015, totaled 2,677 MBoe (14.8 MBoe/d), compared to production of 2,353 MBoe (13.0 MBoe/d) in the prior-year period, a 14% increase. Production for the six months ended June 30, 2015, was 37% oil, 29% NGLs and 34% gas, compared to 42% oil, 28% NGLs and 30% gas in the 2014 period. Production volumes increased during the six months ended June 30, 2015, as a result of our continued development in Project Pangea.

Commodity derivatives activities. Our commodity derivatives activity resulted in a realized gain of $25.2 million and a realized loss of $4.7 million for the six months ended June 30, 2015 and 2014, respectively. Our average realized price, including the effect of commodity derivatives, was $36.27 per Boe for the six months ended June 30, 2015, compared to $55.52 per Boe for the six months ended June 30, 2014. Realized gains and losses on commodity derivatives are derived from the relative movement of commodity prices in relation to the fixed pricing in our derivatives contracts for the respective periods. The unrealized loss on commodity derivatives was $23.2 million and $13.6 million for the six months ended June 30, 2015 and 2014, respectively. As commodity prices increase or decrease, the fair value of the open portion of those positions decreases or increases, respectively.

Lease operating. Our LOE decreased $1.7 million, or 11%, for the six months ended June 30, 2015, to $14.1 million, or $5.25 per Boe, from $15.8 million, or $6.71 per Boe, for the six months ended June 30, 2014. The decrease in LOE per Boe for the six months ended June 30, 2015, was primarily due to a decrease in well repairs, workovers and maintenance, partially offset by increases in compressor rental and repair, water hauling and pumpers and supervision. The following table summarizes LOE per Boe.


	Six Months Ended June 30,
	2015		2014		Change			% Change
Compressor rental and repair	$	1.97	$	1.87	$	0.10			5.3	%
Water hauling and other		1.78		1.61		0.17			10.6
Pumpers and supervision		0.93		0.91		0.02			2.2
Well repairs, workovers and maintenance		0.57		2.32		(1.75	)		(75.4	)

Total	$	5.25	$	6.71	$	(1.46	)		(21.8	)%

Production and ad valorem taxes. Our production and ad valorem taxes decreased $3.3 million, or 36%, for the six months ended June 30, 2015, to $5.8 million from $9.1 million for the six months ended June 30, 2014. The decrease in production and ad valorem taxes was primarily a function of the decrease in oil, NGL and gas sales between the two periods. Production and ad valorem taxes were $2.17 per Boe and $3.86 per Boe and approximately 8.1% and 6.7% of oil, NGL and gas sales for the six months ended June 30, 2015 and 2014, respectively.

Exploration. We recorded $2.3 million, or $0.84 per Boe, and $2.7 million, or $1.15 per Boe, of exploration expense for the six months ended June 30, 2015 and 2014, respectively. Exploration expense for the respective periods resulted primarily from lease expirations. Additionally, we incurred $0.5 million related to the early termination of one of our daywork drilling contracts during the six months ended June 30, 2015.

General and administrative. Our G&A decreased $0.3 million, or 2%, to $15.6 million, or $5.83 per Boe, for the six months ended June 30, 2015, from $15.9 million, or $6.77 per Boe, for the six months ended June 30, 2014. G&A decreased $1.4 million for the six months ended June 30, 2015, excluding the impact of a $1.1 million benefit of forfeited stock awards related to the retirement of one of our executive officers during the six months ended June 30, 2014. The decrease in G&A was primarily due to a decrease in salaries and benefits due to cost saving initiatives. The following table summarizes G&A in millions and G&A per Boe.


	Six Months Ended June 30,
	2015				2014				Change
	$MM		Boe		$MM		Boe		$MM			Boe			% Change (Boe)
Salaries and benefits	$	7.0	$	2.60	$	7.6	$	3.22	$	(0.6	)	$	(0.62	)		(19.3	)%
Share-based compensation		4.3		1.60		3.8		1.60		0.5			—			—
Professional fees		1.6		0.60		1.6		0.69		—			(0.09	)		(13.0	)
Other		2.7		1.03		2.9		1.26		(0.2	)		(0.23	)		(18.3	)

Total	$	15.6	$	5.83	$	15.9	$	6.77	$	(0.3	)	$	(0.94	)		(13.9	)%

Depletion, depreciation and amortization. Our DD&A increased $2.7 million, or 5%, to $54.9 million for the six months ended June 30, 2015, from $52.2 million for the six months ended June 30, 2014. Our DD&A per Boe decreased by $1.66 per Boe, or 7%, to $20.51 per Boe for the six months ended June 30, 2015, compared to $22.17 per Boe for the six months ended June 30, 2014. The increase in DD&A expense over the prior-year period was primarily due to higher production. The decrease in DD&A per Boe over the prior-year period was primarily due to lower oil and gas property carrying costs relative to estimated proved developed reserves.

Interest expense, net. Our interest expense, net, increased $1.7 million, or 16%, to $12.2 million for the six months ended June 30, 2015, from $10.5 million for the six months ended June 30, 2014. This increase was due to higher interest expense from increased borrowings under the Credit Facility. We expect our interest expense to remain higher than the prior-year period as a result of a higher outstanding balance under the Credit Facility.

Income taxes. Our income taxes decreased $15.2 million to an income tax benefit of $11.4 million for the six months ended June 30, 2015, from an income tax expense of $3.8 million for the six months ended June 30, 2014. The decrease in income taxes was primarily due to the net loss before income taxes in the 2015 period. Our effective income tax rate for the six months ended June 30, 2015, was 36.8%, compared to 36.3% for the six months ended June 30, 2014. The effective tax rate increased for the six months ended June 30, 2015, compared to the prior-year period due to the impact of a reduction in the state tax rate of $0.8 million.

Liquidity and Capital Resources

We generally will rely on cash generated from operations, borrowings under the Credit Facility and, to the extent that credit and capital market conditions will allow, future public or private equity and debt offerings to satisfy our liquidity needs. Our ability to fund planned capital expenditures and to make acquisitions depends upon our future operating performance, availability of borrowings under the Credit Facility, and more broadly, on the availability of equity and debt financing, which is affected by prevailing economic conditions in our industry and financial, business and other factors, some of which are beyond our control. We cannot predict whether additional liquidity from equity or debt financings beyond the Credit Facility will be available on acceptable terms, or at all, in the foreseeable future.

Our cash flow from operations is driven by commodity prices, production volumes and the effect of commodity derivatives. Prices for oil, NGLs and gas are affected by national and international economic and political environments, national and global supply and demand for hydrocarbons, seasonal influences of weather and other factors beyond our control. Cash flows from operations are primarily used to fund exploration and development of our oil and gas properties.

We believe we have adequate liquidity from cash generated from operations and unused borrowing capacity under the Credit Facility for current working capital needs and maintenance of our current development project. However, we may determine to use various financing sources, including the issuance of common stock, preferred stock, debt, convertible securities and other securities for future development of reserves, acquisitions, additional working capital or other liquidity needs, if such financing is available on acceptable terms. We cannot guarantee that such financing will be available on acceptable terms or at all. Using some of these financing sources may require approval from the lenders under the Credit Facility.

Liquidity

We define liquidity as funds available under the Credit Facility and cash and cash equivalents. At June 30, 2015, we had $257 million in outstanding borrowings under the Credit Facility and liquidity of $193 million, compared to $150 million in outstanding borrowings under the Credit Facility and liquidity of $300 million at December 31, 2014. The table below summarizes our liquidity position at June 30, 2015, and December 31, 2014 (dollars in thousands).


	Liquidity at June 30,			Liquidity at December 31,
	2015			2014
Lender commitments	$	450,000		$	450,000
Cash and cash equivalents		752			432
Credit Facility – outstanding borrowings		(257,000	)		(150,000	)
Undrawn letters of credit		(325	)		(325	)

Liquidity	$	193,427		$	300,107

Working Capital

Our working capital is affected primarily by our capital spending program. We had a working capital deficit of $31.4 million and $45.8 million at June 30, 2015, and December 31, 2014, respectively. The primary reason for the change in working capital was a decrease in accounts payable and accrued liabilities due to a decrease in our capital expenditures. To the extent we operate, or end fiscal year 2015, with a working capital deficit, we expect such deficit to be more than offset by liquidity available under the Credit Facility.

Cash Flows

The following table summarizes our sources and uses of funds for the periods noted (in thousands).


	Six Months Ended June 30,
	2015			2014
Cash provided by operating activities	$	50,001		$	83,097
Cash used in investing activities		(156,681	)		(185,187	)
Cash provided by financing activities		107,000			43,773

Net increase (decrease) in cash and cash equivalents	$	320		$	(58,317	)

Operating Activities

Cash provided by operating activities decreased by 40%, or $33.1 million, to $50 million during the six months ended June 30, 2015, compared to the prior-year period. The decrease in our cash provided by operating activities was primarily due to a decrease in oil, NGL and gas sales from lower commodity prices and the timing of payments and receipts of working capital components.

Investing Activities

Cash used in investing activities decreased by $28.5 million for the six months ended June 30, 2015, to $156.7 million, compared to the prior-year period. Our capital expenditures for the six months ended June 30, 2015, were primarily attributable to drilling and development ($121.7 million), infrastructure projects and equipment ($9.1 million) and lease extensions ($0.7 million). Cash used in investing activities also included changes in working capital associated with investing activities ($25.2 million). In the six months ended June 30, 2014, $7.4 million in restricted cash was released from escrow related to the sale of our interest in the Wildcat pipeline, offset by $0.2 million in post-closing working capital adjustments related to the sale. During the six months ended June 30, 2015, we drilled a total of 17 horizontal wells and completed 23 horizontal wells in Project Pangea.

Financing Activities

During the six months ended June 30, 2015, cash provided by financing activities increased by $63.2 million, compared to the prior-year period. We had $257 million of outstanding borrowings under our Credit Facility at June 30, 2015, compared to $46 million of outstanding borrowings as of June 30, 2014. During the six months ended June 30, 2015, net cash provided by financing activities included borrowings under our Credit Facility of $182.5 million that were partially offset by repayments of outstanding borrowings under our Credit Facility of $75.5 million. In comparison, for the six months ended June 30, 2014, we had net cash provided by financing activities that included borrowings under the Credit Facility of $114.4 million, which were partially offset by repayments of outstanding borrowings under our Credit Facility of $68.4 million.

Senior Secured Credit Facility

At June 30, 2015, the borrowing base under our Credit Facility was $525 million, with aggregate lender commitments of $450 million, maximum commitments from the lenders of $1 billion and a maturity date of May 7, 2019. We had outstanding borrowings of $257 million and $150 million under the Credit Facility at June 30, 2015, and December 31, 2014, respectively. The weighted average interest rate applicable to borrowings under the Credit Facility for the six months ended June 30, 2015, was 2%. Additional information regarding our credit arrangements is included in Note 3. “Long-Term Debt.”

At June 30, 2015, we were in compliance with all of our covenants, and there were no existing defaults or events of default under our debt instruments. To date, we have experienced no disruptions in our ability to access the Credit Facility. However, our lenders have substantial ability to reduce our borrowing base on the basis of subjective factors, including the loan collateral value that each lender, in its discretion and using the methodology, commodity prices, assumptions and discount rates as such lender customarily uses in evaluating oil and gas properties, assigns to our properties.

Contractual Obligations

Our contractual obligations include long-term debt, a daywork drilling contract, operating lease obligations, asset retirement obligations and employment agreements with our executive officers. At June 30, 2015, outstanding borrowings under the Credit Facility were $257 million, compared to $150 million at December 31, 2014. In February 2015, we exercised our early termination option related to one of our daywork drilling contracts. As a result, we incurred $0.5 million in expenses related to the early termination of this contract. Since December 31, 2014, there have been no other material changes to our contractual obligations.

Off-Balance Sheet Arrangements

From time to time, we enter into off-balance sheet arrangements and transactions that can give rise to off-balance sheet obligations. As of June 30, 2015, the off-balance sheet arrangements and transactions that we have entered into include undrawn letters of credit and operating lease agreements. We do not believe that these arrangements have, or are reasonably likely to have, a current or future material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

General Trends and Outlook

Our financial results depend upon many factors, particularly the price of oil, NGLs and gas. Commodity prices are affected by changes in market demand, which is impacted by domestic and foreign supply of oil, NGL and gas, overall domestic and global economic conditions, commodity processing, gathering and transportation availability and the availability of refining capacity, price and availability of alternative fuels, price and quantity of foreign imports, domestic and foreign governmental regulations, political conditions in or affecting other oil and gas producing countries, weather and technological advances affecting oil, NGL and gas consumption. As a result, we cannot accurately predict future oil, NGL and gas prices, and therefore, we cannot determine what effect increases or decreases will have on our capital program, production volumes and future revenues. A substantial or extended decline in oil, NGL and gas prices could have a material adverse effect on our business, financial condition, results of operations, quantities of oil and gas reserves that may be economically produced and liquidity that may be accessed through our borrowing base under the Credit Facility and through capital markets.

In addition to production volumes and commodity prices, finding and developing sufficient amounts of oil and gas reserves at economical costs are critical to our long-term success. Future finding and development costs are subject to changes in the industry, including the costs of acquiring, drilling and completing our projects. We focus our efforts on increasing oil and gas reserves and production while controlling costs at a level that is appropriate for long-term operations. Our future cash flow from operations will depend on our ability to manage our overall cost structure.

Like all oil and gas production companies, we face the challenge of natural production declines. Oil and gas production from a given well naturally decreases over time. Additionally, our reserves have a rapid initial decline. We attempt to overcome this natural decline by drilling to develop and identify additional reserves, farm-ins or other joint drilling ventures, and by acquisitions. However, during times of severe price declines, we may from time to time reduce current capital expenditures and curtail drilling operations in order to preserve liquidity. A material reduction in capital expenditures and drilling activities could materially reduce our production volumes and revenues and increase future expected costs necessary to develop existing reserves.

We also face the challenge of financing exploration, development and future acquisitions. We believe we have adequate liquidity from cash generated from operations and unused borrowing capacity under the Credit Facility for current working capital needs and maintenance of our current development project. However, we may determine to use various financing sources, including the issuance of common stock, preferred stock, debt, convertible securities and other securities for future development of reserves, acquisitions, additional working capital or other liquidity needs, if such financing is available on acceptable terms. We cannot guarantee that such financing will be available on acceptable terms or at all. Using some of these financing sources may require approval from the lenders under the Credit Facility.

We believe the outlook for our business is favorable despite the continued uncertainty of oil, NGL and gas prices. Our resource base, strong balance sheet, risk management, including commodity derivative strategy, and disciplined investment of capital provide us with an opportunity to exploit and develop our positions and maximize efficiency in our key operating area. We continue to focus on maintaining a strong balance sheet and cash flow while growing production modestly in light of evolving market conditions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Some of the information below contains forward-looking statements. The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term “market risk” refers to the risk of loss arising from adverse changes in oil and gas prices, and other related factors. The disclosure is not meant to be a precise indicator of expected future losses, but rather an indicator of reasonably possible losses. This forward-looking information provides an indicator of how we view and manage our ongoing market risk exposures. Our market risk sensitive instruments were entered into for commodity derivative and investment purposes, not for trading purposes.

Commodity Price Risk

Given the current economic outlook, we expect commodity prices to remain volatile. Even modest decreases in commodity prices can materially affect our revenues and cash flow. In addition, if commodity prices remain low for a significant amount of time, we could be required under successful efforts accounting rules to write down our oil and gas properties.

We enter into financial swaps and options to reduce the risk of commodity price fluctuations. We do not designate such instruments as cash flow hedges. Accordingly, we record open commodity derivative positions on our consolidated balance sheets at fair value and recognize changes in such fair values as income (expense) on our consolidated statements of operations as they occur.

The following table provides our outstanding commodity derivative positions at June 30, 2015.


Commodity and Period	Contract Type	Volume Transacted	Contract Price
Crude Oil
July 2015 – December 2015	Collar	1,600 Bbls/d	$84.00/Bbl - $91.00/Bbl
July 2015 – December 2015	Collar	1,000 Bbls/d	$90.00/Bbl - $102.50/Bbl
July 2015 – December 2015	Three-Way Collar	500 Bbls/d	$75.00/Bbl - $84.00/Bbl - $94.00/Bbl
July 2015 – December 2015	Three-Way Collar	500 Bbls/d	$75.00/Bbl - $84.00/Bbl - $95.00/Bbl
July 2015 – December 2016	Swap	500 Bbls/d	$62.50/Bbl
July 2015 – December 2016	Swap	250 Bbls/d	$62.55/Bbl
Natural Gas
July 2015 – December 2015	Swap	200,000 MMBtu/month	$4.10/MMBtu
July 2015 – December 2015	Collar	130,000 MMBtu/month	$4.00/MMBtu - $4.25/MMBtu

At June 30, 2015, the fair value of our open derivative contracts was an asset of $16.7 million, compared to an asset of $40 million at December 31, 2014.

We are exposed to credit losses in the event of nonperformance by counterparties on our commodity derivatives positions. We do not anticipate nonperformance by the counterparties over the term of the commodity derivatives positions; however, we cannot be certain that we will not experience such losses in the future. All of the counterparties to our commodity derivative positions are participants in the Credit Facility, and the collateral for the outstanding borrowings under our Credit Facility is used as collateral for our commodity derivatives.

For the six months ended June 30, 2015 and 2014, we recorded an unrealized loss on commodity derivatives of $23.2 million and $13.6 million, respectively, from the change in fair value of our commodity derivatives positions. A hypothetical 10% increase in commodity prices would have resulted in a $7.5 million decrease in the fair value of our commodity derivative positions recorded on our balance sheet at June 30, 2015, and a corresponding increase in the unrealized loss on commodity derivatives recorded on our consolidated statement of operations for the six months ended June 30, 2015.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Such controls include those designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chairman, Chief Executive Officer and President (“CEO”), and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

Our management, with the participation of our CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Exchange Act) as of June 30, 2015. Based on this evaluation, the CEO and CFO have concluded that, as of June 30, 2015, our disclosure controls and procedures were effective, in that they ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There were no changes made in our internal control over financial reporting (as defined in Rule 13a-15(f) promulgated under the Exchange Act) during the three months ended June 30, 2015, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations Inherent in All Controls

Our management, including our CEO and CFO, recognizes that the disclosure controls and procedures and internal controls (discussed above) cannot prevent all errors or all attempts at fraud. Any controls system, no matter how well-crafted and operated, can only provide reasonable, and not absolute, assurance of achieving the desired control objectives. Because of the inherent limitations in any control system, no evaluation or implementation of a control system can provide complete assurance that all control issues and all possible instances of fraud have been or will be detected.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

There have been no material developments in the legal proceedings described in Part I, Item 3. “Legal Proceedings” of our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 26, 2015.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risks discussed in the following report that we have filed with the SEC, which risks could materially affect our business, financial condition and results of operations: Annual Report on Form 10-K for the year ended December 31, 2014, under the headings Item 1. “Business – Markets and Customers; Competition; and Regulation,” Item 1A. “Risk Factors,” Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – General Trends and Outlook” and Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” filed with the SEC on February 26, 2015.

There have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 26, 2015, which is accessible on the SEC’s website at www.sec.gov and our website at www.approachresources.com.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table provides information relating to our purchase of shares of our common stock during the three months ended June 30, 2015. The repurchases reflect shares withheld upon vesting of restricted stock under our 2007 Stock Incentive Plan to satisfy statutory minimum tax withholding obligations.

ISSUER PURCHASES OF EQUITY SECURITIES


Period	(a) Total Number of Shares Purchased		(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2015 – April 30, 2015		—	$	—		—		—
May 1, 2015 – May 31, 2015		8,616		6.96		—		—
June 1, 2015 – June 30, 2015		—		—		—		—

Total		8,616	$	6.96		—		—

Item 6. Exhibits.

See “Index to Exhibits” following the signature page of this report for a description of the exhibits included as part of this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	APPROACH RESOURCES INC.

Date: August 6, 2015	By:	/s/ J. Ross Craft
		J. Ross Craft
		Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer)

Date: August 6, 2015	By:	/s/ Sergei Krylov
		Sergei Krylov
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Index to Exhibits


Exhibit Number		*Description of Exhibit*

3.1		Restated Certificate of Incorporation of Approach Resources Inc. (filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed December 13, 2007, and incorporated herein by reference).

3.2		Second Amended and Restated Bylaws of Approach Resources Inc. (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed November 8, 2013, and incorporated herein by reference).

4.1		Specimen Common Stock Certificate (filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-1/A filed October 18, 2007 (File No. 333-144512), and incorporated herein by reference).

4.2		First Supplemental Indenture, dated as of June 11, 2013, among Approach Resources Inc., as issuer, the subsidiary guarantors named therein, as guarantors, and Wells Fargo Bank, National Association, as trustee (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed June 11, 2013, and incorporated herein by reference).

4.3		Senior Indenture, dated as of June 11, 2013, among Approach Resources Inc., as issuer, the subsidiary guarantors named therein, as guarantors, and Wells Fargo Bank, National Association, as trustee (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed June 11, 2013, and incorporated herein by reference).

10.1†		Third Amendment to the Approach Resources Inc. 2007 Stock Incentive Plan (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 2, 2015, and incorporated herein by reference).

*31.1		Certification by the Chairman, Chief Executive Officer and President Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*31.2		Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*32.1		Certification by the Chairman, Chief Executive Officer and President Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*32.2		Certification by the Chief Financial Officer Pursuant to U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*101.INS		XBRL Instance Document.

*101.SCH		XBRL Taxonomy Extension Schema Document.

*101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

*101.LAB		XBRL Taxonomy Extension Label Linkbase Document.

*101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

*101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.

*	Filed herewith.

†	Denotes management contract or compensatory plan or arrangement.

EX-31.1 2 d942590dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification

I, J. Ross Craft, certify that:

I have reviewed this quarterly report on Form 10-Q of Approach Resources Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-31.2 3 d942590dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification

I, Sergei Krylov, certify that:

I have reviewed this quarterly report on Form 10-Q of Approach Resources Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-32.1 4 d942590dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

Certification of President and Chief Executive Officer of Approach Resources Inc.

(Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of Approach Resources Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. Ross Craft, President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


		APPROACH RESOURCES INC.

Date:	August 6, 2015	/s/ J. Ross Craft
		J. Ross Craft
		Chairman of the Board, Chief Executive Officer and President
		(Principal Executive Officer)

EX-32.2 5 d942590dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer of Approach Resources Inc.

(Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of Approach Resources Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sergei Krylov, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


		APPROACH RESOURCES INC.

Date:	August 6, 2015	/s/ Sergei Krylov
		Sergei Krylov
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-101.INS 6 arex-20150630.xml XBRL INSTANCE DOCUMENT

500000

40556033

444000

90000000

40547527

0.01

10000000

0.50

40547527

0.01

577080000

9893000

244688000

499098000

4837000

16504000

40280000

181482000

450000000

684167000

1443128000

399000

758961000

5851000

436785000

228750000

67472000

107704000

254410000

1407047000

67000

16716000

1443128000

1843832000

17290000

36071000

1246000

1838218000

752000

10000

5614000 257000000 525000000 1000000000

300000

254410000

257000000

16726000

2400000

244688000

250000000

0.07

250000000

1800000

58761000

90000000

39814199

0.01

10000000

39814199

0.01

572888000

9571000

244239000

391311000

8536000

33336000

50738000

201040000

618411000

1392738000

399000

774327000

14242000

382180000

106852000

110677000

147072000

1331659000

132000

39951000

1392738000

1713839000

19635000

61079000

929000

1708278000

432000

5561000 150000000

300000

147072000

150000000

39951000

4800000

244239000

250000000

8800000

0.17

83097000

39322392

16096

39306296

0.17

0.363

-109000

68421000

6738000

420000

39624000

-13604000

186000

192872000

-7350000

2227000

1669000

-4659000

135335000

9961000

2070000

-186000

10572000

3834000

-58317000

10494000

-185187000

95711000

43773000

3834000

469000

3761000

15937000

689000

-2396000

15797000

114421000

260000

52179000

9094000

2704000

-2591000 3418000 2704000

-13604000

-18263000

-4659000

-0.48

<div> Organization and Nature of Operations Approach Resources Inc. (“Approach,” the “Company,” “we,” “us” or “our”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. We focus on finding and developing oil and natural gas reserves in oil shale and tight gas sands. Substantially all of our properties are located in the Permian Basin in West Texas. </div>

50001000

2015 false

1.00

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 3. Long-Term Debt <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table provides a summary of our long-term debt at June 30, 2015, and December 31, 2014 (in thousands). <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Senior secured credit facility: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Outstanding borrowings </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">257,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,590</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,928</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Senior secured credit facility, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">254,410</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">147,072</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Senior notes: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Principal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,761</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Senior notes, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">244,688</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">244,239</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total long-term debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">499,098</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">391,311</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Senior Secured Credit Facility <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> At June 30, 2015, our borrowing base under our amended and restated senior secured credit facility (the “Credit Facility”) was $525 million, with aggregate lender commitments of $450 million and maximum commitments from the lenders of $1 billion. The Credit Facility has a maturity date of May 7, 2019. The borrowing base is redetermined semi-annually in April and October based on our oil, NGL and gas reserves. We, or the lenders, can each request one additional borrowing base redetermination each calendar year. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Borrowings bear interest based on the agent bank’s prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available under the Credit Facility. Margins vary based on the borrowings outstanding compared to the borrowing base of the lenders. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We had outstanding borrowings of $257 million under the Credit Facility at June 30, 2015, compared to $150 million of outstanding borrowings at December 31, 2014. The weighted average interest rate applicable to borrowings under the Credit Facility for the six months ended June 30, 2015, was 2%. We had outstanding unused letters of credit under the Credit Facility totaling $0.3 million at June 30, 2015, and December 31, 2014, which reduce amounts available for borrowing under the Credit Facility. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Obligations under the Credit Facility are secured by mortgages on substantially all of the oil and gas properties of the Company and its subsidiaries. The Company is required to maintain liens covering the oil and gas properties of the Company and its subsidiaries representing at least 80% of the total value of all oil and gas properties of the Company and its subsidiaries. <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Covenants <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Credit Facility contains two principal financial covenants: <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">a consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter, and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">a consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Credit Facility also contains covenants restricting cash distributions and other restricted payments, transactions with affiliates, incurrence of other debt, consolidations and mergers, the level of operating leases, asset sales, investment in other entities and liens on properties. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In addition, the obligations of the Company may be accelerated upon the occurrence of an Event of Default (as defined in the Credit Facility). Events of Default include customary events for a financing agreement of this type, including, without limitation, payment defaults, the inaccuracy of representations and warranties, defaults in the performance of affirmative or negative covenants, defaults on other indebtedness of the Company or its subsidiaries, bankruptcy or related defaults, defaults related to judgments and the occurrence of a Change of Control (as defined in the Credit Facility), which includes instances where a third party becomes the beneficial owner of more than 50% of the Company’s outstanding equity interests entitled to vote. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Senior Notes <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In June 2013, we completed our public offering of $250 million principal amount of 7% Senior Notes due 2021 (the “Senior Notes”). Annual interest on the Senior Notes is $17.5 million, payable semi-annually on June 15 and December 15. On June 15, 2015, we made a semi-annual interest payment of $8.8 million. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We issued the Senior Notes under a senior indenture dated June 11, 2013, among the Company, our subsidiary guarantors and Wells Fargo Bank, National Association, as trustee. The senior indenture, as supplemented by a supplemental indenture dated June 11, 2013, is referred to as the “Indenture.” <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On and after June 15, 2016, we may redeem some or all of the Senior Notes at specified redemption prices, plus accrued and unpaid interest to the redemption date. Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. In addition, before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. If we sell certain of our assets or experience specific kinds of changes of control, we may be required to offer to purchase the Senior Notes from holders. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee: <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if the sale or other disposition otherwise complies with the Indenture;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">in connection with any sale or other disposition of the capital stock of that guarantor to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if that guarantor no longer qualifies as a subsidiary of the Company as a result of such disposition and the sale or other disposition otherwise complies with the Indenture;</td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the Indenture;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">upon defeasance or covenant defeasance of the notes or satisfaction and discharge of the Indenture, in each case, in accordance with the Indenture;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">upon the liquidation or dissolution of that guarantor, provided that no default or event of default occurs under the indenture as a result thereof or shall have occurred and is continuing; or</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">in the case of any restricted subsidiary that, after the issue date of the notes is required under the Indenture to guarantee the notes because it becomes a guarantor of indebtedness issued or an obligor under a credit facility with respect to the Company and/or its subsidiaries, upon the release or discharge in full from its (i) guarantee of such indebtedness or (ii) obligation under such credit facility, in each case, which resulted in such restricted subsidiary’s obligation to guarantee the notes.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Indenture restricts our ability, among other things, to (i) sell certain assets, (ii) pay distributions on, redeem or repurchase, equity interests, (iii) incur additional debt, (iv) make certain investments, (v) enter into transactions with affiliates, (vi) incur liens and (vii) merge or consolidate with another company. These restrictions are subject to a number of important exceptions and qualifications. If at any time the Senior Notes are rated investment grade by both Moody’s Investors Service and Standard & Poor’s Ratings Services and no default (as defined in the Indenture) has occurred and is continuing, many of these restrictions will terminate. The Indenture contains customary events of default. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Subsidiary Guarantors <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Senior Notes are guaranteed on a senior unsecured basis by each of our consolidated subsidiaries. Approach Resources Inc. is a holding company with no independent assets or operations. The subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the Company other than the subsidiary guarantors are minor. There are no significant restrictions on the Company’s ability, or the ability of any subsidiary guarantor, to obtain funds from its subsidiaries through dividends, loans, advances or otherwise. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> At June 30, 2015, we were in compliance with all of our covenants, and there were no existing defaults or events of default, under our debt instruments. </div>

10-Q 0001405073

<div> The following table provides a summary of our long-term debt at June 30, 2015, and December 31, 2014 (in thousands).   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Senior secured credit facility: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Outstanding borrowings </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">257,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,590</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,928</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Senior secured credit facility, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">254,410</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">147,072</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Senior notes: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Principal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Debt issuance costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,761</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Senior notes, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">244,688</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">244,239</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total long-term debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">499,098</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">391,311</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom"></td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">  </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">   </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">   </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">  </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">   </td> <td style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 5px 'Times New Roman'; WIDOWS: 1; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" valign="bottom">   </td> </tr> </table> </div>

Before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date.

Large Accelerated Filer

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table provides our outstanding commodity derivative positions at June 30, 2015. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"></td> <td valign="bottom" width="8%"></td> <td width="23%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> Commodity and Period </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> Contract Type </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Volume Transacted</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Contract Price</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Crude Oil </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">1,600 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> $84.00/Bbl - $91.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">1,000 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$90.00/Bbl - $102.50/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Three-Way Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$75.00/Bbl - $84.00/Bbl - $94.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Three-Way Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$75.00/Bbl - $84.00/Bbl - $95.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2016 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$62.50/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2016 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">250 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$62.55/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Natural Gas </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">200,000 MMBtu/month</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$4.10/MMBtu</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">130,000 MMBtu/month</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$4.00/MMBtu - $4.25/MMBtu</td> </tr> </table> </div>

--12-31

2019-05-07

Approach Resources Inc

0.02

40357059

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 6. Fair Value of Financial and Derivative Instruments <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table provides our outstanding commodity derivative positions at June 30, 2015. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"></td> <td valign="bottom" width="8%"></td> <td width="23%"></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> Commodity and Period </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> Contract Type </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Volume Transacted</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center">Contract Price</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Crude Oil </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">1,600 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center"> $84.00/Bbl - $91.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">1,000 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$90.00/Bbl - $102.50/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Three-Way Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$75.00/Bbl - $84.00/Bbl - $94.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Three-Way Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$75.00/Bbl - $84.00/Bbl - $95.00/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2016 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">500 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$62.50/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2016 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">250 Bbls/d</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$62.55/Bbl</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Natural Gas </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Swap</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">200,000 MMBtu/month</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$4.10/MMBtu</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> July 2015 – December 2015 </td> <td valign="bottom"> </td> <td valign="bottom" align="center">Collar</td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center">130,000 MMBtu/month</td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">$4.00/MMBtu - $4.25/MMBtu</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In June 2015, we entered into crude oil swaps covering a total of 500 Bbls per day and 250 Bbls per day through December 31, 2016, at $62.50/Bbl and $62.55/Bbl, respectively. <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the fair value of our open commodity derivatives as of June 30, 2015, and December 31, 2014 (in thousands). <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="40%"></td> <td valign="bottom" width="5%"></td> <td width="35%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="8" align="center"> Asset Derivatives </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> Balance Sheet Location </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">June 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">December 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Derivatives not designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Commodity derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> Unrealized gain on commodity derivatives </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,726</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,951</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table summarizes the change in the fair value of our commodity derivatives (in thousands). <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="38%"></td> <td valign="bottom" width="1%"></td> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> Income Statement </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Three Months Ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="6" align="center">Six Months Ended</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> Location </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">June 30,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Derivatives not designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Commodity derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> Realized gain (loss) on commodity derivatives </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,281</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,320</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,182</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4,659</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> Unrealized loss on commodity derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,904</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,678</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(23,225</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,604</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4,623</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10,998</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,957</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(18,263</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Unrealized gains and losses, at fair value, are included on our consolidated balance sheets as current or non-current assets or liabilities based on the anticipated timing of cash settlements under the related contracts. Changes in the fair value of our commodity derivative contracts are recorded in earnings as they occur and included in income (expense) on our consolidated statements of operations. We estimate the fair values of swap contracts based on the present value of the difference in exchange-quoted forward price curves and contractual settlement prices multiplied by notional quantities. We internally valued the option contracts using industry-standard option pricing models and observable market inputs. We use our internal valuations to determine the fair values of the contracts that are reflected on our consolidated balance sheets. Realized gains and losses are also included in income (expense) on our consolidated statements of operations. Accounts receivable related to oil, NGL and gas sales includes $2.4 million and $4.8 million from realized gains on commodity derivatives at June 30, 2015, and December 31, 2014, respectively. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We are exposed to credit losses in the event of nonperformance by the counterparties on our commodity derivatives positions and have considered the exposure in our internal valuations. However, we do not anticipate nonperformance by the counterparties over the term of the commodity derivatives positions. <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> To estimate the fair value of our commodity derivatives positions, we use market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and attempt to use the best available information. We determine the fair value based upon the hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are as follows: <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. At June 30, 2015, we had no Level 1 measurements.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Our derivatives, which consist primarily of commodity swaps and collars, are valued using commodity market data which is derived by combining raw inputs and quantitative models and processes to generate forward curves. Where observable inputs are available, directly or indirectly, for substantially the full term of the asset or liability, the instrument is categorized in Level 2. At June 30, 2015, all of our commodity derivatives were valued using Level 2 measurements.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At June 30, 2015, we had no Level 3 measurements.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Financial Instruments Not Recorded at Fair Value <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands). <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">June 30, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Carrying Amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Senior Notes, net </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">244,688</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">228,750</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The fair value of the Senior Notes uses pricing that is readily available in the public market. Accordingly, the fair value of the Senior Notes would be classified as Level 2 in the fair value hierarchy. </div>

2015-06-30

AREX

-0.48

0.368

38000

75500000

-19558000

288000

-20753000

-23225000

131414000

-2410000

25182000

71903000

11424000

53000

-30923000

-11365000

320000

12165000

-156681000

92656000

107000000

-11365000

1248000

4292000

400000

15612000

787000

-3423000

14063000

182500000

116000

54924000

5802000

2255000

-38000

1.0 25214000 0.80 -3699000 1486000

Borrowings bear interest based on the agent bank's prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available

2590000

0.0050

0.0150

0.0250

0.00375

0.0150

0.0050

1.07

Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings.

0.35

62.50

500

62.55

250

4.10

200000

94.00

95.00

75.00

84.00

500

84.00

500

91.00

102.50

4.25

84.00

90.00

4.00

1600

1000

130000

39000

-23225000

1957000

25182000

-800000

5312000

A consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter

2021-06-15

Semi-annually on June 15 and December 15.

17500000

A consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.

P3Y

724249

4500000

241416

482833

2928000

5761000

2.5

0.10

39384613

16007

39368606

0.10

0.362

-109000

3793000

22596000

-7678000

-3320000

73408000

-186000

5946000

2153000

5357000

50812000

7402000

7946000

28573000

4925000

1966000

2.5

-7678000

-10998000

-3320000

-0.29

40554758

-0.29

0.383

12000

-11850000

-8365000

-13904000

9281000

38605000

-19219000

-7369000

6243000

46970000

200000

7510000

6917000

28404000

2974000

1165000

39000

-13904000

-4623000

9281000

2.5 2.5 0001405073 2014-10-01 2014-12-31 0001405073 2014-07-01 2014-09-30 0001405073 us-gaap:CommodityContractMember 2015-04-01 2015-06-30 0001405073 us-gaap:StockOptionMember 2015-04-01 2015-06-30 0001405073 2015-04-01 2015-06-30 0001405073 us-gaap:CommodityContractMember 2014-04-01 2014-06-30 0001405073 2014-04-01 2014-06-30 0001405073 2015-01-01 2015-03-31 0001405073 us-gaap:SeniorNotesMember 2014-01-01 2014-12-31 0001405073 arex:SeniorSecuredCreditFacilityMember 2014-01-01 2014-12-31 0001405073 arex:PerformanceConditionAwardsMember 2015-02-01 2015-02-28 0001405073 arex:CumulativeShareholderReturnPerformanceStockAwardsMember 2015-02-01 2015-02-28 0001405073 2015-02-01 2015-02-28 0001405073 arex:CovenantsAgreementsTwoMember 2015-01-01 2015-06-30 0001405073 arex:SevenPercentSeniorNotesOriginatedJuneElevenTwoThousandThirteenMember 2015-01-01 2015-06-30 0001405073 arex:CovenantsAgreementsOneMember 2015-01-01 2015-06-30 0001405073 us-gaap:SeniorNotesMember 2015-01-01 2015-06-30 0001405073 us-gaap:StateAndLocalJurisdictionMember 2015-01-01 2015-06-30 0001405073 us-gaap:CommodityContractMember 2015-01-01 2015-06-30 0001405073 us-gaap:StockOptionMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 arex:CollarMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractFourMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractThreeMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractFourMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractThreeMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractFourMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 arex:ThreeWayCollarsMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractThreeMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 us-gaap:SwapMemberarex:NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMember 2015-01-01 2015-06-30 0001405073 us-gaap:SwapMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractTwoMember 2015-01-01 2015-06-30 0001405073 us-gaap:SwapMemberarex:CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractOneMember 2015-01-01 2015-06-30 0001405073 us-gaap:DebtInstrumentRedemptionPeriodOneMemberarex:SevenPercentSeniorNotesOriginatedJuneElevenTwoThousandThirteenMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MinimumMemberus-gaap:PrimeRateMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MinimumMemberarex:InterestRateCalculationTwoMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MinimumMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MaximumMemberarex:InterestRateCalculationOneMemberus-gaap:PrimeRateMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMemberus-gaap:MaximumMember 2015-01-01 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMember 2015-01-01 2015-06-30 0001405073 2015-01-01 2015-06-30 0001405073 us-gaap:CommodityContractMember 2014-01-01 2014-06-30 0001405073 2014-01-01 2014-06-30 0001405073 arex:SevenPercentSeniorNotesOriginatedJuneElevenTwoThousandThirteenMember 2015-06-15 2015-06-15 0001405073 us-gaap:SeniorNotesMember 2014-12-31 0001405073 arex:RealizedGainOnCommodityDerivativesMember 2014-12-31 0001405073 arex:UnrealizedGainOnCommodityDerivativesMemberus-gaap:CommodityContractMember 2014-12-31 0001405073 arex:SeniorSecuredCreditFacilityMember 2014-12-31 0001405073 2014-12-31 0001405073 2013-12-31 0001405073 us-gaap:ScenarioForecastMember 2015-08-31 0001405073 arex:SevenPercentSeniorNotesOriginatedJuneElevenTwoThousandThirteenMember 2015-06-30 0001405073 us-gaap:SeniorNotesMember 2015-06-30 0001405073 arex:RealizedGainOnCommodityDerivativesMember 2015-06-30 0001405073 arex:UnrealizedGainOnCommodityDerivativesMemberus-gaap:CommodityContractMember 2015-06-30 0001405073 arex:SeniorSecuredCreditFacilityMember 2015-06-30 0001405073 2015-06-30 0001405073 2014-06-30 0001405073 2015-07-30 0001405073 2015-02-28 iso4217:USD shares iso4217:USD shares pure iso4217:USD utr:bbl utr:bbl iso4217:USD utr:MMBTU utr:MMBTU

EX-101.SCH 7 arex-20150630.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Unaudited Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Unaudited Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Unaudited Consolidated Statements of Operations link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Unaudited Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 107 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Earnings Per Common Share link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Long-Term Debt link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Fair Value of Financial and Derivative Instruments link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Share-Based Compensation link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Summary of Significant Accounting Policies (Policies) link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Earnings Per Common Share (Tables) link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Long-Term Debt (Tables) link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Fair Value of Financial and Derivative Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Long-Term Debt - Schedule of Long Term Debt (Detail) link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Long-Term Debt - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Commitments and Contingencies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Fair Value of Financial and Derivative Instruments - Commodity Derivative Volumes and Prices (Detail) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Fair Value of Financial and Derivative Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Fair Value of Open Commodity Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Change in Fair Value of Commodity Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Financial Instruments Not Recorded at Fair Value (Detail) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Share-Based Compensation - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 8 arex-20150630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 arex-20150630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 arex-20150630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounts Payable, Current Accounts payable Accounts Receivable, Net, Current Accounts receivable related to oil, NGL and gas sales Oil, NGL and gas sales Accrued Liabilities, Current Accrued liabilities Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less accumulated depletion, depreciation and amortization Additional Paid in Capital, Common Stock Additional paid-in capital Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net (loss) income to cash provided by operating activities: Allocated Share-based Compensation Expense Share-based compensation expense Amendment Flag Amendment Flag Amortization of Financing Costs Amortization of debt issuance costs Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive securities excluded from computation of earnings per common share Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Asset Retirement Obligations, Noncurrent Asset retirement obligations Assets Total assets Assets [Abstract] ASSETS Assets, Current Total current assets Assets, Current [Abstract] CURRENT ASSETS: Award Type [Axis] Award Type [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Business Acquisition, Percentage of Voting Interests Acquired Outstanding equity interests ownership percentage Cash and Cash Equivalents, at Carrying Value CASH AND CASH EQUIVALENTS, end of period CASH AND CASH EQUIVALENTS, beginning of period Cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) CHANGE IN CASH AND CASH EQUIVALENTS Collar. Collar [Member] Collar [Member] Commitments and Contingencies COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Commodity Contract [Member] Commodity Derivatives [Member] Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, issued Common Stock, Shares, Outstanding Common stock, outstanding Common Stock, Value, Issued Common stock, $0.01 par value, 90,000,000 shares authorized, 40,547,527 and 39,814,199 issued and outstanding, respectively Contractual Obligation Contractual obligation Costs and Expenses Total expenses Costs and Expenses [Abstract] EXPENSES: Costs Incurred, Asset Retirement Obligation Incurred Asset retirement obligations capitalized Covenants agreements one. Covenants Agreements One [Member] Covenants Agreements One [Member] Covenants agreements two. Covenants Agreements Two [Member] Covenants Agreements Two [Member] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Crude oil July two zero one five to December two zero one five contract four. Crude Oil July Two Zero One Five To December Two Zero One Five Contract Four [Member] Crude - Oil July 2015 - December 2015 Contract Four [Member] Crude oil July two zero one five to December two zero one five contract one. Crude Oil July Two Zero One Five To December Two Zero One Five Contract One [Member] Crude - Oil July 2015 - December 2015 Contract One [Member] Crude oil July two zero one five to December two zero one five contract three. Crude Oil July Two Zero One Five To December Two Zero One Five Contract Three [Member] Crude - Oil July 2015 - December 2015 Contract Three [Member] Crude oil July two zero one five to December two zero one five contract two. Crude Oil July Two Zero One Five To December Two Zero One Five Contract Two [Member] Crude - Oil July 2015 - December 2015 Contract Two [Member] Crude oil July two zero one five to December two zero one six contract one. Crude Oil July Two Zero One Five To December Two Zero One Six Contract One [Member] Crude - Oil July 2015 - December 2016 Contract One [Member] Crude oil July two zero one five to December two zero one six contract two Crude Oil July Two Zero One Five To December Two Zero One Six Contract Two [Member] Crude - Oil July 2015 - December 2016 Contract Two [Member] Cumulative Shareholder Return Performance Stock Awards [Member] Cumulative Shareholder Return Performance Stock Awards [Member] Total Shareholder Return Performance Stock Awards [Member] Current Fiscal Year End Date Current Fiscal Year End Date Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Long-Term Debt Debt Instrument, Basis Spread on Variable Rate Senior secured credit facility, marginal percentage Debt Instrument, Covenant Description Covenant description Debt Instrument, Face Amount Principal Debt Instrument, Frequency of Periodic Payment Debt instrument payment of interest Debt Instrument, Interest Rate, Stated Percentage Stated interest rate Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Instrument, Maturity Date Senior Notes maturity date Debt Instrument, Periodic Payment, Interest Semi-annual interest payment amount Debt Instrument, Redemption, Description Debt instrument redemption description Debt Instrument, Redemption, Period [Axis] Debt Instrument, Redemption, Period [Axis] Debt Instrument, Redemption, Period [Domain] Debt Instrument, Redemption, Period [Domain] Debt Instrument, Redemption, Period One [Member] Debt Instrument, Redemption, Period One [Member] Debt Instrument, Redemption Price, Percentage Debt instrument, redemption of principal amount percentage Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed Debt instrument, redemption percentage Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Debt Issuance Cost Debt issuance costs Deferred Income Tax Expense (Benefit) Deferred income tax (benefit) expense Deferred Tax Liabilities, Net, Current Deferred income taxes - current Deferred Tax Liabilities, Net, Noncurrent Deferred income taxes Depreciation, Depletion and Amortization Depletion, depreciation and amortization Derivative Asset, Current Unrealized gain on commodity derivatives Derivative, by Nature [Axis] Derivative, by Nature [Axis] Derivative Contract [Domain] Derivative Contract [Domain] Derivative Asset, Fair Value, Amount Not Offset Against Collateral Unrealized gain on commodity derivatives Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] Fair Value of Financial and Derivative Instruments Derivative Instruments And Hedging Activities [Line Items] Derivative Instruments And Hedging Activities [Line Items] Derivative Instruments And Hedging Activities [Line Items] Derivative Instruments And Hedging Activities [Table] Derivative Instruments And Hedging Activities [Table] Derivative Instruments And Hedging Activities [Table] Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value Unrealized gain on commodity derivatives Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net Derivatives not designated as hedging instruments, total (loss) gain Derivative, Name [Domain] Derivative, Name [Domain] Derivative, Nonmonetary Notional Amount, Energy Measure Volume Transacted Derivative, Nonmonetary Notional Amount, Volume Volume Transacted Derivatives, Fair Value [Line Items] Derivatives, Fair Value [Line Items] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Share-Based Compensation Document and entity information. Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] (LOSS) EARNINGS PER SHARE: Earnings Per Share, Basic Basic Earnings Per Share, Diluted Diluted Earnings Per Share [Text Block] Earnings Per Common Share Effective Income Tax Rate Reconciliation, Percent Effective income tax rate Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Exploration Expense Exploration Non-cash exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. Exploration Expense Non Cash Exploration expense, non cash portion Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Furniture Fixtures And Equipment Furniture, fixtures and equipment Gain (Loss) on Derivative Instruments, Net, Pretax Realized gain (loss) on commodity derivatives General and Administrative Expense General and administrative Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest (LOSS) INCOME BEFORE INCOME TAX (BENEFIT) PROVISION Income (Loss) from Equity Method Investments Equity in losses of investee Equity in losses of investee Income Statement [Abstract] Income Statement [Abstract] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes [Line Items] Income Taxes [Line Items] Income Taxes [Line Items] Income Taxes [Table] Income Taxes [Table] Income Taxes [Table] Income Tax Expense (Benefit) INCOME TAX (BENEFIT) PROVISION Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount Reduction in state tax rate Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount Share-based compensation tax shortfall Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accrued Liabilities Accrued liabilities The net change in carrying value as of the balance sheet date of obligations incurred and payable to third parties for oil and gas that has been sold. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Increase Decrease In Oil Natural Gas Liquid And Gas Sales Payable Oil, NGL and gas sales payable Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other current assets Increase (Decrease) in Receivables Accounts receivable Increase (Decrease) in Restricted Cash Change in restricted cash Increase decrease in working capital related to investing activities. Increase Decrease In Working Capital Related To Investing Activities Change in working capital related to investing activities Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Dilution effect of share-based compensation, treasury method Interest Expense Interest expense, net Interest Expense, Long-term Debt Annual interest expense Interest Paid, Net Cash paid for interest Interest rate calculation one. Interest Rate Calculation One [Member] Interest Rate Calculation One [Member] Interest rate calculation two. Interest Rate Calculation Two [Member] Interest Rate Calculation Two [Member] Oil and Gas Property, Lease Operating Expense Lease operating Letters of Credit Outstanding, Amount Unused letters of credit outstanding Liabilities Total liabilities Liabilities and Equity Total liabilities and stockholders' equity Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current Total current liabilities Liabilities, Current [Abstract] CURRENT LIABILITIES: Liabilities, Noncurrent [Abstract] NON-CURRENT LIABILITIES: Long-term Line of Credit Senior secured credit facility Senior secured credit facility, net Line of Credit Facility, Current Borrowing Capacity Aggregate lender commitments Line of Credit Facility, Expiration Date Maturity period of senior secured credit facility Line of credit facility gross amount borrowed. Line Of Credit Facility Gross Amount Borrowed Outstanding borrowings Line of Credit Facility, Interest Rate Description Senior secured credit facility, interest rate description Line of Credit Facility, Interest Rate During Period Interest rate applicable of senior secured credit facility Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Line of Credit Facility [Table] Line of Credit Facility [Table] Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Annual commitment fee of unused borrowings London Interbank Offered Rate (LIBOR) [Member] London Interbank Offered Rate (LIBOR) [Member] Long-term Debt Total long-term debt Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] The maximum amount of current borrowing capacity, under the line of credit facility, using 80% of the value of all liens and mortgages on oil and gas property owned by the parent and all of their subsidiaries used as security against a maximum current line of credit in the "Credit Facility". Maximum Line Of Credit Facility Current Borrowing Capacity Secured By Mortgages On Oil And Gas Properties Senior secured credit facility, borrowing base The maximum amount of borrowing capacity,secured by liens and mortgages on oil and gas property owned by the parent and all of their subsidiaries against the line of credit in the "Credit Facility". Maximum Line Of Credit Facility Secured Borrowing Capacity Senior secured facility, maximum borrowing capacity Maximum [Member] Maximum [Member] Minimum Current Ratio Minimum Current Ratio Minimum current ratio Minimum Interest Coverage Ratio Under Credit Facility Minimum Interest Coverage Ratio Under Credit Facility Interest coverage ratio Minimum [Member] Minimum [Member] Natural gas July two zero one five to December two zero one five contract one. Natural Gas July Two Zero One Five To December Two Zero One Five Contract One [Member] Natural Gas July 2015 - December 2015 Contract One [Member] Natural gas July two zero one five to December two zero one five contract two. Natural Gas July Two Zero One Five To December Two Zero One Five Contract Two [Member] Natural Gas July 2015 - December 2015 Contract Two [Member] Nature of Operations [Text Block] Organization and Nature of Operations Net Cash Provided by (Used in) Financing Activities [Abstract] FINANCING ACTIVITIES: Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash provided by financing activities Net Cash Provided by (Used in) Investing Activities [Abstract] INVESTING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities, Continuing Operations Cash used in investing activities Net Cash Provided by (Used in) Operating Activities [Abstract] OPERATING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities, Continuing Operations Cash provided by operating activities New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Nonoperating Income (Expense) [Abstract] OTHER: Notes Payable, Fair Value Disclosure Senior Notes, net, Fair Value Offsetting [Abstract] Offsetting [Abstract] Oil and Gas Joint Interest Billing Receivables, Current Joint interest owners Oil and Gas Property, Successful Effort Method, Gross Total oil and gas properties and equipment Oil and Gas Property, Successful Effort Method, Net Net oil and gas properties and equipment Oil and Gas Revenue [Abstract] REVENUES: Oil and Gas Sales Payable, Current Oil, NGL and gas sales payable Oil and Gas Sales Revenue Oil, NGL and gas sales Operating Income (Loss) OPERATING (LOSS) INCOME Other Commitments [Line Items] Other Commitments [Line Items] Other Commitments [Table] Other Commitments [Table] Other Income Other income (expense) Other Oil and Gas Property, Successful Effort Method Oil and gas properties, at cost, using the successful efforts method of accounting Other Operating Activities, Cash Flow Statement Other non-cash items Payments of Debt Issuance Costs Debt issuance costs Payments to Acquire Equity Method Investments Contribution to equity method investment Payments to Acquire Oil and Gas Property Additions to oil and gas properties Payments to Acquire Other Property, Plant, and Equipment Additions to furniture, fixtures and equipment, net Performance Condition Awards [Member] Performance Condition Awards [Member] Performance Condition Awards [Member] Preferred Stock, Par or Stated Value Per Share Preferred stock, par value EX-101.PRE 11 arex-20150630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`$F!!D>CT2N4H`$``%43```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V874_",!2&_PK9K6&E5?$CP(UXJR3Z!^IVQAK:M6G+@']O.]#H,@TH M2\[-/GA/S_MNIWLNF+SN#+C!5LG*39/2>W-/B,M*4-REVD`5E$);Q7VXM4MB M>+;B2R!L-!J33%<>*C_TL4ZCK4 M12$RR'6V5F%)ZH,U7`0]&2RX]4]/XJ26\A?O`WS[?XVOA;TER/. MM;G^:>B-Z$ASZA$2)^5@2')<(LEQA23'-9(<8R0Y;I#DN$62XPY)#CK"$@0+ M42D6I%(L3*58H$JQ4)5BP2K%PE6*!:P4"UD9%K(R+&1E6,C*L)"582$KPT)6 MAH6L#`M9V2=92?-OVNP=4$L#!!0````(`$F!!D=(=07NQ0```"L"```+```` M7W)E;',O+G)E;'.MDLMNPD`,17\EFGUQ2B46$6'%AAU"_(`[XSR4S'CD,2+] M^X[8@,)#K<32KWN/KKP.J:P.-*+V'%+7QU1,?@RIROW:=*JQ`DBV(X]IP9%" MGC8L'C67TD)$.V!+L"S+%4EK0VTPAGEN&;>5AD MZ3SXB?078VZ:WM*6[13@2=&AXD7U M(V8#$NTIO8+Z>@"%,;X[)9J4@B,WHX*[O]C\`E!+`P04````"`!)@09'3C$_ M_V,!```1$@``&@```'AL+U]R96QS+W=OOI1#11>/>HCT74!@:?P__638 MMS[;/\/:15"OS/&YY4TUL^Z7MIAM>A<8\/PZ$K3 MV_QJ2S&<92OCIG/2X_[G[.1\.:3N?*$T>;&NE'!(WSIW]95(\&:\T6S88%B^ M]_*?[;NBJ',Y=?EK(VWXH\)\;9":>!#'@Q@2-(\'S2%!BWC0`A*TC`-`*$K2.!ZTA09MXT`82M(T';2%!E"DR9I@D#6N,UJ1P31BO20&;,&*30C9A MS"8%;<*H30K;A'&;%+@)(SK.C-&+U9T9M!9VWML(W1FQ6] M&:,W*WHS1F]6]&:,WJSHS1B]6=&;,7JSHC=C].:)WKZR3B[/P=5MZ1]=\VVX M^L4]P=N'^TT>GS).51LF6H=A)S'C]>%.CU,_0\ROOS_'#U!+`P04````"`!) M@09'KV9I+74"``#3"```$````&1O8U!R;W!S+V%P<"YX;6R]5DV/VC`0_2M6 M3NV!#=#M%B$V$@NLNA)5T<+2\^!,P%K'CFP'07]])PFD80D4.)0+]OB]^7@S MQO24;78G1B=HG$#+-K%4MDO&1V_E7-+U?;#SYN'*H0PT92.O6"7A:EGR12<'!"J^"'X$9;'3DVVG"4/?\C M(&>0YRGRU`BW#9H%IFK*,5,.$@<4*XA`6BQ0?XTY9J#C!-36+W9CH=[M6S+3 M0W!891T>%-Y78#"DH`?>2V..^;ZE.F7&':Q`+3&L8H\/]UK,T=BLTE;[KDF? M4H*]O?"-$`JUG(`P-NBM77>-W&FS:]/:W=JE4/.LZ78^H_RLQQ9@,5L^>FLP M`I3SF!6_:=OVBK"%-5_+Q#H3_-+FW:X0G>WYI3%?5K'5M;@/VIT<0:M#I%]6 M%NQD.Z@[L\R$DVA_1A,P[C])D==4"M'Q*M7O73!0(1LI1^/(7E01BII7E:1< MO2E(0^$P9`.MK)8BA&SS!!(41W8#Y\LUG*FC+\KY!L[76LXTC6,P6Z8C-A5+ M)4A::B;KT'I.PJ`BM,/3RWC17$=(YO!Y@3@F8:.S4&FF)7V+!1)+4#F[H=HZK7( M:F@\T>AD*<0T>?;T()P5KE7?U)/"L4\S6,@+Y"N`:#]?7W3KX2.AIL2C<\3&6>ZEA?QNF'--_4$:J)+NKUL\0:_YRFHRBZ?EC.:MVN[_]Y MSOT-G/I+?9Y3/P?G.=^NNC`[#8_>E.KC\.$I\`__P@1_`%!+`P04````"`!) M@09'OMR#8#X!``!I`P``$0```&1O8U!R;W!S+V-O&ULS9--3\,P#(;_ M"NJ]2[.)"D5=#X`X,0F)(1"WD'A;6/.AQ%/7?T^6=2T#+KMQJVN_CU_'224< M$];#D[<./"H(5WO=F,"$FV<;1,<("6(#FH=)K#`QN;)>"D&O-OY)L&D(-"`!H.!T`DE6?UBML:V MIB*COJZBXX8'7%BI5@KD;3>6_4[%S@A>AZ,I+@Y,R=OB\3F=3:Y,0&X$1%50##L'\^S4^75V=[]\R.II0:_SXB8ORB4M M&2T8+=\/DYWY&PWK?HA_Z_AD,&T7%39PX6Z31J;EIL\$DA"$5PZ5-1?A$N:; M.,'"[N,3!%X.ZH7ILFVA:ZV7H4[W:XP.+R>N;&U]=TS]B,Y>5?T%4$L#!!0` M```(`$F!!D>97)PC$`8``)PG```3````>&PO=&AE;64O=&AE;64Q+GAM;.U: M6W/:.!1^[Z_0>&?V;0O&-H&VM!-S:7;;M)F$[4X?A1%8C6QY9)&$?[]'-A#+ ME@WMDDVZFSP$+.G[SD5'Y^@X>?/N+F+HAHB4\GA@V2_;UKNW+][@5S(D$4$P M&:>O\,`*I4Q>M5II`,,X?+&A`T%116F]?(+3E'S/X%/F7/ MZ3H=,H%N,!M8('_.;Z?D3EJ(X53"Q,!J9S]6:\?1TDB`@LE]E`6Z2?:CTQ4( M,@T[.IU8SG9\]L3MGXS*VG0T;1K@X_%X.+;+THMP'`3@4;N>PIWT;+^D00FT MHVG09-CVVJZ1IJJ-4T_3]WW?ZYMHG`J-6T_3:W?=TXZ)QJW0>`V^\4^'PZZ) MQJO0=.MI)B?]KFNDZ19H0D;CZWH2%;7E0-,@`%AP=M;,T@.67BGZ=90:V1V[ MW4%<\%CN.8D1_L;%!-9ITAF6-$9RG9`%#@`WQ-%,4'RO0;:*X,*2TER0UL\I MM5`:")K(@?5'@B'%W*_]]9>[R:0S>IU].LYKE']IJP&G[;N;SY/\<^CDGZ>3 MUTU"SG"\+`GQ^R-;88C'(CN]WV6'WV3T=N(]>IP+,BUY1&)$6?R"VZY!$XM4D-,A,_")V&F&I0 M'`*D"3&6H8;XM,:L$>`3?;>^",C?C8CWJV^:/5>A6$G:A/@01AKBG'/F<]%L M^P>E1M'V5;SOX%^9PU M"AR1&QT"9QNS1B&$:;OP'J\DCIJMPA$K0CYB&38:CFED)O816:I^JAS0^J!XR M"@7QN1X^Y7IX"C>6QKQ0KH)[`?_1VC?"J_B"P#E_+GW/I>^Y]#VATK\>WZV22$KYI9 M+2,6D$N!LT$DN/R+RO`JQ`GH9%LE"0AMNZ5/U2I77Y:^Y*+@\ M6^3IKZ%T/BS/^3Q?Y[3-"S-#MW)+ZK:4OK4F.$KTL@ M'37[]EUVY".E,%.70[@:0KX#;;J=W#HXGIB1N0K34I!OP_GIQ7@:XCG9!+E] MF%=MY]C1T?OGP5&PH^\\EAW'B/*B(>ZAAIC/PT.'>7M?F&>5QE`T%&ULK"0L M1K=@N-?Q+!3@9&`MH`>#KU$"\E)58#%;Q@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF M9;5NKREW&6TB4CG":9@39ZO*WF6QP54=SU5;\K"^:CVT%4[/_EFMR)\,$4X6 M"Q)(8Y07IDJB\QE3ON>;G*YZ(G;ZEW?!8/+]<,E'#^4[YU_T74.N M?O;=X_INDSM(3)QYQ1$!=$4"(Y4U#VT%SU& M\Z.9X!ZSAW.;>KC"1:S_6-8>^3+?.7#;.MX#7N83+$.D?L%]BHJ`$:MBOKJO M3_DEG#NT>_&!()O\UMND]MW@#'S4JUJE9"L1/TL'?!^2!F.,6_0T7X\48JVF ML:W&VC$,>8!8\PRA9CC?AT6:&C/5BZPYC0IO0=5`Y3_;U`UH]@TT')$%7C&9 MMC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$%`````@`28$&1]3S%2M<`@``2@L` M``T```!X;"]S='EL97,N>&ULS59;:]LP%/XK0AFCA1';Z9JVJVT8A56ZP@Q54U%BKE=R(1E2>BH+KRHE1EEE@ACU9KX_]Q@B',8AK]F" MJ0JDHN8J@I]["+CX.Y'A"#Z>??Q="W7[`;AQ\FDR\1_/;\?XF5TXA\!Q?,LB M&,POH?=RTJF_GU>OC:CG>ZA;=\W418X"KUZGZ1^21L37AMAKJQJ'N>!#<6?0 M`7%8/8$UHMH_,.ZIH$("I4]/*[`(1PP[CSM$22*)`7/$"-TX>&8`>^"M'R-< M2)O;91CGF?I#)EDD$?3;W\O3)0.[']"HDTPN]P*L(/.FPB98=EG#F`'Q2'%N=(!DA0K,RI1&NE"*<&T MD1%4"(ZHH>PB6D/3IIC2!_-Y_CLJ2;KY04G&$GUD$+THP_VT,1/Q*52]RH]@9[3;Y/X:%;?DM-QZ_:H$9?P?31J5I\1)_-D^ M?[[FW;=-:N5 M3&!JDB(#[;N\UQMV+2CAI=%N(W,7;6GN,S276Q"IVP#X3%6P3$@=G9VZ\4HJ MN`?K$,Q$GO\2&4RB9Q4Q)9R_2J6'=!+UL6F>8.^!+?*+0JK0&/0&43?`=DN] MM2PQ*52PQ4:ZO]L7$4MA)0KE%SC9W;B3*.9]SH<5(WQV+^')46!XP$3BY2,L MQ'(2]2(F"F^NI?)@I\+#=VN*7.HULB*VDM;Y>5AN^64FM+HMP<=HF*&"53$1H70@F=`",@3D#\4-`1`1T1T-&G07./%UPR`?4) MJ'\H:$!``P(:U$'S(LN$?6%FQ>9RK26>,8&A/T\24V#H"6A(0,,ZZ$I8C;(Y M=@L6)Y5E>'CF&V&!((X)XKB.N#%ZW5F`S=@4EI[T&Y%^HWJ_,)KT01E7.H,A M\3@5T(D$1S`G!'-2Q\QT8C)@"_&\URON4\J^8$)0 M%$5]C1N$W=_;JC^XKQ1!38T;5&V-,&EVNH\Q33!9J$\<)<2E,?U9LWZ-UZ MNEB'HJC>O$%O>L)J:L,G%K.J>6\P?)V5)^BJ.6\P?)V%$W+ MG-K.#[6=4]LYM9TWV-Z..J8H:CMOL/VC!+7=38JBMO/1]O?_]L?'HD=J2$,] MY,IAL*!(0I&$ERK/]0=!\]#^B873)`K5#18RA5*7^.RWOC&BK`$J\JXL.OL' M4$L#!!0````(`$F!!D?O";4X3P(``/0'```8````>&PO=V]R:W-H965T&UL?57;CILP$/T5Q`RBB%]=A]N=(6CKN M0Q@^-]Z:6RW41E06T4/[@)'K/CS`W0DF"J(1/QLR\L4\4,Z?*7U7 MB^^7?0B4#Z0EE5`FL!P>Y$3:5EF2RK\GHY^:BKB5[I\Q)R?:_FHN MHI;>@C"XD"N^M^*-CM_(=(94&:QHR_4WJ.Y0JM:D#I?_) MDW&Y^RA!$3V4F0EQ-`BT0,`9$4G;LP#R"1R10T?_"IQ<1.P7B+TGB#4]7M`3 M/SWQTA--3Q;TU`J`B\C\`JE7('7HN27@(C9^@A=SE M0TO"0%(-ZD8TK8KV4HX%D2\C*4]EZ);:N1&))>"`KIU#5P9=0 MP+60V2GEP>0K*BMI"UT+&UL%.G<"$Y""?"5FT)O`!XA<*?N!>3!HY85!?Q;# MV+5@OS$?!JVH^),=NKF,8JL<39AEV&34T@S$=MRB19'M"+OIYL.#BMY[W>L6 MNW.#.R!=I#_A93'@&_F!V:WI>7"F0I9Z79"OE`HB'0(OTI5:MN!YT9*K4--< MSIEI2F8AZ/#LL7.C+_\"4$L#!!0````(`$F!!D>9]N^`/`0``'\4```8```` M>&PO=V]R:W-H965T&UL?9A-;^,V$(;_BN%[5^0,OQ0X!FHO M%NVAP&(/[5F)F=A8R7(E)=[^^U*RXY5GAIM#K(]WR'=(\=%0JW/;?>_W,0Z+ M'TU][!^7^V$X/11%_[R/3=5_:D_QF.Z\M%U3#>FT>RWZ4Q>KW134U`4HY8JF M.AR7Z]5T[6NW7K5O0WTXQJ_=HG]KFJK[;Q/K]ORXU,N/"]\.K_MAO%"L5\4M M;G=HXK$_M,=%%U\>E[_KARWZ43(I_C[$XS;6]=A2ZOG?:Z,_^QP#Y\W:KG8 MQ9?JK1Z^M><_XC4'.S;XW-;]]'_Q_-8/;?,1LEPTU8_+[^$X_9XO=X*ZALD! M<`V`6X`VOPS`:P"2@.+B;,KK!FNZE MS/IT]7T-9E6\C^U<)9N+!.:2>\564-B;I$C]WTR`:`*F>)S'.SD>Q7B0XZT8;WD>)DP\VAXT8OG7C3QXGDOSFM'O'`5EJ75LI<@>@G< M"WF$-H%[`4.M<%$YF^<[(Z5HI.1&D!@I>;I.>3)T6ZYR6OF,EQ&'$D$4>^K1 M9%K(,$CS?"R%D.8C&S"`#I1%@M"K`#ZS$K6,)`W@'5EG3;4D*!*LHP; M&7":$PXIX:Z:^Q$R&.@SNI6$7B=A;MYEV&G#/07JR;"N?C/H?+#4DR"<9E=E M/,D`U9R@2`FJ!3X:Y96A')6$B-K9W#C)--4"3BG"M$#*7.8R)S4'I:'0U@(I MC4$-;`T)0BS!8VX-R;S4@9'!Y)Y[&72:D\Y0Y&H.L31'BBU#@8CI+U-G@,PZ M4-P/)>]5,^_(!+I:MX(JV*P;F9O`N6EH\08B\\129@DPK%VQN@&1B`J\/9]"Y M;T'F&W"^&7 MI>1"@4A!F\#VZ0+AE%8F4S&A3"[DY+*47,B)Y&TH'7U_2CIO$#*<0)ENJ:B\JK?:BO28.B:W%Q@42;]^^@!W7!G8WN0@P_/_,-T:" M8B3TE34(<>>MPST[N`WGPQX`5C>H@VQ'!M2+G3.A'>1B22^`#13!DS)U&`2> MEX`.MKU;%BKV3,N"7#EN>_1,'7;M.DC_/B%,QH/KN_?`2WMIN`R`L@"+[]1V MJ&5JGU2>B#4ED M)8E,DD@CF23QJHCO33^-Y@'AABBV$L4F4:P1Q48A'>4CQ88AL3(D)D.B,22/ MG,\GH@U):B5)39)4(TF-7G/[^3P@W!!E5J+,),HTHLPH%'EQE,:!AEZ9PC#/ M_,C/FE[9ES)%SJ&.A/"D4CJ M[42^1CQ)RP*C,Y?35,SI=$M/"TZ&^YNS/'SE/U!+`P04````"`!)@09'<$6L MB:@$``"-%@``&````'AL+W=OB_%'M8JPG/_/#L7J<[NKZ])`DU687\ZRZ+T[QV/SS4I1Y5C>7Y6M2 MG9Z5_R[BH3@_3F'Z M<>/[_G57MS>2^2RYQFWW>3Q6^^(X*>/+X_0)'M;H6J0C_MK'US&PZ'-U+3\SR7I9YMMX/#W1_;?.KE-]Y^S M*BZ+P]_[;;UK>JNFDVU\R=X.]??B_'N\:#!MPDUQJ+K/R>:MJHO\(V0ZR;.? M_??^V'V?^W^[H>C^:VI7-7??YT[-DO(ZY-@CWBI#JL$IIU/E24$$"H+2I"B<`FVT-K(P(PHSO#"I M'&_%>,L*XXCD18^803=M`$?JPB$74DO*PB%(E:5E$2CC@I-5.5&5XZI(7Q:. MM8)A4+I>%8?2@*0^*PX9K^@"X%!0862DO*C)5PXLG<$"%"P=*0XA M&I)I+4!.C6@*HJ;`-9&EM`A\8AD@:W!TL#BRX$`V4N!.ZD><&&0K!>ZE7M,"I5Q2TU--"R1@1AM'"R1@@&QG M6XN<2L>V69`=%0S7QU:E$5KR;#Y^0=WV1O9GX`;MJ4$#=\R`=-(N!>I.:U2T MV!Q#`YYNDU*VU)JQG42V:>`^38NX`.Z<=Z`#WR@%SEEJ)RL)0XW4U-=RLW;, MWD#V;."F[:EI@V#(]!E<8)J9':@V3FE/=7V1Z5:5[-K`;=M3VP;NHW<0$`)5 MQCG#'QRE;%H%9%NDX-[*C+UJH.S>R-W;4_=&;J1W3ENJ3L`0Z,:^DI(!,#]9 M"YSV>F1&HFS>R,T[4/.^,.ZV/]Y0]Q8X[0)3)V4+QM"9*7#6#>;OK3K9O!&9 MNX6QUV'9'U'S^B"M3\_XH2)UCVSP.:;NZ>N[G"MEQ1%SC3R5HFSS;RU^`QUT?99Y'[+!]W[GFI,B9U="XO!5(';;U5 M=&<3T#4DY9J9@3 M40>ZD2>#L[8\EJ_=*6_UQ/H^7]02P,$%`````@`28$&1_GO]E1H!```3A4``!@```!X M;"]W;W)KDK,'Q$>M/XAMALV_CVT8!KI;%\#F;>EM2?U8UO+2M#^[@_?][%=5 MUMWK_-#WIYKI;-N2^/M?_>SKIS517M?VM?-I?7."-:+:-[W/98 M^;H[-O6L];O7^1N\Y)2-DDGQ]]%?NH??L]'\>]/\'"_^W+[.X]&#+_VF'YLH MAJ\/G_NR'%L:>O[WUNA7GV/@X^_/UG^?TAWLOQ>=SYORG^.V/PQNX_ELZW?% MN>Q_-)<__"T'.S:X:^!U!QHBJ?' M'!(]WJCQ9HHWC_$I&X.K))TD]2190&:M8YE(69*2T[U8U8N5N03B$S4^$;FD M&HE$UX@CIF93'9CN.-Y'1`=+6"8!3Y5BHX%Y8N30-Q'S@I&H!21(H M;-!I!Q)W)%:,)-D"'2>WIC(8!]SHO`,)/"/<2)HMR"!Q.XH,*?18`YU[(,%G MQ+J23%M0PCF=*S(R$%I_.OI`LL^(M:.P#XV8+*DRH96#.OM08Q]_*J"DFHUC MCLA$'CXH-U69%D6'%^=<:0P#D.C MHC..%,;QU^#U390^I<3?3Q41)OS)%CT<4U6^W4_'=]ULTYSK?CP1>KA[/R)\ MP_&8B]U?PTM^/>C[:F:U/!5[_U?1[H]U-WMO^KZIIJ.N7=/T?O`8?QN&^^"+ M[?VB]+M^_)D.O]OK<=_UHF].GZ>7]R/4U?]02P,$%`````@`28$&1Q^L+#N@ M`0``L0,``!@```!X;"]W;W)KPUW%;JR_`#'/.G!F&8D3[ MYCH`3SZT,NY(.^_[`V.NZD`+=X,]F'#3H-7"!].VS/461)U`6C&>97=,"VEH M623?BRT+'+R2!EXL<8/6POXZ@<+Q2'?TZGB5;>>C@Y4%6W"UU&"<1$,L-$?Z MN#N<\AB1`GY(&-WJ3*+V,^);-+[51YI%":"@\I%!A.T"3Z!4)`J)WV?.SY01 MN#Y?V;^D:H/ZLW#PA.JGK'T7Q&:4U-"(0?E7'+_"7,)M)*Q0N;22:G`>]15" MB18?TRY-VL?I)M_/L&T`GP%\`3QD2?B4*,E\%EZ4A<61V*FUO8@ON#OPT(@J M.E/=Z2X(=<%[*7?\KF"72#3'G*88OHY9(EA@7U+PK10G_@^<;\/WFPKW";[_ M0^']-D&^29`G@OR_)6[%//R5A*UZJL&V:70I.W*:RF;*DH.E:(A@9<$67"TU&"?1$`O-D=[O#J=]C$@!/R6,;G4F4?L9\2T:S_619E$" M**A\9!!AN\`#*!6)0N+?,^='R@AU%?,'=@8=&5-&9ZDYW0:@+WDNYX]\*=HE$<\QIBN'KF"6" M!?8E!=]*<>+_P/DV/-]4F"=XOLZ>9]L$^TV"?2+8_[?$C9C\\H(W)YO[)]3 MM4']13AX0O5#-KX/8C-*&FC%J/P+3E]@*>$^$M:H7%I)/3J/^@:A1(NW>9=3H?>7J3]_"J'$0'WX3MI''D M@CZ\;.I_B^@A2,GN[BGIP_]9#06MC\>'<+;S2,V&Q^'V0=9?6OT&4$L#!!0` M```(`$F!!D>1V45"H`$``+$#```8````>&PO=V]R:W-H965T&UL?5/!;MP@$/T5Q`<$+[N;5"NOI6RJ*CE4BG)HSZP]ME&`<0&OT[\O8*_C M)%8OP`SSWKP9AGQ`^^I:`$_>M#+N2%OONP-CKFQ!"W>#'9AP4Z/5P@?3-LQU M%D250%HQGF6W3`MI:)$GW[,M+7&]UL+^/8'"X4@W].IXD4WKHX,5 M.9MQE=1@G$1#+-1'>K\YG'8Q(@7\DC"XQ9E$[6?$UV@\54>:10F@H/21083M M`@^@5"0*B?],G.\I(W!YOK+_2-4&]6?AX`'5;UGY-HC-**F@%KWR+S@\PE3" M/A*6J%Q:2=D[C_H*H42+MW&7)NW#>+/G$VP=P"<`GP'?LB1\3)1D?A=>%+G% M@=BQM9V(+[@Y\-"(,CI3W>DN"'7!>RDVVWW.+I%HBCF-,7P9,T>PP#ZGX&LI M3OP+G*_#MZL*MPF^_:#P=IU@MTJP2P2[_Y:X%G/W*0E;]%2#;=+H.%)B;]*@ M+KSS=-ZG1V3OX47>B09^"MM(X\@9?7C9U/\:T4.0DMWL*6G#_YD-!;6/Q[MP MMN-(C8;'[OI!YE]:_`-02P,$%`````@`28$&1^%:A5VA`0``L0,``!D```!X M;"]W;W)K&UL?5/!;MP@$/T5Y`\(7NRDZ M#+MS\.8+$\9#LDHOC6;2="PY:%G3!U4*!M@(U,=`;)J2&A@_2/>/X"',)UX&P0FGC2JK!.E072$(4?Y]VH>,^3C=9 M-L.V`6P&L`5PFT;A4Z(H\P=WO"P,CL1,K>UY>,'=GOE&5,$9ZXYW7JCUWG.Y MRVX+>@Y$<\QQBF'KF"6">O8E!=M*<63_P-DV/-M4F$5X]D7A]VV"?),@CP3Y M?TOMT):G5=4(Z_W\60T+CPO&;/YMII";#87_Y(,LO+3\`4$L#!!0````( M`$F!!D<_9F&PO=V]R:W-H965T80_:WS1H%'?>-"VSO0%> M1Y"2+$N2&Z:XT+0LHN_)E`4.3@H-3X;802EN_AQ!XGB@*;TXGD7;N>!@9<$6 M7"T4:"M0$P/-@=ZE^V,>(F+`+P&C79U)T'Y"?`G&C_I`DR`!)%0N,'"_G>$> MI`Q$/O'KS/F>,@#7YPO[8ZS6JS]Q"_\;Q.\PE7`?" M"J6-*ZD&ZU!=()0H_C;M0L=]G&YN;F?8-B";`=D"N$VB\"E1E/G`'2\+@R,Q M4VM['EXPW6>^$55PQKKCG1=JO?=23(ORQQ*V;W7Q*VZJD"T\;1L:3"0<=!77F7 MZ;S+XIN\AY=%SUOXR4TKM"4G=/YE8_\;1`=>2G)U34GG_\]B2&A<.'[S9S.- MU&0X["\?9/FEY5]02P,$%`````@`28$&1WV8!-F@`0``L0,``!D```!X;"]W M;W)K&UL?5/!;MP@$/T5Q`<$+^M-JI774C95U1XJ M13FT9]8>VRC`N(#7Z=\7L-=Q6JL78(9Y;]X,0S&B?74=@"=O6AEWHIWW_9$Q M5W6@A;O#'DRX:=!JX8-I6^9Z"Z).(*T8S[)[IH4TM"R2[]F6!0Y>20//EKA! M:V%_GT'A>*([>G.\R+;ST<'*@BVX6FHP3J(A%IH3?=P=SWF,2`$_)(QN=291 M^P7Q-1K?ZA/-H@104/G((,)VA2=0*A*%Q+]FSO>4$;@^W]B_I&J#^HMP\(3J MIZQ]%\1FE-30B$'Y%QR_PES"(1)6J%Q:234XC_H&H42+MVF7)NWC=/.0S[!M M`)\!?`%\RI+P*5&2^5EX41861V*GUO8BON#NR$,CJNA,=:>[(-0%[[7%GTHH7OPK;2.')!'UXV];]! M]!"D9'<'2KKP?Q9#0>/C\2&<[312D^&QOWV0Y9>6?P!02P,$%`````@`28$& M1[)XD`&^`0``>P0``!D```!X;"]W;W)K&UL=53= M;ILP%'X5BP>HB4E(%Q&DIE.U74RJ>K%=.W``J_ZAM@G=V\\VA-+4N\'V\?=S MCO%Q,2K]:CH`B]X%E^:8=-;V!XQ-U8&@YD[U(-U.H[2@UBUUBTVO@=:!)#@F M:9IC09E,RB+$GG59J,%R)N%9(S,(0?7?$W`U'I--<@V\L+:S/H#+`B^\F@F0 MABF)-#3'Y&%S..4>$0"_&8QF-4<^][-2KW[QLSXFJ4\!.%36*U`W7.`1./=" MSOAMUORP],3U_*K^%*IUV9^I@4?%_[#:=B[9-$$U-'3@]D6-/V`N8><%*\5- M^*)J,%:)*R5!@KY/(Y-A'*>=/)MI<0*9"60AW*]E)OMOL`7+S1C3A.&K#$+`COUQ8+$+$[D"YW$ MZ5DTPRS0L[4[V<<%ME&!;1#8?BKQ_J;$&.9;W&07-=E]%=BE-R8QS'].,H^: MY!$!&UL;5/!CML@$/T5Q`18VFQ5M8=*JSVT9V*/;;3`N(#C[=\7L.-U M4U^`&>:]>3,,Q8CVS74`GKQK9=R)=M[W1\9LM MB#J!M&(\RQZ9%M+0LDB^%UL6.'@E#;Q8X@:MA?US!H7CB>[HS?$JV\Y'!RL+ MMN!JJ<$XB898:$[T:7<\YS$B!?R4,+K5F43M%\2W:'RO3S2+$D!!Y2.#"-L5 MGD&I2!02_YXY/U)&X/I\8_^:J@WJ+\+!,ZI?LO9=$)M14D,C!N5?`\ZAN$$BW>IUV:M(_3S>=LAFT#^`S@=P`V)4HROP@ORL+B2.S4 MVE[$%]P=>6A$%9VI[G07A+K@O9:[0UZP:R2:8\Y3#%_'+!$LL"\I^%:*,_\/ MSK?A^TV%^P3?K[/OLVV"?),@3P3Y/R4>[DK%GTHH4?PK;2.')!'UXV];]!]!"D9`\'2KKP?Q9#0>/C\5,X MVVFD)L-C?_L@RR\M_P)02P,$%`````@`28$&1^W0!HZC`0``L0,``!D```!X M;"]W;W)K&UL;5/!;N,@$/T5Y`\H#DXV;>18:EJM M=@\K53VT9V*/;51@7,!Q]^\+V'&]75^`&>:]>3,,^8#FS;8`CGPHJ>TQ:9WK M#I3:L@7%[0UVH/U-C49QYTW34-L9X%4$*4E9FOZ@B@N=%'GT/9DBQ]Y)H>') M$-LKQ1=.ZX*!%3F=<)11H*U`3`_4QN=\<3ML0$0->!`QV M<29!^QGQ+1B_JV.2!@D@H72!@?OM`@\@92#RB=\GSJ^4`;@\7]E_QFJ]^C.W M$#R552N]6+3A%10\UZZ9QQ^P53"+A"6*&U<2=E;A^H*28CB'^,N=-R'\8;M M)]@Z@$T`-@-NTRA\3!1E/G+'B]S@0,S8VHZ'%]P?BMQ+>;N6Q*ZZ*D"T\31L:3$7L=!77CGZ;QG\4V^PHN\XPW\X:81VI(S M.O^RL?\UH@,O);W9):3U_V&UL=53=;J0@%'X5X@,4=1R=3!R33IO-[L4F32_::T:/2@IB`E M-P*'[^<[.)/=0I"FP(P*+55(&:X MP@,P9H6,\?NL^6UIB>OY3?V7J]9D?R$*'@1[I95N3;)A@"JHR<#TLQA_PUS" MW@J6@BGW1>6@M.`W2H`X^9A&VKEQG';2PTSS$^*9$"^$0^@2GXQV#\8'6-S$*4-NKK=GDE4F>BUB-(PQU8Q8$-NJ+1>RS M.,?_T6,_?>?-<.?HN[5[\H-`XA5(G$#R3XG1ID0?Y@>3O==D[Q'8;4Q\F,1O MDGI-4H_`?F/BPZ1^D\QKDGD$LHV)#W/8F.#5%>0@&]=I"I5BZ%Q?KZ)+,]_' M[@I_PXN$PW\);*AG4(7H4TCN.M:"Z'!I!+>F5-MS7.S+!C4VDXS,Y=3!TX+ M+?K;>[(\:L474$L#!!0````(`$F!!D>3CG?NH@(``'0)```9````>&PO=V]R M:W-H965T30 MG!5;MID`OX@C8])[:YM.K/VCE*=E M$(CMD;54+/B)=>K-GOI`4*R"B;>K6]:)FG=>S_9K_RYZIT\JF*1[^W8GIX;^<@O/]AH`6O!+6^$^?6V9R%Y>Z7X M7DO?AF?=F>=E>).AD083HI$0380I#TR(1T)\(R2?$I*1D'PU`QX)V,H0#-Y- MYS94TF+5\XO7#ZM]HGI3A4NLUF:K@V8IS#O5.Z&BKT68YJO@50N-F'+`1#,, M"=]#-B[DA@A4`5,5$51%&3GTZ'V"RD40"[+YK\C]IR+ORHS!9L6&'\]=Q@@6 M2$"!Q`@D6DCB#C6'0 M&`:,67ND'#!XEB5!&"?$+J=R@7$>IUF*4LL>I!AC@K"U@^]!191&>0J;3$&3 M*6#2WJ>IDRE,$2)6/2#JHV((6`P!BK&6OR1?[;@+5/W)DC2T-Q2D"'8<5(RB M./_@@\M`DYEC,K<:7@Z0;+[%T2*RRJE<%%K8_V&@4F)_*Z`2@4WEH*G<-64O M7/XE4R[*-04J.:9`)=M4,#M36M8?S&DNO"T_=U+_*\ZBTX7A+M)GDA4OPV45 M`O&-NF`,]X&;?+$ZT0/[1?M#W0GOF4MU$IKS:L^Y9*IVM%";[*BN0-.D87NI MAT2-^^%6,$PD/UWO.--%J_@'4$L#!!0````(`$F!!D=*2:-"H`$``/4#```9 M````>&PO=V]R:W-H965TA M6N=^3PWL%']CM6V=69*@&AIZY/9%]0\PE+#T@I7B)GQ1=316B3,E08)^QI7) ML/;QY)H,M'E".A#2D;#Z$Y\-^&R*Q]%7J.J.6EH66O5(QTETU`]\LS^QF#G8322SAI)@T`^$5C-"V2S M`ED0R"8"ZWF!?%8@GW%P_:L5$;,,&!DPV0TAY%*9O#%C#IZ@">J#TP: MM%?633L,I5'*@E,D5TZL=6]P##@TUF_7;J_C;QD#J[KS(QM?>OD-4$L#!!0` M```(`$F!!D>6I1HHK@(``',*```9````>&PO=V]R:W-H965T.I/)H3TKMFPS`>1*,O4H#KPS3[9" MMDR;H=Q%ZB`YV[B@MHD(0EG4LKH+J]+-/8@L`V_X6ML4S%S>^(HWCWI^S?W7;-?@O3/&5:'[5 M&[TWM"@,-GS+CHU^%J=O?-A#:A.N1:/<;[`^*BW:-9;$YN;2?= M0;EG9F?*S+Y5F!9E]&83#9IEKR&7FFO%"E#D:-1$AF#$(!#&DG@)R&0)0)'" M*\3@1F,7'U\A8CA!`B9(7(+D*L$$DEZ15-DN`IC2_#"464P#092)/Y--,JRGR:),GR"?0*E)&X@&DH2$.! M5Q5/<*BW3E(4J)CB^+*XP#&^43DYB),#.`FN]:SH,\<`0SI]#M' M0,$@OWSOZZZ1;C@/]I$PG2)A;ZF'-,932 M!Y(6'A$D*TA^`PAV'.Q;CF?'@X;>\V-`!QIR=/$?WW*Y<[V/"M;BV+E6ZV)V M[*\6Q/4('_*J/+`=_\'DKNY4\"*TZ31Q-!S@.&K[5]I:: M>]GW1/U`B\.YQ1O[S.HO4$L#!!0````(`$F!!D?1^.')6P0``-X8```9```` M>&PO=V]R:W-H965T=*T+ZM7OSY6)MGU07GF4Q"$ M?IZDQ6*]ZJ]]J]:K\JW)TL)\J[SZ+<^3ZK]'DY6GAX58?%SXGKX>FNZ"OU[Y MY[A=FINB3LO"J\S^8?&'N-_HJ)/TBG]23)9UF5KG?\>DOSV[P,OG']F?^^FVPW]):O-49C_277-H1QLL MO)W9)V]9\[T\_6G&.>@NX;;,ZOZ_MWVKFS+_"%EX>?)K>$R+_O$TO!,'8Q@. MH#&`S@$DK@;(,4">`X2Z&J#&`'6K@QX#]*T.X1@0WAH0C0&1M4K^L+K]WGQ) MFF2]JLJ35PTWU#'I[EMQ'[6[O^TN]IO=O]?N3MU>?5^+.%KY[UVB4?,X:&BB MB:>:)Z193C5?@&893#5?D49,-<^N)J*I9(/2_-;X[9*1LX)"14%$EU;#J%PE::4$/Z@8 M#BIV!D6.%=((;+*$)DN0P,8(:1@*NH*/ZDL`4M@H&T==;1,^?B*;3PD5($)B6S3<418P/KE7"+404Q/;*2/?F5HKD MTL4`2\,X9CD0N+X)M\!1L+3=@$AP/KBX";>ZD1"V#Q(QAXK`E4VXI8T$!Q0N M6"*Z_602N+P(4#N$PR02<;AE`"OJ3=F4(1YX,AE"Z$;N\_BB:M*=/\ M2Y?73[I_B8&5`%BI[(&YP,HIK^.H/M5-/V=BKA7@6G(?53'7:@;7"G.M`++2 M^;R+1$P)4IAKA9!E2H-B/IFK&;/%-"IPQ$J[NB"1XO86(ZO`N:F8PJ$PLFI& M4ZHPC0H[>`A$[6PR7`G`IIDO0&`8]HRG5&`8-^DUG;Y%(<3Z8&`U@4$RO MHC$,>D93JC$,&AU-SFR!2#$E1C/?42$8F/-+8QCTC/-+8Q@T.IJR:35\ M_3Z\:,KCQZ\)YY\TUO\#4$L#!!0````(`$F!!D=A@.G)Y@$``*<%```9```` M>&PO=V]R:W-H965THW.@KA`XO;?%]#8:-@V+\*]G'/N%Y)V7+S)"D"A#T8;N?4J MI=H-QC*O@!&YX"TT^J3D@A&E37'"LA5`"DMB%(>^O\*,U(V7I=;W(K*4GQ6M M&W@12)X9(^+W#BCOME[@71VO]:E2QH&S%(^\HF;0R)HW2$"Y];X&FT-B$!;P MLX9.WNR1R?W(^9LQOA=;SS*AQCYZ->Z ML6O7GZS]@>8FA`,A'`E!]$_"@9DBGEPJ M7Z:8@P,3CQ"L"QFK"9W5A):_G/!]M\#2*;"T`M%$()@5TF/,]=.@QH+\Q2=I M1LXHT5V48#UKU[[')#=!PG@VF,,])OBLW-B92.PH-W0+K)P"J\<;GC@%DO\W M?)?<-SQ8K&=1\,V-;\D)?A!QJAN)CESIG\=>\9)S!5I03\M#E7XU1X-"J<8JFV_(!$QP'O#(D2%`7!'%']\R]JHW/W=+/]`6@$`EM0)6MQ.L@1`MI!*_C9J7E)IXO3ZK M/YEJE?LM%K!FY$^SD[4R&_C>#O;X2.0+ZW_`6$*J!2M&A+EZU5%(1L\4WZ/X M?;@WK;GWPY,L'&EN0C02HHDPY7$3XI$07PC)IX1D)"1?S9".A-3*@(;:3>BJC-"[020N-F-6`B:XP67@+ MV=Q#+@BD#$PN(I>+571'CVX3K.\1F079_%?D\5.1&YNQLUFQX<XN*'46E-X+S`.KH`&C/U<%:@TH MF-F'YP1]T-NYT\K<8>6#ES!S"F1?/]W<*9`['-AUYO=U?@MFN94&77V^%/C! M#$[A5>S82FWQ*CK-YH=(?_Y6?!4NUJ$COE&S?!B]%_FRZ/`!?F%^:%KA;9E4 M0\>,ACUC$I3Y8*9.J59_FVE#8"_U,E-K/@S@82-9=_Z=3/^T\A]02P,$%``` M``@`28$&1Q4+CFZC`P``3A4``!D```!X;"]W;W)K&ULE9C;;IM`$(9?!?$`@3T!CFQ+3:JJO:@4]:*])O;:1@'6A76?BB*M_CSI MW)Q7/O,O-WYD^X-M;P3K97`=M\T*7=:9*;U*[U;^)_;X%(6M26?Q,]/G^N;< M:X-_->:MO?BV7?EA&X/.]<:V$FES>-?/.L];I<;S[T'TG\]VX.WY1?U+EVX3 M_FM:ZV>3_\JV]M!$&_K>5N_24VY_F/-7/>2@6L&-R>ONU]N<:FN*RQ#?*]*/ M_IB5W?'<_Y.$PS`\@`\#^'4`[_P$O:,NS,^I3=?+RIR]JI_;8]HN(7ODS41L MVIM=WMU_3:!U<_=]S2.Q#-Y;H<'FJ;?A(QMYM0D:_:L3#IWP3D".!!06$%!` M=`)B)!!A`0D%)(@@ODNSMU&=3=G9L"@,L1<%O2C@)<$"$12(W/.,H4`,(EC< MY1E/\DR(U4R@CV3J(R:F:0$%%NY9MD2AJ@T=\AR,;A-=,,(-`0<#J5(2N/09 MGY$L+GXF'(IW,!I5;TA5+\.0,$!)S`D)3`!3,]+%#+#(96VCZ=I2R6)2&$`E M%H0$!H$E,Y+%*+"%2[*]$6.CQ>4/Q!;*,3,<,!-3VSCF@3/WA#GQ*$#/@OMB M'HQN5U=1MC;6FZ+Z-[8RQ MNI$,'YJ).^AT>[W(]1XLI[Q-U%2*IWWIF[%UBVE[#:>)XJ2-D2L6$=;]>;,>$.DVO*+)SI. MR>9^PJZZJE+]P1UZ8A_,^>UJS?NLB]'[Q6EU+J M`R_/O#'O5#6T%15K'4[/6W>'-@<4Z1`3\;.BO9BL'4W^R-B;WGP_;5U?4KZ[_1H0?#L&"U,+].<162-?<4UVG(NWU6K7GV]DWJ#VEP`AX2\)@0H'\F M!$-","9@VZEE9OKZ0B3),\YZA]N/T1']S=$F4,H5^M`(9=ZISH0ZO>4X33/O MIH&&F+V-P9,8-$9X"GTL@:$2>SQ+Q^GZP&BUG$0P60BD$P$D,$P0`P"Q,_+D8``R1-R M)+-&<>@_JC$/"E-_@4H*4DGG5-(%@#4(L'Y>#&UYR"7^G$._!89_`LFA2*\6KA#X9`4^X0!E1=L#6"+8?^PW,(-AT"7#?7-9SI MBJ.E.K"?$&2HF:X1K.NCL-[D;FTHOYB9(YR"75LSXB:GXUS;87,W?X3G64_C,F*2*CK]2=$HU><=-3<]2+Q.UYG86V8UDW7VTCO,] M_PM02P,$%`````@`28$&1PX*!N"I`0``\P,``!D```!X;"]W;W)K&UL?5/;3N,P$/T5RQ^`6EH66O5(#[/HJ!]YO$U=YRJ?#(T*9ZXRX[+G,MED!3E[ MH1%S-V"2.>8K8K^`6$T0X@Q,+I)%%TG@9U]<_""0+@JD02"="^3YLD"V*)!] M`0V/]=NWV>O@IA\"J[O+$IG=>_@-02P,$%`````@`28$& M1YCS@[*/`@``80D``!D```!X;"]W;W)K&ULC59- MCYLP$/TKB'L7,-\10=I\5.VATFH/[=DA3D`+F-K.9OOO:QM"B)G=Y!+LX;TW M\^P)=G:F[(V7A`CKHZE;OK1+(;J%X_"B)`WF3[0CK7QSH*S!0D[9T>$=(WBO M24WM(->-G`97K9UG.O;"\HR>1%VUY(59_-0TF/U;D9J>E[9G7P*OU;$4*N#D MF3/R]E5#6E[1UF+DL+2?O<76VJVH@-2F$ MDL#R\4[6I*Z5DLS\=Q"]YE3$Z?BB_EW;E>7O,"=K6O^I]J*4U;JVM2<'?*K% M*SW_((.'4`D6M.;ZURI.7-#F0K&M!G_TSZK5SW/_)G$'&DQ``P&-A#$/3/`' M@G\E!%\2@H$0/)HA'`BAD<'IO>N5VV"!\XS1L\7Z[>ZPZBIO$.R^A[CM(H<]Z5T(!9]1@TP<3>+60SAUP1CBQ@K`)!5:S0C(YN$ZSGB-B` M;.Z*;+\4N2G3!Q?+UWQ_FB&*8($`%`BT0#`12$)CL7M(K"&MAJ0H,99[/0=] M\WWD&@LR1Z'02\Q%`;2"*$QA6R%H*YS;,GNHAX33+)Z?NH%A#(#%49P8Q@`4 M\A$REG(+YHPF.6^L1:"U:&8-I3$L$(,"\>,]DX`"R?V>269&@9Z9@Z">F:.@ MG@&T/N^9%+25WN^9]+&>`6!`SP`HJ&?`G)_VC#J#H(^J"W1-8GY57>B/AWS# M'03SW-24VP`X+PUCPQZHEJ#(-_PYD_.C(>RH3VYN%?34"M7-D^AX.WA&ZOPQ MXBMOL?:`^$;=)O1Y=97/LPX?R2_,CE7+K1T5\M339].!4D%D^>Z3W)A2WG?& M24T.0@UC.6;]#:"?"-I=+C3CK2K_#U!+`P04````"`!)@09'K<$'>+,!```< M!```&0```'AL+W=O:_-FVT` M'/J00MECTCC7'3"V90.2VP?=@?(KM3:2.S\U%VP[`[R*)"DP)>012]ZJI,AC M[L44N;XZT2IX,I>3F]Q,(W1^3-+DG7MM+XT("%SF>>%4K0=E6*V2@/B9? MTL.)!40$_&RAM[,8!>]GK=_"Y'MU3$BP``)*%Q2X'VYP`B&"D-_X?=3\NV4@ MSN.[^G.LUKL_Y5]]]@+&$3!$LM;/RB\FJ=EG=* M@B3_&,96Q;$?5G9DI*T3Z$B@$R%E_R5D(R%;$/#@+-;UE3M>Y$;WR`R]Z'AH M>7K(_,F5(1D/*J[YRJS/W@JZW^?X%H1&S-.`H7/,OXC3"F(S0;`W,+F@JRYH MY&)@-J% M<.MC,]S>8>)T=W^+TP^A^`-02P,$%`````@`28$&1TE3@I/M`0``X`4``!D` M``!X;"]W;W)K&ULC93=CILP$(5?!?$`,38FD(@@ M-5M5[46EU5ZTUPZ8@-9@:CMA^_:U#6'9=%;*#?[AS/EF/++S4:I7W7!N@K=. M]/H0-L8,>X1TV?".Z8T<>&__U%)US-BE.B,]*,XJ']0)1*)HBSK6]F&1^[UG M5>3R8D3;\V<5Z$O7,?7WR(4<#R$.;QLO[;DQ;@,5.5KBJK;CO6YE'RA>'\(O M>'_$7N(5OUH^ZM4\<,F?I'QUBQ_5(8Q<#ESPTC@+9HC^/T)XOF,#B`S`'D/<#G/7%\EE^9846NY!BHZ6@'YCJ(]\2> M0^DV?=G^G\U3V]UK$4(/$`(;Q*!! M[`WH!X/X+LM)DWA-[S4IH83N8`X%.13@T#O.I'&=7D!T\\EQ)"`E`2C)'072 M;&'(%H1L`8,4-DA!@_3QIF6@0?9`T[+_FD8SDL4QS-F!G!W`R6`#US7H$D2/ MUXH_N4?X@6IGT;I<0C'%]XU%J]L[L#/_R=2Y[75PDL:^`_ZZUE(:;CVCC75K M['.[+`2OC9NF=JZF!VA:&#G&UL[7W9"S\RLR%-28 MC"BBL7"5946@27:+-IML$VS)CAOS4"@4@%(7JN!:R*;C/N@?9EXF8N;E?IJ^ M9,Z26VT@V&IY?._0$5:#0%7FR;-OF?EMGA?RTRI.\C]^M2R*]3>O7N7!,ESY M>2]=APG\,D^SE5_`G]GB5;[.0G^6+\.P6,6OAOW^T:N5'R5?R3*)_EZ&9VF9 M%'_\:M0__>J[;_/HNV^+[\[3H%R%22']9"8ODB(J'N5EPF-&:2+W9;[TLS#_ M]E7QW;>O\!U^[TB^2Y-BF<,[LW!6__5/9=*3H[XGA_W!8?/'N/M'`\^X'9Y_ M&T_S(O.#XK]WOGGWN`[K/P[Z^W^I?S>&IV?TQIO87]1_G?MQWAC&S/$^S*(4 M`9S)<[]H/*?7+W[WNXV+?!/E@1_+OX5^)M_`EPTTUY]4\[8^^Y=A_9N[S)]% MR4).'E?3-&ZL__;BK_7O%,9OPT6$:(:)K_U58WGC]3I+_6`)S^5IF05A#C0* M.L8Z`_`S`/T2&.63_'/X6'_NK,RR.C*Z$+N_/QCNCP8=4[V)XC"39_#>(LT: M\USYV2*4XR`(X2EX9L;/=X&=KE;`;Y,B#3YZW)%1(N^6:9G#>$VZAP$P MT(!DY*"!L`^WMQ?7=W(\F5S<3;YI_.SG2Q+G`#^$?R^C>S\&!#P:,?0\B?M]\[WT6KOUH)L-/H/!RH`+.DA9+('6@ M6,?/\["YOKNT`'[:_,S[VYOW%[=WEQ<3.;X^EQ=_^7#Y_AT@MX$(6*-9'G#_ M.LR**,P]Z1>PBKSP9)FCJ`%8,B^!Q_)\7L8RG(/J`@ROPF()3A+-WE>7X]>75Y=(FP8U#.NN_4?D MV^TXLNOI\W`>`I/,@,^!(T-9^)]"E%7%.BV39R4\'4?^-(HC7.UFUMOPX/7- M]?XV"YZ$291F,@]A3)@Z@/]$A9S[`8[[Z,DD;("I7DG2`OFTY8'693<6BS0" M#5%$64B6*)W&T8*8H6/5&U9[=O/NW>4=RA>+V]G-]=WE]=N+ZS-8
?P"4SB2HO1*$:=#W^GWZO_)E MI%^"-&:DB9(T"67:K=:5&>@:^W3#V)X\Z'N'!\?>X?"8^'!TZIT,#KS!Z:F, M\APYB#29G=P#/.?K,$`U&#?LUW@&)`>T`XI1'^Z#"@W\=00HKS]Y&Q:@8&%\ M,*4)C-M!*%K4,HU!]^:_)UDM&I,V2$HP;_/F=@9Q][V/(K($_@+COP="MR-? M=?B#;$-PB/U;#K**$ MO&<4XZ;._3Q#RW*H7:"&N0,?9HR:5.Y>W4PF>_+R&E3M1>.QN^\O;AM8NM3. MG1J]U59,T1R<,R!\EX*T586.-MQ4W;Q=?V-O:VW.\1'QQZ_=NR"%4 MEFQ7+66O_E0%/?+UQ9N;VPO]U]WXKW+W]<7UQ9O+NST)CN$/EY/+F^L&NI[U M]/7%W6::J!\OQK?70+^)!$K*R?<0FS7H]-K/HT:0=1[%9=$4I!\O+M]^?W=Q M+L<_`&>\O>`A)_+FP]WD#BPO3-48?RN1I^#B39P^;"_RECG'9W>7/[3[-^A( M*DYA&C:MWT]E7C`<18HA2PKJ/PZ16:MOXL\4^H`S>A^!EI'31ZL$P.T%_B%3 MUO0J'0'$Q<[":4&*E"P6NOF;E((C/\BT!`&.UQ1FBB;WIZ"<9LC<^%9EA"T< M-;D[!9TSCXJ]KI=8(`"4?0(%"+MJ^F-+/UF`,&,T9A%$7CEI),?N=[O@-GIL MC42?HD)3OGZXF#S%+MH7(EYH#T":IB\ILFA:$J+A+?9:=&3&NJPM5&$<(8I0 M2691@$*!*-T(T_RI8*Y5R]JY'M+L(^))>7@P-P=J,#2#NAF)A/DR)Y;9ZH4W ME]=C\,(W8_UUFF7I`SJ4L@3SG=7#D*8A@(!+.VQ@W8A='*=CNU'.GY;"!J/- MV3O,-'X87V&0TGBEZT%/3L-%E*"SC6M=4YKN M&6^'R:S[OP=Z]N:Z M/2-$.91YFIEDSC.FH2@5I[J['5]/D$-:9MD4*6H^;O-;)^5JY6>/N/Y)M$BB M.40"F``VB1+P\.,H:*%@RR,;@H!!3VX_E;C)%GZB;0%*[K6/4EQU>T5[)K0G M=W_Y^7_KW[Q??OX_F!<2\!WXWVL_>:2OX,^'4'\J<_R09O@0#`1_@#E#E0'D M`D<1^`,QBF[FXI%L!HP"?R[\!)<20J5(UZYJG&X`64D$3K,?1 MG\+JSY[\,01^"4KRP4"@2&+Q.34T\;IZ-4'D@)K"(8"WPNQ>617X'0(7,-/X M5!$MEH5*QX"C@/28HBXH((R+'R7\A\`I,^'FD0#I<1J0]N.%8A9\%0%JT"-" M!`&DX+[>A9_\O">L\T)XP&?(("].,*ILC%W3)D"8E6@&?' M#YJ;@#.O>$0(D"(KPBI*XT91#A:L#GK!N#;?<6%V<>R(M?(:YO*S*$:^%`F6 M.E#?8_*(%5B0E7X,[DT28EH1^1?%V`>%&646&`4+HK^,809\IG`6P[H%+23A M(9SUD&G-H^HQH1]#M"=I829%\)`'`G*_<3(]$9BD:4A>")I&H6`K8<&/H9\! M)Y9DT2#,+?!9A.D^!6M&RIY^`:,:,A3`+YYPF`D\$&!5``<%ZOKM54Z"H9@5 M3&M),FD"!.$,U18U$#E0.<"[BSB=8D@%7Z6K*,!!A:4Q$.1CB*G=1!EUSR;! ML7B`F5_*\N*2M.@#^1A>2LF%FJ<4LD@H`!V`RA@)FT7Y1X0C3.-T@=D/]8W` MPDN.KB/SJG8[&`I$'XRK#(TCR;D1CO_]D( M`'(A&EAXZ1R8>34%ET.75M`[B^$'#9N8H-S91-?%IX!=,DR<@`]"&A,F":<@ MDR"(PR,N8_9(;V!NGQ0!4F=[);+T[T,Q#4.4!/"8V-&GP;(9^3P$G2T>=AGIB5=$L;(M#[IG4N]4E4Q$17$ MM>$(&3@!6T>*;@EZ8>4#]`&8"%"NPDH:63=P%5>*HXNE7TA_/@?5!#R,/!+. MC">JS&8K34AVHCR`P))\=\`-Z@Z`+TP"6OLX*(#SC+I=^:!H(I@ID_,L7<'( M*0B+@:Q7<3@<$`4B)\.P(+.TPW2@B4+1KX6?W"C':I.'910LA5HA"H2>D>-7 ME6S2,2),+!]"-$4Y/1P!TJ,,5RP`O?%CO@%0,&%Y*NO0HK%64RIP_69UQ&M/ MX7@JGA48SY+WGI/)SKO"8T7=BIBCIH;_I@F$IH\0BH/T M0HRJM)@AC`A(P4UQ60"`I4&":@/8>^4Q0]-K]`P[M.HU@:-DP#T]><;LB.*9 M9OND=C2KH8A+$G$P[#&L`1!,T1Q,3]T-E+3@D)$@B^9@(-`,G.FK3-K MO#/PE@#\+"`TT7GN\ZLJ*UNA;HP*L(&I22F1IF#IG6R:.*S:3+33`W M:$XV/YQY46@2KA3V4*V,02W&+O*?I2=,D>*7G_^'O%RMR$8'/V3JR5`(\;( M>*PE7%W:D=?MU16`J"D`*[3D4[0,X>;H?*%0^P]JKIC:'H!'1)B)P;2QF:JJ M*+7NH77VQ0PF"W`B';DKMP)F\[.,/"6V+ASX:9C,/)Y0(28J()(0^AWU#-DD M1_C5"N&O"D^W>T:*;,CS<^[80C%I<+>H<_>AW#41AQ..(F2$!'27>$!!`^ZY M\0""=HX4S$Y$;\[BJY0\0+Y%'PA%LHWF#_#KPE!>P]]R MA";Q*DT6^W>`3(GY510=I+BU0IUR,JXO?L/"9Q'%;U([*&562YZDMH*,(3O8 M+T'VJ]>HLZA.!LS]F-X\]!,W/DA/;$@)#GNRBK6H#I>91+1-HF*W'+' M9I'7#9JX;2)A)P+/(::$Q3*,,DT2RC$6D7Z<^7L.`1_E^66!91WK^_BF[A;Y ME@=`X9(A=`63>L^ M/Z?GP`KL)/K4_HL@=80^KC2?P$1QZ=BL9>\;T:A*DOGAI>S( MW<'`.SGL2RR`CKSCTQ%]=^H='I[0=T?>\>@$V`BSGJBO[F'<1:@;.78=+,%4 M78_9";&;Z/#`.X;11Z?>Z.C$.^H?X;>CPV.O?WA*W_:/O.'ID:"R,`5^AD.Z MHBIP\S-R54TM[)>?_R>L8T^":]7O'U?^A*$W`:I)6P/UY,`[&HSJH`Z'WNAT MV()CPP_?B-<:U?W>$20VN\-^OS%P8G^XEBH,O@63^)**#/_B>(_$!6`!?NW M4ITR2,6ZS((EM8Z45M*Q908<+DQE?%(Y*&61(RQOQ`&V4J+EF8:!CPX9",8C MO^!*F$E+%<2YU$T%?+IB/J4TE:B:G$972T5SMU;+SJT:[U9^HYZL#B5:9%\Z MLI_;Z@DB)L:7T4]D.^$75;A9KS4R;G+7E6V08/.2^ZB54+'9XGTCG)YL.;4% MRATY1%[K(PL,#JE%3[14$N7NT#L\11F&#Z=#8)0G)F03.P3N/@#V&AS`',?# MBKG]1KSG_!RX1D.>6?_;#L&A-QH,$8)#[_AH8"&PQEL.#T"$3D[HW^'H5*BV MO"H%=N3!*?#RZ0GJH],!C#K00TW48LYX,6_48L2XD#6B(64-&E'SA*I*BS_X M*\ZCHH>!+C>YN_E&?,E=9'8L?='W0D]-J8('<+%V#H>'US\`(&QQ-1//O[R\__*J6X54C5$K..2BI7* M`T?%`:IB@4T3?K+0B0C0P(?]K]&-'>`'7)EJF%_IY//5Y>N;6QI3;CGF0(TI MAOB!PGR-"P\#Y+7_2*-P+&XY1,[#L#*2Z/=&QX<$'L,)()4)-5$X>L6_]Z.8 M@&&Q*`P;&=;NR7<$9R[O45U64.B,Y#9"4/H;1A&J0%9C,(4@F"BMB;\&!+&P,W#$#,2@8SH8I*'E64P>E*L@M*M0*:&YA,4: M8KVYI`U@;3SK)K.^#%0LPZ]1?$0=48JD<0A!)&L%I;'JLUHM6:"VQ7=W@$6L MXFD@KV[P!*=1V7'/,)`WKJO#1[@F2^]NKA(W3C]%)["4H=>Z>`H^'00PV"6` M57R1M]7;<9"./1S-BI#`W&"U"'3G/$&:4%4'@*:X^9!2XG$$[B:H<>`#G4O; M>DHL0@EW2@S+.(%"V0:=[#]AD27?BLPC-56KX$@\:[KJ"L49P)WXF!YO,QJJ MQ`^>XT.J2W,PNTV>!/KU;\0O/_\'&)A*2="D2/5N$0J(A7Y)[@+`LW!.AD5E MBVH0[''ZQR2H2G)B#>Y]'A&7BK&XB@%!)0YZ?=;%?>D;3,2(RIE/O0B($97C M^7OI9R`OQ.-MJS"2330&?A,\Z:]:AG!9R%E&9>:+UY=WY^._<`D*I"8$- MUB%)_1SM;'4M>1,C8$(J&!$UC,@F1GJM/$&U,L,8A@%L+9]:^_(E)EQ,5Z*[ ML\WI-50]=%C[=XNJZ"EAX8]B<55,(PX*B.=Y&/0+/0=?9A:(<1?H3"C/XCZ, MG70,`(3S5QP*BX M(#]091PW2`#VB*-K3D0.:#WS/TNBO.< M$5)%.NHLFP**$^3_&B&PHE'3@YY`SP^;10+Z7:>[[;+,%$XF_*=RMC`E]38Z M2M7TBLWE6%E(XVWHV$B'@9P5B`WL5Z"8&PF4S:CM"'D*,PN/&:=+,M)T5 M9P8K&;(*.+161.$"?=V*[Q/JO1"L;=`%`1F(>;WW$+3U=-B%Z5:JJ9*C`-[` MB%Q2=++`_T"O$+32N@1Y".1M'=M^,YR6L2;'Y_N.OI3L%]5@-^\.!B;;X M5T&_8JC5TYTR=BLO([8R#'#TSN"X=RA,/*9V3%9#&GR75@0Q.E+52?7WY(WY MS3AC(;=K^.XHP@#B]`COG/1.]+K)RU7%A@:@[/[X.O:,J#T2TQUD$SBG,&!? M%%`.>%-.A^Z_Y%2T9NY'N0!E#F*29KE`R?LQC.,:HV[:!V!)UH&XO4!GMDOO,-$60C[.11J?9_K%SDNI7T M4K^'Y6MQH[HCJ+#HXO](X?^10M1P)7-,L:%B,]Y?A5O1G\*"BB[;SL*5*KQ0 M:YVGPC+5Y('4+Q-J+3;T5"&,\RHNK"=?AW.4LBIPH@I5-IFI`OD1.)ZQ%-EQ/X1>-6!6273V^H)#/:XK0> M_I$U-:!S<,$]ETGHM%RB.4<'#NG!/ALXG>O4]G\3^_%R6H-#34XN,PL+ZJYQ M?!`U#^PBLV=)Y3S7[=PC[85^2T[^G$^U)W2_=U4[B9(8T^BQB.[)VG(%`]ML MRV`I'!]XK^ZQ^*T8!1W*ZU!($,HU=I&`WSQ$N3+-Z,X:V3=Z]@^?C6`NVO-& M'JXCZ)*]Q:6#'4;SYV#'C1#VQ'.P4X$E22FU#`M!1<-]%'Y>':`>.'-Q$.O< M5&Q"4KE84"UT53P]00/128/JW.#^18M$]7\^"B=T:FE#;<%'(Q0T%\%>65_/#-^MW"_5K52TD04#4;T[#XJ^@%X0;GUI,]UR*6^$^3, MN^DHZ\ZX+$'MVV@=J+('JH5ZGE4DP&8'JVBF=>D/O!7F/[3['Z@L*)*[G50( MK*=D@^!`SU%G\!W$.QDJ8:$VF$.>,"K5>4T7]2#(U[&$[VA"V@WM1%/*;Z7N M-E;<9$[8:>5\HS`5$J*?.OE!6ULG(?6J+1:S8;$V+4Q8Q4"`-NK-,\9C-]IS MU@4&C-1%-0)$A0Z/63NC(*9':T#7.5+G.&VC"[W52BLJ'CBSM*.<$RN6,'HH M[ES634[*MV=U@IU$"PRO4X'KK;@F;,0\7N*:FK7=S`O&Z(]JC M(:(]3KCI6\I1F6?U/A&CE%KR!X:/]JC(UZUY:*?! MHRI'Y9;M%(6`HW0M3<5\ED-UOD\T$DE68?;$Q.JLMS;J;'58G^>6"MN?:;.C MU51]UW9%M(L"G6=3BTJ46DK2R@9$Z]G;SBU"@VCZ%J'C=NO.9>MUTS<_T>EB M2.H\Q+1Q[*F^V<<*X(WDE))VGS=PM,;Q-#70*8J1C='!E2:JM&IPD-+;4YA2G/N[B\F?W MG,C2;A(Z1;V64CUV_^+"R"5%E\G9+&2W4MH4H';",O4>(,-T!-OL8&:95N<, M/:<%@'L"$\!;R;V];4?,Z!H\3GCF;IMYUL/;M;$<].3&4<2-T[.,<;,;1^G4 M;[63`C"%"7_<@R_,=CT]A%?/DKL#>AOWI_`)`$"IE#->)I^L=#_W:(-LJRV6 MP*54[FWKTF@MQ7873HG@;E5X0ZD7@H^6@NZEN^U-\Q]`FP6T:X9@IQ9\M]=` MM8HZ^6`Z;XL5E4*QV1%I]RE0TZZJ9\RPZFHZ1,CMT`F5VEZ M2SN5-:93*\!_)@/A;IPV.Z54:T95F7;TKH)2CU#T6K87LKC9[3\@^,PL(:2;[=CVJ9O$:`0>]$/$V`-@B8 M`*).`+USP%#A270+IU58V71.\*LZ'$[%.S%_9%4/7D<:W[,'<`\Z-RUSD->% MLCQ9N,!^O128627WN)>!M\T(O0>,-V,'`!K''U,\Y1&<9<#/$@^?P62^G]!& M$Q2X@"(=+!90(Z-Q(MPI>`N.WL)#=)RE%.I/0_#R[D,._S%M-[O'O4XZAD(G M%HP?FF+6/;@6M1VB97_;3KL?HN*QPY&?9#"H"(N=7$`=V[K%HD/O4E/ MSB$JR=2VZ)*HK)=+.@/X;A^_4*C`0I`]3T#))?=Z"ZJV968_B6((DC*+0JS" M]&T5AHZGXY0@IKK1ME$)`Y_/EQ`IS/VX%CIVX,O#NQ,%;1_ M64H?*$H?]8:&TJ/?C-('_T\H;0@97.)W/,PJ7U#YO]R6U/T0#?AS-JQAN; M(WNVTQ%'/?E\N#8W.U-79K4_K[%_6>C49=YH!<.6(?T"@L#'=@N]OY6.*)<_ MI'&)>DVE`,*9V?\JWU-AZRQ#U_0FBH79MTA=]L;-H&_.:,N$''A'_;YX/8WS M5S.QNU:'EKSU\XUKX2'X MS%CQ[MWKHGQ%>D3N'/0&_5?TS59T&K4.T5=#(-T/>L-#-:#3@J!<1TIG494O ME0$Q&IW5`]!QOQ*?/:,ZZ4!W:V31[HR9SWRM46&^U)N%ZUV01W10ML4R:W^# MO3;=7Y=-WGT0_4-M?:+#;TR''\DKZ&KG*!CGH`'9LI.O8WN"J&]/X%.MK`[) M1>4$6WF5JEU\5@4]N:7!&4WM]%4%##S>0"Z5&G2";$>=.,L2VYZHCEL@CKSC MX1%M#/!.#P?;8#@PA]&UXENT3U7'G_+>[-F][HXMP?NR[$8M_D(8I!I,;MRZ M]:7P^:R#2P&7I][P9(!;C$;>:,C[P(:'WN!DB-\=>$>'IW)/;'N@J=P=C+S3 M_@%N!#GVCHY/:$_*R!L.#_$3_'B$/PH>>CBBZ78'?>_TE+ M&UW=2)`4$78JD,]H#C.BD`+>+6)U&(5-9V@'T\D0.&=7;L^?SN9U/LG$)`'L M=D1NL7GDZI1[6HXZ3+%ZPFQ;Y"HZ$P485IL36JI@TZ.H?YWC&BI(4PV"=I'X MI77F.)'!0KO_]S(M>)/V`^;/N6T$EG.ODN5NEL%B7!^?M8)P,\(2+#FJ(%&< ML85(6S5[JO0`F!#NGR"09AS[]PW6X13V]&"#P"IPI@K M#>D4=[_H#1]X;%64@-O,LY9J6YZ>W9Z54SNYH`6[I-4,8'PV$''!7&T-QX)H M/0M1Y7L\-*U#I&@L;/P5S^67SDQ'3[:T.?;`:&S+)VFW#D.L)KCT629 MV,=)D=C8F2)Q4EX*(97C:>Q)C`XAG,-]U%$O18'=<9AC57M_`=*\<+;Y1/86 M*YJ_2U,)5OJF>6,9P0JR8*E:6.AP*:"S]M(4:DH6+J$`<\;C*J4=94',PB,O MEM2`RT-B$@%/KZ13*D-,K)(-43:!6D[(A#*2U*F16!6DLPO;K?[N%6TM&+@( MVU,Z\Z$YMZ/YU;K4`*/*`+PD3L;0W@72[KADP>2QJ_6Y$85=7;4!1\.$&]O_ M4EDD'OO@4FS+)5?OQS`'Z=D3C;AALK6"A]O3DE3#)%S&ZCG0#@G:]TH>%7(0 M7*<6^A3!7+.DY@-50?EX4M&1ZLG"V%%0?H!I$;-'X?'I!'18IMIVEH="NPV9*]!-9T,]1A*DC8&N M"@A'=[DJK&2ADXSD]<:/ MM9#%JYS=5_`>(6!^ZM109YAJ[@'LW%"IUCEJC^FLC@2J'#GKQ,P<_C-\=!`' MQP45`EGCXYH775?CL)L=1WARRC6FS'\P/)O,M"/)'KGC^%'Y@KP";`DBU<&26E-55(37Z^!CCPA8;74E_5NJS@XMO&WFCO6M)@GUC?!=<^0_ M::D2PS91MQ7Y#O.-%5I1P;26IBZ=,&K1"=KU<]LREHH88^KK:LT=]MY-@:N6YSI<[\(3XJ8L<<%@&?AB?>\6&?UU=Q(QOM M6B6*G?7WN%E6>5I5FTBQ*.]98@W`44J&2C-64M*8K-JL;RJ/SEF8H-:L^:C[ M1,:@-RH2?)?&:_*9SIQZ4_.B%/=D*_=)8`J.I\Y2:N]S;^=XK_9>;J@^'/=D M%PRBM6?"1VT6\L%WYJ`+W-,U//"&!Z>5GDD^6D<5[INM(1Z^QZKWX&3HG8Q& MYIJHC/JBZCL2W)C%GFW-N=R#@7J4/5#"[(D5/&I<*PA#EGO`)[78OZ M<+1G"N)<9Q=;M>E`A>(SCL^PK8Y;#OE(.MKX7#D@B!U-.I2NLLW#128'.AI' M`D&R*&@R[=;W$,A=_:EQE]%6-Q1\UDLOUQK\RUUKT'*;S;-O.9#FEH,O,=K+ MG0FR<>;KRYT)+W:K?Y"H7G/O]R MY<++E0LO5RZ\7+GP=NX'."Z>C'` M>>UB@-?F4@!]@'OS^H;Z)!O[]K>[H$"T7%`@GW5!@6B[H$"^7%#P$KLO-.@R=$_N5>@O]T]Q+\^GUEG6QE6_N=%WFO%1LA MVES5"--?MH.];`?[_V4[V(9R=%40;W!+59M`U<5'?EK%W^3@<89__&JM,JU? MME[])3"QWS\/"C^(]F.##Y%SN[B"%7^E(!U:-E4Q8P`Y^OM,8J,/=C&SV M.92K/]@54G4\_FN"N^VG5K'G#G]1B0#/TDKVMNV*S"O,/%^"W.2;YW"N MDZQ&F4%UCL[+,I\(%O=E=UC8SO6;&!S"%S>_TGI7GM5P&['0'LZU4K(6_S0( MZW;"=A'6A&H=;W=!^?&@8X!)N#;2MJ_IKEO[>N"#I]ZRDLT`-(]RZKC, MZ]D8'$*<\G53`M)*&89/0-WB"JGZ0"?]MN'?10E?&>C>NM2Y1'VK4?MC-YLN M!Z$[1O)EM$8&PU8`&*9QRE4KB&ZZI55U.7M1W-/YPSS(HG5;$WSK%0Q/W@_A M7$JPS:T$^P9U"M7!ZZ02K*N-3.9V,#FVYSG> M`(:[=+%^81.EQMM<$K;-[5KV?QNO"VN]9ZOSNC#[O]:+PV3SFJRMD';WD'9[ M.D_<-[8]1IZ/AVWO&Y._]KZQ+1#9X._Z54`W6;3@ID%9N4JF$[.5MRMWGW8Y M`63KAHTD[J2HDB9K&>*X38+JRLRY$4@/U@2Z^SXBM\NC@:[Z-4BJRV_#^/99 M#1=KBE]-"/GOLN:!8J^45DZ>2A-O5"7;*/0M[M1I*O/T]@A1OL;J:MNK]W[]1MN[WGF9?J:NJU7*J[ M[:VZHQGQDC@?QI+[`[OFZ[-;AM!?4W>=5? M#C+XZCWQQBV2\0E=WLFZ3&IND.L0%2+2KX!;11M/0/@9(\%7$,7.0&K(+4>! MD3?JE$U"RB[Q^5[GU,-?MS(3#-!D9[:@7M'0[8!O0;K!;P6=ZU6U,]:O0^OF M,]R?S#34DSGO>--F0Z#&Y:([N_`FG/;D\*3]1V[H89]\Z$`7IL7>AQCR_^IP%P[/W8TE#I8V M,52S3^'?Y6\-]Q:6NMHL\9M#\X25>^9\-17]!-6^Z.#;H/9+S_>%D4<58V?\ M1G_(/WVBWP"ISYK[RR+X#>8R_@GXW7J>+X_>9TW]!;![U*EKJ"'H"PU=D\2- M0SL-2Y^A(3=#75'-\+2Q=]O8EM8'GPGM\_3K%QU\"U[]XO,]P:"?Y0X]Y;=N M+L2V%>^4\]/B.W0`,6Z_(V!C[?ISCD]M>IJJ0>>MZLYJ;:%Z'ONWK/JSR/(9 MK7O/+Z,[LV,/T'FE?TI3Y-(]JZX*RYCWTCC#5/CW.@DZSI::ZM(>E"-QRI)@FT#;3=\ MK0`PSC#+R4V+T\>V4\/DF,XMW*2?;IV[BM6Y6_A.*U'K)V+1DZV'8>F3L)J8 M=P^Z:H3OO*NP48=W3KDZ,S=`T=*Z.9O[8";.&6&W?$:8.QIW.'6.]"K/B^_^ M+U!+`0(4`Q0````(`$F!!D>CT2N4H`$``%43```3``````````````"``0`` M``!;0V]N=&5N=%]4>7!E&UL4$L!`A0#%`````@`28$&1TAU!>[%```` M*P(```L``````````````(`!T0$``%]R96QS+RYR96QS4$L!`A0#%`````@` M28$&1TXQ/_]C`0``$1(``!H``````````````(`!OP(``'AL+U]R96QS+W=O M&PO=&AE;64O=&AE;64Q+GAM;%!+`0(4`Q0````(`$F!!D?4\Q4K M7`(``$H+```-``````````````"``:L.``!X;"]S='EL97,N>&UL4$L!`A0# M%`````@`28$&1_(_B>&PO=V]R:W-H M965T&UL4$L!`A0#%`````@`28$&1\DR\ZH3`@``!`<``!@` M`````````````(`!B!L``'AL+W=O_V5&@$``!. M%0``&```````````````@`&O(@``>&PO=V]R:W-H965T&UL M4$L!`A0#%`````@`28$&1Q^L+#N@`0``L0,``!@``````````````(`!32<` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`28$& M1Y'914*@`0``L0,``!@``````````````(`!S2P``'AL+W=O&UL4$L!`A0#%``` M``@`28$&1S]F9S6?`0``L0,``!D``````````````(`!>S```'AL+W=O&PO=V]R:W-H965TR>)`!O@$``'L$```9``````````````"``2@T``!X M;"]W;W)K&UL4$L!`A0#%`````@`28$&1^=B5,2@ M`0``L0,``!D``````````````(`!'38``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`28$&1Y..=^ZB`@``=`D``!D````` M`````````(`!S3L``'AL+W=O&PO=V]R M:W-H965T6I1HHK@(``',* M```9``````````````"``7U```!X;"]W;W)K&UL M4$L!`A0#%`````@`28$&1]'XX8!``"G!0``&0``````````````@`'T1P``>&PO=V]R:W-H965TJ+-''*`(``-\&```9```````````` M``"``1%*``!X;"]W;W)K&UL4$L!`A0#%`````@` M28$&1Q4+CFZC`P``3A4``!D``````````````(`!<$P``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`28$&1YCS@[*/`@`` M80D``!D``````````````(`!K50``'AL+W=O+,!```&PO=V]R:W-H965T&UL4$L!`A0#%`````@`28$&1YQO?_+C+````,,``!0````````` M`````(`!@5L``'AL+W-H87)E9%-T&UL4$L%!@`````E`"4`]0D` '`):(```````` ` end ZIP 13 0001193125-15-280971-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-15-280971-xbrl.zip M4$L#!!0````(`(R`!D>-4$"@W&H``'"U!``1`!P`87)E>"TR,#$U,#8S,"YX M;6Q55`D``\>]PU7'O<-5=7@+``$$)0X```0Y`0``U%UM69F$2?^KA,[DGL=A/@C"^_]2;9\C+_##L M25GNQ8$7)3'[U'MF6>\OG__[OW[]'X2DT4ARDSAF4<2>I3]\%K'4RYET&?,[ M?`87_?F4Q?D'Z<[+6"`EL?2'/?HJD3,L20]Y/KLX/__^_?M9F@;+QYSYR?1< M0FCY$_\HJ+N0).V,D#.Z=FF4S./@0E+6OG)2YN4P7`J`C@N)R%A%LH%D>DO( M!3$N,/G7^NAD]IR&]P^Y]+/_"PR6501W*-+H;'2V!NPGZ2:),Q@]G7GQLV1% MD33B=V72B&4L?63!V>*A3W=I)`%/X^Q3;PT>__HL2>_/X2>4\W#!G5XQ\H)? MC7:,C\+X3\Z^E_'\B]+X[XH8C4W3/!=7ET/#+*$$Z[N(*4:\/#L+ZYX,0_'Y M']^^WO@/;.JA*@*0E'O/F[W<.?&R.W'?XL)Y,0\8*7AY2\!6/R0HRIA_=I\\ MGL,%/IR6AWLI>RH1YLUF:>+Y#RG+DGGJLTS(#?\=65/D-<+RYQG+:BD35VI( MX^0$>9FZ!1/4\^)B:6A8.U0KAH;+H5D^2^L1\RN<#%PFPP?ISM/G^GL6%_EM M2N6V>9K"&MYVW^)J#8O9D_]0?Q._4L.GV`O]K/X.<:D&4Q@_LBROOZ>X5H,H M"_TMC`O]FM^(V3VL_6"KS)OG:1*Q\\6PE[OFT_H[@CP]YY)R#B-8&OHO-X!Z MV']/$J/*??,\W4$:7.V!(I$DH4JBBTPLN!&;2&)=7_"G?NIEX706\=4GOO-2 MGR-JID'$';!J)I]Z?$VAY8HY>\J"`Q1,<]UU7L!::(0+)P'Y]?Q\[D7#NRB\ M+[2V#]^RIWS$R6-)-+[NZT"=CA'"*I;1WV585^.;6W/AG5>9_?CW?27D!#G3713_.P_P9;,4TB6_RQ/_SY@$8 MG0WGN;"B8%E?C5)7Y!+*3#QQ'>#EU6`#H:NKKCYP3&2YFH6H+6O(4AP-&7U- MM_J*,]`M,B9CM?>9RJH*;%!^/6\&H#*37O9@Q0'_J__O>?CH16#P,RMWO#1] MAM'_\*(Y>R5FRD6RT7:;H*F*E2#=5`U/-&1"7@#`K1N^S*,-D%Z[:7#]";G-E'(^#5+Q6,&[$931VO,LC%F663YHMRSDM@O8XH.2\^[9 M@0NS>4`V.&#U;[/16B](WR7B/^A*5ZHKO1FJ,B>L M(!`BXD777AA^:725Q$1?FW0-/N,]BF$H9>@,H9?`W+`Z3]&L2W]^R='J5Y"SK(%:M M]YE0JAE&"6T-[65PRTLNNVMS!E5J6`.34M0W(,J@FF(BD_0),DU=4_HZ-@>F M.8:)PV,PTM0T9;.,:YWL,J!A&($/_L7+;L#]SJZ]9^\N8DYG190[88:BE\#M M@E!9E[Y(YG0>)@;[@S55+L=+]=1O($S!)GT-O;LP`IW%LLZ")#PDE$E5U6X# M4,8)&LD#7R3H>VD,3@V@[!E#1`E,J@H MS;60H6F&:@SZNMP?\%P`2#?,N[KA6;\&5I4A+[+2O4DGL)0U@V)-KZ!]H7DK M&%!JPK=X2**`I1G/D9QP1@\7:QXH4:I@8FR#6(MD:UQP2!:K!9P*N`R*:6Y+ MZ&S)5H7Y5&2UXH`G,T&&6>P?75"?LO`B#J-/O1QTY\'XY(W,\>:D7<9^-.?) MC>LDY5Z@E>=I>#?/N4&Z3;A+R%.V212M18+=FTH*`8ZN&J:&R][?4>"66>@N M`J=;[^F',,H\`#+4,E]V8MCP/U;&:Y8"12)8@']'3#`P#JPIY^5_Q/?7:0+1 M:_Y\'7EQ#MJO'`5PF8TB\ECX>0,O3(5R<VB*&=/3F#>CJ/_R8;^KU_XG M=@9S M2\R_%],67OPM">-\:;+M4%CP$?-9^,B5572KQAI7=6=D%A8YV8&XFNK1#J!+BSZ`P(BS59QS5"O,T;FGEAT'^:L3AC M(`##_(&E'0?)W0I"R]JG`9#**N;7&PI]]UB`9;Z*%8/@LKYZ#:K3ES.UX8#Q MY$%9DQU0RK2R72^1T7!2,6@0.8**@"AJ.)GPC_<>+P=VDHC'FZD7=8\W6%U4 M3=09Z<.!%JSC5907@WD*U$/T.`B?^%]9Q],&/*&BX2(5%5-'4.C6#61(AL444Q< M9&D8HX%AN+),L4V)/28+T5*JFVU[GU;,O`Y3>J MWDV;S?O+4M%8EH%Y=ED6WL<\V6UE?V7!O=CV>!E0F/+\QPH]3Q[`KSIFZHA+](+WB]EVLNZZ"3)D:B#J6ABP00*3J?45651[& MZB^<(K2B6)I'M4R`@83V=A1"5WG8&BFVB?">(+>!,7@ MR,A43`?IFN.ZEDZIHZ_,J'PFZ]OP[T)VS^ZY6R MB'?MTZ(;P(]8ZDZZU:=U:JS=Z-,Z,4K>IZ68\`TVS6[T:6T"/F'W!NE.D4`FBY8D8E0"C@ZT)+4`7K0D MJ75[BRVW)+6!M8@LB6*^SK]^0TO26U`U;4DB?.]4,<&#+<]B*RU);4P;^!N& MJI3S12VW)+4`D[R=KT#IPUUA7E9**'E`J/NM^"TX8.`T"SKST[>@O-#R(HH M>M`,M>U^E%:TXH/E?()^E#8@\I(_JLL;35&M]Z.TH8*$ MJZ5@337K`[Y.]:.T8<@Y/[:4];]?0TH+P`M?=*-3]E0-*6W(ME8?1K3I':6,1\_(,73:(WN5^E#8<,/YB@H/[48[>5-'&U/,],751IM*!IHKF MD`]LJE!X\15>%5\=7ME[Y(KV!?)6*]KINU:T'X[X\,)NL<8;Q5BG%_*6@E!%]Z:\-ZKH%O(.<:!1E?=& MZ,H,66X3+XNNW#":YZ^Q+]C`>X^BV%)3MOEV<\UR^JZL.$C6+OXM,"IOYH+%#UXUA!6/8<`[+7_+6'`9#V?\."[N M;?B@4XO4N]AMG,-WBXO\8*NCLN0H==]C#*&D`1:]G*%^&\XRSWYG_`@OL"B/ M7T&Y] M>RS,I]2V\CYM6X=S,F%^X:+ZR93=>D^\N>I$>K7:+%:3G'!'\2J1T$F@?,,>OM,J+P3=@Z2R M@!>K_399G&E4E*856PB7XBS-8WEEQ]=@HHFU\N*RAGCV<&%CCZ6+^,51&B8Q M*IG3_6#V*;X1<"D-??#@>)S41>@\PD6ZHNY3J1#!6Z]UDD[I4=H:"Y184E&G!T>8]QVHEK0XDM?+=!FDR[X*DTE6W" M/;6*J]((S2X&U$79-ILDZ2H89]FW,$Y2T6Q02!MP]\=E(Z_BD]6*O],B4^IF M`QZXB)UL%K-)R\%^4\[Q1E5#H36,VZ"_2>%0L7=2-<==U$(*!`E(-11<=IQ> M`ZO>W"R8ULG9YK94IF9UNDN$-]K[*63_A]S[(2(Z-N!*H]V?ADBK/7B9Z+Y; ML+232G/QFH'*>X\JA#<2AD$80W3Q8PH#/_58T76EB2@TQ%G?O],%H]"0*4:- M3=@#8U]0N=E/WD7@W(^@>T/+32R5DJ`H2GQON24JMOJ<9,JY)>3C/>Q#0_S< M&:B^":T9FDJ,#4*1>CQ`LX)I&(<0BXJHM,.FD7N0JEDY972-^JHY1:1C8`:'!"E]_+487$8N\.%',C7!K-Y1J,3&,>=DUZ+!$\SY9 M5:^4N-12O[%UYS,6B'#GQ]FTY.L7T^JNY5XL-6[;9=&0&FQ]Y=)R0!?YP%\7 M(=[C7/7I&J.J>B_[F\N[*/PZ/UH`5_JAFH`IPQ=)@?[3XG4,A>\CO&,_S(J, M01?!\Z2B7`GR]B.IU*$\S:(D?3>'I2%2?BQ@]=S#3`G$GIX9A=.7EC]((,+&KI?>H@ M0Y551!UG@,R^;B/3<15>$M\?V';Q2FO\]FJ(PSI'E@]^P^93RZPJMB.(IE3L MYAO1M[L#VS+/Y+?OR08LO'`3O^C`"#/?BXJ$\P"^>_TJ>SE\J`+)5'5;'0P( MDFT-(*E81:9K#E#?,63`@PDF@^*TU;^37\]WTG2:7HB=IR8=MSI7*2I%Y#-J MO+89@EL)-IR\(:^Y;8*(;%&5]#6D6Z:%:-]1D45)'_5M1QZHM@X(\%B<0?)3 ME'\,PL>?[O./0!S_-).R_#EBGWK?K-&7RRMD#V]OA]\N)'F6?Y0&PZM;='/Y MK_Z%A%=?#*QOEU__>2'=AE/0Y5?LNS1*IE[\45H\XG9X?2%IL[RW]C-W_-_# M]-Z+E\Z_%P=2P1,IF4@KKO#1YV*X^->L'5H_2K?]/V[1Y97;O[J]D.C_+8FW M9K,T\?P':<2R9)[Z\!1P`LZDGW_RIK./__L$T^)\7`[ZL/K2_2CE#XP3OC:. M)\"\^+D\;'W`=[;]VCPK74K2RL.!NO4!OTAA!DR6PCA@8*D#OJG/TU+WO/1, MD`$?^;%G`0Q9T,I6YOT#K)5'%B5BU_R#!/B"N?\R<1[?:\_$2Y7Y["5A)+Z^ M]S)XRNSE[+0SZ7`@L5Y9R7P&(XR-@ M!8.3R,?EO!>`CY(R^`B_<3._XPT`>>A%T;,$_Q,DS=,2*1)_;?O.QL0_C.%^MF+=N_L:+?M?VI^6F%!_J#6.SZ\G*: M(UKVJ=)7NA:46T!5<#,2+R7M^-]492P11-8$I9 M06N)E%UMF",6L.FL>+]?Z+-#3A7:*G--SA$BN&_9V#51WY!M!`&6R;TE"SFF MY?9M2F3BT,)>X;/M[99;450ZC?T'%LRCTCFJ:Q[592S>A"]R6LO,-;@L2:'< M7IJW02GD=O2JE][OF6);=RWJ#L"_L$V8XK[21Y:MRFB@N<`$9X`'IGJ0T?[] MKY>W?71S#>[,A10G*LJB/K:O[WM MCU:_5:)K974_2N@[N_LSS!'G,8)92OYDZ'L8Y`^"OJ55OGW@=B6*Q'&4DNB0 MD[+Y=.KQ(RLRH=PG,'72HW@106$.)#`%/.=[9V'8OK%![ULS`IR5R8I%\VK<>[S!@Y^8P) M`II-V8IM&\Q9S%_!H#4_SMAPXW:BL8$W0#'PXZMU?0/W^_Q,Y%G&7L',-8X< MC0&2SZ(HXT>FQO>B-9)_GGE!L/PLQG[J&>!U@OL"H?&G'E=E+.U)=TD*4LI' MK?,K7?\0+.^G)].7WU1WW+(8HNP:\_K''NO[_V?O M27O<-I;\'B#_@?`ZP!@@99(2=>0"=$V>]R6Q-_:^[#>#HEHS3"A2X3'C^?=; M5=T\=5C2Z.*H@1C12.QF=W55==UUME>_+8,_?"[BOMJX+5I#F72^`HC*B,UC MQ=H%Z:1<*>!`7H#5\$6WBK9;,#ZCHK/M2.L5=K5J`9G: M2:XKI6"CVZ!B[@AYC5DN_^XSUCT:M(^#Q4KA8>\W9Y+"K^-;U)'9O*+1 M:?#5DN>BZ+SV@UB99AY,-!S<32R2*86I! M*]K/3H[EY]E['ORAW-GHF2H8%,\*CM?;/)A>&B%ZT&B8T58[9GNKL7[P&-J+ MGU[Q_Q]2K#C59IL]M6<9Q]ULF06\)SH^BG5_W%PF.:B[>W*DM.B=".M>I$6/=VI0(N8DE(G)$U-G MHC/*]Y=KK).&M!H:TIH;<;%8QG]"C7@PB:`NIB/3ZJB@^5^)[^/'FDGVZ*S?;,[M'V>P6--`J MIQ:=[R*L4HL0`(VRKBL_BVO%Y MTVJI+:-V8L]SMVVT0-KKF%+^.2*=^-@W4*J@E['FE\*A-TO>'T+7=]R%[=60 M#Y]`(;O2;;]JBE-HV][^FZZ:&6VFGO'=$C]=`::U`2BE(/W4>^KJG6 MV6JI[>[>%K?:2CNP;;/9.[NT(SF]Y/0UA^*URO2?@MCV*H&=)V?_>SH=6[V> MJO=JQ_7W#L\W0'4Y:7S^BV#V36`9TR"9>.R$?&K_EUXLNW]A>/Z[^DC(M^O#9E`E,LLD`G M98(-WA)_RD+ZP<;J=9A/ZT^_I?*/,:771AM]B,H-EOH2[^(E-ND!F"$[M>Q' MK(GY:$?*:\NTE+GK>53F\M&-[Q7[[BYD=_!"Q<-58.E(S.MS1>O"8*:\;EEZ M.HAR/^;V%W>>S$O/S<)@+DII\GGX4$.9$$-RD>IH)5R;V,JRARK25(:(2XC MF,$GZ("13<"@$T9"CBN3T";NYKM^PE6Q(2)7%_I+T)19_.] M$P<3`#J.G&(&(]5&2)',")K4]-0VR MN$!E`B!27-%S+S\]/!7[#JN[3FS_[QS;>S]$"ISYG"DA(!1,M?`2*@AK+Q:> MZU"&S=P.[P`W0MNG_'5"7[UAZ=\I<:`8^`&/GEX1)7.8`[`9__CU'5QG-.^V MLQIB5IC#Q(\-Y9V?H0L0(4QD/]$\A+4%JE)FC)7F@BGT1K-CT2+Y:F%9B9\@ M0/(X2L5^L%V/%L293)R17H$[-(#(<+41W.'A4QFJA;F"0J@F5<^%>9`B@O*# MG!H%D`2I2*Q>QNH_&3"]:0FJ16`#RS2M3L9M-QR?8J^_;=)SPE-Z;12X-_'6 M->^VXPU)?9SW/C)46>C\[0<68MG4C"J))`JD`*\N3+YI([.4SMPORCSPX_M( MX??ANNWA369^A^P9IJE"4U"#Q^)87$+BXJPN(5L`83.HRCCZ-=!7?M>MA_#: M%$BDI2MBFC@`ESEUQRH0)FXZ)YY-9"J):(F(\A9,RYA5()"09<+3 MY$G!CD58]!L+RF@MGBA.Y4]<.J>KWI\(S M))M09VZBQ+D-Q(*E$SR7^1')64!$E)R[RVOQI6+]Z6OA-0N46K#$]!VBK<=L M(,DNOQ]P/"$X*FN$BQL%QG!+J\L[W,'I/QR/*0$#7(OG.SBM"=,ZJT5Q1XW MA3]3.(>`_+Z=U@N2NN46V?Q5!H?5*6P4X.+'``5>'L^$S09X]0MB,`3CY="Z M?1%TW$/R$`=`:HFX1IC)!#:?%2]?K++FL0AKN8-6:#1TKI+JHE`[*5AXO4_M M)R[0XRT]HRX-RC^)'8+<2P)J+0RCDB=(GE!#GI"IO23#@U:!9CXBX& MLX+#-&K!72Y+;5TEP]E>%.2"7":PD1<@=!U2Z!P[NH?A4VRF[DX2KO>B6A;` M.879HX`8"_N)S/&J$H>V']D.?Q8-_7A/S&;P4IM"P5S>NQBC?;$"%$V$`0)J M`=.R]\Q9>(>F[\P2_L!XIZFTSQ$IG#BM307G(VP`BN_`;JEDR<2"@?@.F`&U M5-Z6"F8F51BMCH7.61*Y`_6/'_!\X/.(S>S$V\"W"D:I-PT^+BH.!)3RDBD#,2F*`ZHMQO@S MR)IL&"T4$S11W(6,:O7QQ;O`B9X63!53P!/<.14DP*?TGZ M$_#IOY+I'?>Y<1O4BE-5AE17$3]CW[$P\+8[U=1J*4XRHK*^"!5@(;!#0"H\ MK!#Y3!@CEF%+[$A<.Q/FP_RD=P://KHV9VAS8_R2L7);E(!)R5]3,4OCC0@O M2"^WB#,-CP/@(8A9W9E$]Z1>_=\Q_%?:6;;DM&CS1R-^DYQSZ$OQ&-(>"E.+ M!!BO`Y@\XY9;[K#)'"PD?:5V&&[TQT:&ECI:Z/3L%"W3/W\"]%GO.0;Q]%E[X9A"8ZR[-@PK(;R M?OGYS"&#GL\ILH?"*\CY+E::LFT$5[?139=6=RH^DH,0\["0U57/EKLZ[#0P MQ*7.IMA%EK2";ZL%.PWNNP,T!DP47H:T#2LAX,\8N?$,HO>U6R*<"Q"=\*G9Z^Q2)Z%TZ6Z-(0!+7EOUHHJ7M#,AT-7&W M!7$_41`+FRL1W/@HJ^0.LV^_*6,I:+31@CG<9!9FG2J1,3JH%?"P"<<)DRSD M*?$7MEM0JD5P06$PHD5#&;`9"A1K5@H3E=>:+'"FII5)'M5UVDOKXX$>AM[) MQE3Y^?(&JLO/HR,J&Q`15WS6P&%LROW3H/>@ML^%'EH!OUVB2JC(9./VRYM' M#^'248F=HSR..N5J$.`Z8+=DGD1KCQCKALM7V\H(&,2T^\`3EHBYF\Q%W^2U M`%M[WN]F_$PC8$89F$3!8M(T(]P?^P+RNTO"KT`\1_D;.(JP9?`:XY$PHJ`P MG(%JPDH.6H([?E@D6)D\8JO0FV)Z8'\4X$(LKXQ5<$"SA%S*`K7AI6EHF)GOB9I]J.@,;,MM2NOQ`TJ3I.V@\(NZ M"_5%+TU1C8N+2'B.T/0-/PGV5X0&BKH%OK855T.!]P!\3=+NE=-N&5>SIGVH MKJ&*6?`9%C`\O??M,JVB-PECT?-!Q?A3--.C=@*O);EM2Q)^WBDCP'S@.H]@MI$2#K1S-^7=+=!#>1VJ8*IBC%OJ`.$,4X@X`$#TR^0.CANW4`4SWR9Y M7,BZ4([G0HMJ<43N'Q$[H3%+FZG*46E:*/)5'HI%X]:<93FGO?#*U251N3A?\3%JOX9O M"\IV?&%J+X8/WSPL+X/'\G*W)_Q>?(#\#F6W`TLMBARJ#J=O\JB*HADB`)I" M.#&5-_=YVHJ?8(`2,9KY(@C1.:*P+PY;9"&?N2G/X5Y,=">3QQNX2(S%(98C M`D)>,8(R>_/8Y;L08YLF3W#KP()_"X)IA2[?T;,!"%(?6?B`+G3^_H\8SFB' MTTH%)_RG?`B"L#S+'Q1)G]&IP;RY/UCV:ZU0QF?E-_4L6=26#,[?EU4L4 MNUM$!:<`9.ZEC)IR$G]_`7H4WME_L`@>16)\YSL-,HW"!!C]D95#\86\X@%:&_='K@?J#D%:)"F"(4H6"AF-BHF1>*C$-H:.NBN?. MKTY1W$/\+637-:M0*0IG0M?4+,$(GDQ:*^TPO@^#Y(Z[6U#=A2=5Q0O@P@*0 M3!]XQ'KJ<$'W2MU9TS$$GPW5RAZQU$M(,C/W2^5&/Q%\`%3Q[3>%A(C4UQ6* MD8`X[`O(.4@F>:9$F%\:WV89%&JA$AKUGL>D@S`A`:5\;OP_^@K.';_\\6T2 M:7>VO?@>&QB,0-CW@@B(_A/L?.`%SM\_PP#EQRESOQ\%#LWYZ6G!+S1XY`\V M^^D5"[S/'\8=2V]W#$TS+$/7_D?7]?;GCY]&GXVN\1EAHK>;^F?00MWI3Z_< MZ>=.IVOH[?;GGM496+>WIJ8/VI;6L@Q+ZXUZM]IXV-5OQ[>&:9BWGPT8^#/. M^N/;ZD+RY8TQP>%I"-\#8>/-^^7?[.E@ZQQUK%'G=MC3^J-V7VL-]+;6;P[; M6G?<[O3'S>%MIV_".LU7/\.,1DNW]$Z3KW;ENOBR4]!_=.[9-/'8^QD>PKO\ M]+)3.-P^6LU^TQCKFC6ZO=5:_?%8ZUJ#KF:8XT'+[(R:IM7G\$8L$4BR#<4_ MOR)O?NE5Z+%X>9J2$A7SD.QJ&,&V,%U-X*[UX#[\Z54?0[XU4F=X5*;FLTWU0P[U_=E>+3N^[];]?(GB M*]K!P1L17!H`5K*UPP)!XN1N1X)WSK6A(=ZC)\>ZFC8E>$YC5-D"\C+6_%*: M(VUND/%^92'4DZ/@GDTC3*M3QS:0>^[6D-T?9??'30AR8ZI6;V_\J%OW1U/M MF7MWQY'='X_?W43V!+MH*+X4`>>ZVC19(>YV]NQM? MN_RS?9=4J8)>QII?"H?>+'E_2$MJU)`/GT`AN])MOUP^?`5ZJ*4VC;WOZ;KI MH9;::>_=MU3JH376H"04I1ZZCWQ=4ZVSU5+;W=KUHS[$MLUF[^S2CN3TDM/7 M'(K7*M-_HLYSY7#&D[/_/9V.K5Y/U7NUX_I[[K;9,T!UV5N:/R*S%\\<*2S? MVJ&-X+H8_$%_^.]?_GC_O[^/M,)[3,M2Q;\W^^1$;WO)2?CL'34F8;;UU=B$ M/4V#9.*QG>]C"6P)[&,#.P6")'O)*B7U2F!_%=A?*8VQG&/X]42WIIXZX^T%I&MZ=U+;VO#7O]$>;&Z>:P]=GX M;+SZN=!$0=F^RT.A=<`VO0.V[1RPNG7`,QH'\,X!Y;S0KYQ!-0GSUO58.(1I M[H+PY"F8K5<__TKU:OJ%_FVTHF(^9FF)Z[(QX<0H?;Q/((_>SPKQSB,6N@_4 MU>R#J$4;?<)#.'S*9G_0Z;2L3E?KF:.FUFH-=:W7Z8\TO:T/NT-KW&K!0_ND M;%Y:DO:Q"AZLS1G%--%BTS0GF&.KXAC+O::G"W.DQ8:IX\GJ%-(+28\W:UZ+ M;:Z73:_2LLJUO@I^'&1_#*_\#\+*`]S*?9/![ANUX M@\R]5P9A&?^W8*%&):U^1PA7\^\WI2U2\T_;B16L-5$G$&8[^$_@@>"F?!+% MR%@5$0YI23_2%K)#^(`2\J;U'YP1'-!#M!^6;A,2'@MM'YL_I#505&R-/7CHL\*RA^B&+>B^O%!7E>Y MO5>\WE#;N@X3#"9>]'9Z;`3<8D$P]G6WU=#UM["D?'8M__BZ9Z0_2Z8HL7LS M=NN7A=VO>[K`745#3#=TLV&="I%OQRKA M;\:I%8TDLS`KS?6ZUY)<6N+ZE>"Z=3I^[]#LKO+$C_/R^YT71@) M?OMM$"=OYX$?WU\"YVLU#/TMK>DZ6=_EXNNYC5K-R\18'#B#M:P)2LS\QZ]) MC^*8O=*^VVJ85@'S<*1(JH[5[NBMD=;JM%I::SBTM/[MX%8;#GN#IG7;'^NFC*3: M)9**.K3,@E#TLIW!B2*1)+R'RLSU;=]QJ:E6H24%[ZS)FZ/$2LBP)RY&)\:% M\=@9!:.SBE,`*L:,S_"L@OPR^$H&7QVB,\&F0*I#13;M_OW97BVKP`N`9Q71 MV[MU)E`.7Q=>GDGU3#97J4^%%?HBMV5S@>BP1W/YP$#Y3"$![>1(6=,\_JUJ MN/Q^OAHN^]9)KV?IEGUW:W954"^.N]L76+'E&1E[YWCID?FSA./S[1$',!VL MLTJ,[=#'5A4?6/CQ'E31@1VY#KQAY'H)S'\D^T-W.+",87N@C8>M6ZW5M,9: MU^B/M=O!;>^VVVZ.1KHA[0_[9'+99$?P'6JOC5F,(N?2!Z0(;=Z>E1J_3ID? M4(MF_$IT"L3VM@ZE2DSY\2M,H(>RP+;TB"#*S90LG!'9,G+C@RJ:9N.3&G^2 M)VA*L\2!S!('ZUE8$[M$SWR>7<+:D(FU1T[8L>T2\M72&G,!UA@*]U-^0[=1 MI(S]:35/JF`-R,9<06_)S4#[Z'ZY+)!)K-_-Q'.&3I3GV^F!^T_*TWW)IWNM M1LIWOH.5:VXRQ>G-5;9SJ<]*Z[CFBUGI2RD>O[F`\.\L5FZ\((K>*"XG[U+T M&)D_3D[D>UKG;PQ#[>YOG7]>=Y#C;JVI=GK-?3=6,R?+C=%3+>LX_3?/?(QM MM=,\LJ],>H_._=*C",H2>A(+)19>#/2N507\D^%=AA&Y#Z`"WC'N`(N4FX+O M3&J%E[W2.J[Y8E9Z'5KA.C*_`-UPOVRD0M<9'92+EMK97\$XW>H/L=]F3VVV MNVI;;]=-?3S`23>MCJI;1^ZP=DDGK;=5LW?DDWZYLL]7^N=B`!#&#['9C#DQ M1@@16]2`$0*K=(+Y@OD1A1BI2APR.TK")V7.XGM18;5.;#+G]*WM9EB!3C?& M26PQS]VJT59UO7-MW/'*#O@"F&+=S&XOJD'DBG>WI;:-VKEMI=Z]^TF;IMKLF5+$O&ZOD/2IU5+,O#8X7LI& M+A)Z+]>ZN=FSNQP(F.4W2G_N1:^TCFN^F)5>AV8YJ%48K]XP]U8=+CGZ4V\8 M1RX=^3TB;V$I"]8`CI>RD8N$WE?*4,K*?!M@+2OS\:)MAJY_MV4MOJ(B M4*C`G\H7'INE>?!O-I(0C:\.ZB\68?"%*J%Z3TJSAYUOE&!!35F4.(!9%DGH MW-L1H_*63C"?!SZ<'Y8R?60APY*57H(]-V9A,%?B>S=2'-MS$H\"VV'\A#EV M`L/C>_;$A]A^[%)8DON`93A#JJX94]$T+)P9N5^4.:\$QOZ?O6OM41O)VM\C M]7^PHJR42)C8!@S,S$:BN2;)+9T7YJ%78!-6-LQI?N9G_]GG.J?($& M0A.@@?:7*`WF5-6I;`3V!5B%:WJ;U]]M&INZA#[J#:NLA>LR\4/W20, MN1\/1`3+_@]G81]^`MS<6Z/77K/1:PZZ;;W3LSMZ_=JP]4ZM:^NMOMWL]&O= M0;-CW9@WM9?O@+*EU\R?WFZ:UV(7VU^%C\UQ0^Z*>,"PY6D\[]_/1$B[A\^; M>UN(V>Y8[<%U5S<[G8%>MXRVWK9[';UEVZU&:]!O&OV![%@+1-JZT="-9KY1 M6\PTWY0^2%@\_\S'`C04Q.T#FQY]0\R7[TBYF#/1/O,(M,=^3^K)KB MM_?F/?:KXE'\&=;;2T*05Q!7$;B[+R[QA?P5Z#E_J;G<`6/@1=0E:VGA]6[+ MKIN-MEXS6G6];EH]O6.;ICYHM7J&43>OZ];U30T7;E0-:_/6K5O((@O2$XX= M><#Q0X+(9!]'2B5)3:,"L-0>N""/4!;Y\%``;'#>/:/6!?GL`!_LFJ6WC$Y; M-VOM-A"%,;N@CS=6_>6[NE%K-(U&.V?&(Y>TR`_94>LKN^^!6GM!!%NV_\[2 MUY;1,=KMAMYL=AJPS0U;OVZVFKK=MKKMCMWO-@?]B^@L;;8.$OQXJI%"]&3?D>(4-'N6*356M7:/^B'-;O: M^D=%`QV;R<&\>57[&L3,4Z,")1R7W^/=O&V&7C&=66-A6>1W<19RR, M!?.\.5$813RFN=(OHDD0QB/X$LAZV#X?QUQWK1%^#22`N)42)Q;"!_5\M(6] M.&_5P"SL;'2CKG3#KEJ9;M2.H1OU)].-3/`YMM['&>?:@FHPX[!3/D3-Z?1\ M#-F&/+[CW(=D+?A+_HC=8S)P]4(-]%!J'^89FSSWHH_O0HHE8L*?@.RC"^P$ M)L!,!(\.Z?5[K3:$M597M_HMB,Y;O9K>KO=ZNGUM6,;`'/1JC6[I];_M]>M5 MK;"#)"\+>UB&`>N9^)$J##[D0TZ<@-D)AIX8,UF+`%7#.H/F!?X8R(13"-&' M<07'416(=.*UX4A0R%:& M01@2`DD$^0>8-K)&,DT"(FFF)&LFKZQ&,_>9:"=9*)WO*U#IW+WB+U,(Y\+X MIK2\&)%J`SX,$Q;.TP`):S@\=`1Z;UH3"\GU(Y.Q0Q,Y:(V M(&,__#;=@*BJ_4%."ZL1Y/D;V5PA&E&N)"H2!B8``9K$XA1&JKJ4[>W=1$!N M+:(<]U5@P0F(>H$L"V2^2D'`PF_IOB&-5<"`Q85(08$'<`>_P)3Y!D96<)JP M+1,&6S]$[^`#2_`S#4MIH429=28,U)Y<4[!>M,N@YZ$E`#'M).,DBC<*Z081 M1?F57/=8A#H^90++>[F-"$5N)Y:DU*RVX/??EM/U4EI0@51.[X`%$:':_JP3='_4EQ%GIU_9O:+97 M+Y!V1)<2_FW@W9+=U&XA2@Z2"-SD&,P3NKZ0C[&*CU'V+`P(!'8-BR+?AC(CR.6NPP'Y&Z9^CE(.B6QAZ<(@7L$F@K MX@OCD:\%SQJ#`L=S,@5N0'#?0^X)?LL)`YSB>8VYMQPG`3E,XL4X0>;#[+GT MMW)ID+6L7%F%5@2!K7`33'[Q0;5"-@;7#]::P^A!XKFHQJF95V9&*GRNR!G8 M.'[L"FD;0-E9--%&7G"WPNH_3!H>EPIL53I]4&"DUQPG5CBM/:)PNGI!B[SH MP4[=,@S3"N!^P-%?N#N&7W0PVX4M.FR"==WMF/!(0^]UVWV];MD#O64U>[K1 MNC:;1NVZ6>N6"=86"99=U7(T8309@TS5T&KE>ZT5-KO,NG8$0\0()5AXPS*= M!BZF)6[&:'Q)'$1")4WKSS9#6"*CR55?RRIXZ*9K3K!NJSTWRW3F]"?2&B__O*#UFQ7VXW%(Z_D!KJ9 M'4.G(=\];W`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`@L,![(O^5X@1MO"-)M,3JYG&8QU!;<9?(]>QHD9A_&DS!(QI/5 M)^V!"@;3%3Q3E.DU'CH,D@B>C-^69 MN?+,W.//S+7JWW=DKK[#D;G&MX_,U38]\WBR^_K\R88^[I&\'3/M8YQK`O4" MJ88/6J=]TJU#UT7S`^:'+*F4PG$&1Q^OF<=\I^#HOTPXC_,_?PT<7[U86E0I[^>H7=FN6QMW_4$XN]_-/WT&K(S92PUX/AJ0E0V?D=!C M2GIT&3]3%(4MW\<5@D>ZPNSR"*9'-X99I$WD?51-;'5Q\?AOP)YPC&.T!:F76E:]E:_ M/7^`DEJ[TFZ8AUUL^8[J^ROWLOU2VL3C01W_ZL5JG2MK\&6#_U.XN+[I%OJ: MFK5YF"K\!K+[^KP<^JA#7U2QX5++RZI[^)>T)]P3Y8+;EH;I.HCV&_7_!6)] M[`"\W_+!7DY*;;F:+^+^H&LI-?`,-/`"7^`\=2G_,I=]4=I\/K;C=(OW3[?2 M/9?L3WBEY9Z6KV'*US#G\4KCZ%>_RIF>T$POY856K7RAM6;MGQ=>9[WV@BAZ M<_9OM=H5JW7@]SS[TN$=5_BZ5JE9QJY+?'/"*[,:%;-E7?;FU2MVHWV0S7OZ M"/%R367AW3^:R=.QDKO=<"W(HUFKM(WZ25N3[UYCLV(W6Y>]1*M6L:S&9:\1 M1-4^D*AN83OKBQVISR#QVZ.55;42*L`O%$KN5:%DQ08_U@P>>LQC2&W)NY)W M)>^.Q[MC%RDNQ;Y_1_9BU4XZRMAU9:91:;=/.TC<]9QOI=UH[KJP\TBJS5;% ML@\CEV5DN)/%KX'%=X-DZ/$CNIG=!STQ'UURK^1>R;T#1(CEI8P']P*6KC5) M"'4LROH$785H%:*Q%"LQ\CE"KP2D__ M)"#W"#X%"IY@0P1.%\",(8LD<4)Q]6/AB)G$;Q93?,,?C"0B*_PZ]B3N,E#( MP=A3N.<"G'E787H_\E9)3H(67D`L1Q!I7R+KTK45;"@5.+`R8E[&(8%`U'0> M^+5"HWZS"D$:?KP6UQQA?WD$2X?OER9/CV([MZL"=OLB^V8ACY#7V6+Q0U>, M1ARVP.$I]KJ\=*/_G00$@QN$=RQTX<<"'H%%48LL/^_3O!7<2]59#=,0]]0NNE:;DIH+#$`L]7@HC$>*##34!V MYSK!6>*\U(,X*#X`V\8]FB`2&48\O*7K+%,6_L413WB6*$C[!*&.DS";`8VO MD+KCX`I[@DE8\)600OUA)QLX3I#@-R#`7$CF%##1`^%5M`\__TI3&8,\1\SC43Z)2'ME M5>L9LCIU\JM76]D'HS"8:DLFA%BQ^J+66JS1#8W6KJBI8'WWMH'/Q98KC'`0 ME2"2N^L@:'>DG">H(S,6DDG.)&[5AA9@ M9&'_)HRP95$XA4O])VE`G%!"SF.=!E:U7X([F%BHT,*!")[RRAW`P\FNG.JM M<@.HR:@(J>)NG'HI2RLN:P;K'$_:4_$;3$6UO9-65]EBL%4,PP!P_D=BDYIZB`FKJ!832N&%>4=:*6IH6J+-AD*"'"D7T M%\DG10CP!^K"A%,@HI1".@K4&?PK$TS4".Y,?/%WPJMX@S7*'G68CZCR8/M< M@=CSF>^IJ`61(H1A,`Q"LK8PXS'WP3*C\TO\_`?DGF"%>!,6OF*SF3=7;E&Q M!CX*`^9,T#NC(8<@"M=:V)0I9ZABT@G@4ED,+F&&DX`U(1=Q74/84XW=,N&1 M'Q`^Z1,NE.:PS@,"$1E8)#,56DP$K"-T)G.Y@S#Y((1]3^_Q*A8ET@SA.N3T M"C2)FP4Z8Q(?27L\P7DJHG-)(?&9^R?$`D!112HJ[H`-9.04%+,B8A*8'[0= M"#&^)M)\_2O8&T\SBZQ[HSSRW:KQ"]&%6I\B45L@(1<6T]4J#[^G^`$7#E3D M9N6K)J\?J6O1T0\G88CL\M[R&=Y;?LQ%Y?1"\79%!'S[40#$3@NP'A_%13*6 M85G;$S(?/X7E<5/]S<8WZS]J_UJP#:!>0*QH\+:T%0N6@D5Y*!'R60!N"HPO MAMX07J\/:,'[39@+^Z^IF>9VD,QT=8_EBM/KC&T?N3%V:0U*:^!IUJ(U^*3" M1N6OI3D(0(\Q2X#X[5N11#$35TI,<>U$0"Q&N98@8JZ`H"S&*!"SF_RO/&)@ M:14!P]$E&Y)./4NYXPDD<-I(^)#J"#!+A6LM%&^A30MY6D"1E1)5"($)R/5E M(2S8'*#G!EXPIB(,!;%HBE3E)"S&G@_K+>HQ"O/2O`Z(0VR4H%DLA-O%*'Q5 M,4D:VS1M$%A@A`2#IU%11;L-/)@Q!O00+CEQ$*K"DRH9IK'P4BU*T@8J2!U- M-!4#O?G2?:`*;L$=Z`QM!;$HY!"?0;:A<:`73(63&VC@TT?(<0J9347M.O%` M1H>*9UB2++26EQ`+A#P8P:D/8QJEYQF98UT5XCA M43)$48D%9364-B3`X\7\>U7&)M.$='M@U9!0Q7P-A)F(I^U.%.Y0W+F/STAN7WA@3XPW>.*\Q:WB54XP@`O?CK!"35MCSDHG' M\>A];JZP]$Q%_S]E45B+P`HXF8M+*4W9'.LT5(NX`W==>`5!AA8F&LS@NP4W M*<<'/Y!X5"("D61CV=(E6U'[QX@**O@2)2V5J4P_+7$\(CNH'3`[.,6B9>L@ M%LE3UX7Q/P+_,\B"J/>%(.I#$&N?TQ=ZL-%+/=)%=IPF(_;D59F=.6T?JY6? M2J=!PU:\/\N"65+[Q7"6]!S+_6%A2XH%9_G:H$BB\,:K[/U7XN]\KYMNVM_7 M^:^Y0^>_^M,UJSOXT!?57.AUI^V^64N[)XYJX=%D88A&!/@BUMVH"G2F^ MUF?$YW#):UY7F<(B[Y6)[&/EZ+_(635IA*%YT%UK&BPG$H M1J5S=0AI^5TW'0*&C12.>L\@CX.&F/YXJ@;_8+@E[R1/8F$%S?%8%(F1D"W7 M\I=6#P\+9>=;'F;C;UUQBW_^]#:)]#%CLQ_RSFZ%"DW'=W^1/=TZ6-NCUT4] M$3D>'23\"DR\]@+GKW=`5?LII?3%F7`W\?C'T4=\OU-H&0EYOACZCI)3"391#GVPH)*M[DNPB0/\H@2;*#6P!)LHO(DX`14] M_V5?E#:?C^TH@0E*L(GGL-(2;*($FSB),0XWYW*F%SS3$FSB>/;B:4QK"39Q MGJT52["),]Z\$FSB'$UE"39QSB@%)=C$1:RQ!)MX,BO['!K7[TO.2]Z5O"MY M5X)-G+)]+\$F'@07)=C$^2;5)=C$J46&%W9)XL@^NN1>R;V2>\>XWO3PZLM) M7%B1=VA<+G[H!0X1!S(BJ/5[@_L;J_>,0>7<0?GL.UXNAE:`8A?1;MFD:"N,)\D M0H7L4X@][;Z(K!,4_#[;4%*?819W//EMFU/KQ4,MK<1T$14B[Q^YB"^"MYVZ MP73&_+GJ]9?X+'$%'6]1S17Q+2VVUI,]MU6C'=7Z$,^^%+L?7KU02RAT)F>. M$R;,B]YH/L=6A"R<4[M`)N]991,J-L7$7EM1UL4Q7=*,E#Y*P4RXBR`:^:/J M,2"0/I@V$TH'5FTMA2,;)<*`Z5!Q@-<:$5G#D3@L:H;8P'#.65C1W$1VGV=A MG+6&SYM4JK[TJK$E(FD@*UB[2:[HG+D:I*:BC;U@"`.GS2Q5+\A<"E2K2?C:%5G#3N`> M]CK'!I'8J-)!GN%252\UN;UR'=2VD6B\R0T,K"1`$!T"H4&6IV_Y\@T:()W6S%N[,X?,07U2<5P#5M MIP2!U?R9^$11=I:C7I=*DU:KXB(-G*A/EVS1_7-@>['A+/:\ZO@^]CC]3!UC M\57@(*#&FN#$_C]3%915C>,=A-4`*@H^922\M`5>>LT7U%6UN(:9]!42$!U4 M$5&$R\(1^1!4.9SG)"U;]JK#KKDP@D4(UG4H9)0'[W220I9B3%[4QA3@XK MXE5)X55@05A7"A_IQQL)5W*H46C("Y[#-(ZS!X2&ZKJL7 M!3M%8!C+D"-L-`*CKSHQH]^;RKE*ABV8S25]=;-;Z)'L_$L[P>%93FA+V).X MX,ZP^Z2$W))02;*U9MU=8:QP:!ACV!P/!EZ M4VZ1J9DP4I$K16-2[%+IHU;!JTA09X-F&O,%^9?4!AXH"OT+7P>YIM2*B^#&:P$BZA"0APP^RE5E^ MV6P8K*D(4X2R8`C)8@HT])XZ)H`,>)RAYX-_`Q\RHCEBUT0"KR=+;Y!MTA7> M!%=-$$(.D\CWPT?3B\V.*RF^3*2>(:ZD/[M")!>T`\RK:ETII!)?1"?CG8H? MF@!I`""4RMLM$``)2!HF=P3K)#MBR]_."C%TVOHT_:VC\,V(KD_88K"M3IPB MQ/G`*7483P&-I1JQ3>>&Q:1K,2'+FS5\''4+6_190H]U@PAR6-S&:]S%3VQ. M&K;_+@H-N]-KUVHMO=_LVI#!&6V]U:\-(*%KFHU>H]D8-.PR@_MV!M<$U2>M MH_W2BEM:)F?K^?<^CY_ROK\,V[!3LJ6Q\3CD8V63FU:]8M7;660LL2&1ZQ22 MDPF_AYA-Y3&@WAR[R\,O9>?X>LNJM&JU]"`HY9G`V3` MK+I9J9OV6A($:R3M3AS$Z!WQ08@)7.JG#^F+OYCM?/WR>2'9D88L2T#(A1!\ M`;L7TV2JP?-DGIV)X+<8'%!`E7%)P2BIH/^VV"6'N%J@&+-P#,\L$:S@'Z_J MU092D1B&:6?_._@S30A]@M%$-#FFH4=%+$R98,I<@@"Y[LGP4=M[O-J,7($E M%;A59+1T#RGW,%*$B>6LV*I3SO?9U$4##5K1R0+)3R'DC)#*R#CG$\2ISO_8 MN]+?MI%D_WV!^1^$``O,`*:WV0>/72``24F[>4ABP\G,[/L4T!+M$"M36DJ: MB=]?_ZJZ2?'014D43=D<#&);XM'UZ^JZNKKJ6?U;OT3FEN$8`]?1AD/B:9SI MEN9RZFI]E_`!(X9-'*N3R/LE\EV`I\%ZV23VBK/8B>6=8OF3_YSXQ2@\LC+A M.3R_)#U0YCUW"C_@OH)H&SI?W&(@!YSF92+7LZ?,5T]9SL9)'PZMYPOP#`#R9)_U\J\GR]!R,!J3VH:QR[8E!0#6EP[C+;KXNO/3K=RE)UTA+*%,QEC]"'$P$L_NX#,>I MD@'=HWJ8Y`:&(C%7\EY)UI0"_#(9.;QSK,0DS$_>_Y+]'94ABU&W0$:95!`) M;\>E(#7>XEE%J[(GRQ[2#]AS#W1<*)N").T$1D7X1RG\UXKZ`ETS[):(?N%8 M=27&UW^/I\M'%0J2'8)+98$PS*&Z#GK6Y-QG+)`E,^N MVO\DN,F5D:WC0T)O[>L-I].&F\-=E,*K7I+M((7GS.)PDE^_QVJK#^FF0?8A M^T?OP]-LN5A%>=)KMBBM\`D$S4.8**U\!$/%INX7^7%!RO>))&WGUJCL5KL'5?E,:ZBFT45J.9D3"BG=Q(ZX:^"[-P6 MK4SF%Z7K`SS-5YM::U(4;M\J1T7OY]5F2FXO#H>IBB#*-G7X;'B*?/HO>96R M4HR9)DGT>DFYI5HGDW+CZY7\#B9*&.*LX?/@O?O,$-5M;W-5_<2E3$`][840W"(I+,M-IZRIS MRK#LA&0VFJTA!6GFQH=H=%T,6*07%8TRM=^9OR[9\RU> MEK_@SV#[=\M"W M^0&3A9((0O)PZ5`G-^?R>]0VK]QOE;N=H0R'3Y)8+QX9D'NRLDXTRHQ\I]2L M;VEA*'(+=8)YFIGA>8NV$T"$67,(%(P6C&_0#_Y!;F`+5T*7=7BQ`J?+.NRR M#KNLPR[KL,LZ[+(.NZS#+NNPRSKLL@[/D75X6;*]R_AHJ[_297QT&1]=QD>7 M\=%E?'09'ZU3>%W&1Y?QT65\=!D?;RSC8T-!E$H9$5G%DJ^QCWMU7YZ?[J>3 M^CKOFJ)O#CU;<_J&HW&7&)K#/$.S!H;I#)@W-)VD\ZYS-_BWJE%2&$DQS6/@ M2T-X?AO$Z>F,<'3\8)=@;\B[POF44]W\]NN7_C=`_9LZL_,.IGD4@N:8R\8Q M)=(,4'E]PCR-F`[7N,&H9A''UG1FV_`2&(.G?V/POG?O-7+-K6QJ-E*QF]#Z M4UA<@PZ$Z>+(.::P8`T9RS6UOC#(P+:8L&SG=:2PG#>20*][Z63A]K)J31&I M$WY=%&$[@+^GH2JP#7`1!RF(L/Y4.#%28<+T3%GP0X:YYVGF0A(6?0!O`=6_ MR@48AQ-UIF^^VAJY2J*^\`4HB_QK?OK+QA3<4]P+S:]"D5[M@^S MC"9R`^Y[$,:I:)=I&8LPO>%Z4T?MO/LO%21X_:#._$R?@">S?$*-,(V30':` MVX21^F"5`*'0W$:RHK3W\QA;/,=)N#SIOWV%$`>SA7(C-75E$MCL>G-WO;F/ MZ`_M'=V\Z_J\>W6CKWY5/3\;:,&:[P^]J:/R?=S[6]F.>>EN MM2\.6M:&NB60=5S?]2EM3>_9-M#[Y),FK[$+[0:5$_+QRG'[Y^WKDK"W5 MW>N^[A)'>HEC;LU(WT;KU\]K&4^%G309_FA\D1_=`4._LL2K;`K*KDS[Z-8> M-;4O:6X:[2LA7F47&N/*9$<35FTJ+JE52UGDO8UF#%TKB[.BU^'8<6'##57> MC@OX>X"Z#%-G_@`7\#%(RW'^G-L]Z[S"=H_T$L?QAIEFPKPBPGX[,TV,*VJ?>:9? MK^VS6RCV9<(1GA!=)3%M.WAYU5O$\C#1;4G;&"GG_5&8C&G MDJH;5X2\=&_@;H+/.\$M$(J7%G8[NE_]2[RS"<[JL.LXL./`E\"N\[I77G>2 MAGYQ!N5;]+LM?F7H%[=MV_G=A\\TI5?,IIV)^;9WA;H]M8LT,]\:CFTAI)7H MO=[HYNZ=W?5$P-7YQFX_M]4CO<0QMV:D;\.S="\JC9=CD MY)=R!H^?0_XJ,WAA#L^\5=2Y>2_]TL[`[MR\EW]IQX6=FW>F))87V#[H;,'. M%GR%<]C9@F]XJ\ZFB;3HA M?ZU8BR_O"*2W\ZRNWR1X2,_!_[)S"R7./V5>$D-XT;?6$ M]?]GRWCTW9\'2;U_5;!S@;5P_PRP$=6/I.-:4CT\G/=&_F2TG*1%L>^#D8]] M"1;?@V=U2[X:YZH)VT(63\[3J:T36K'* MLR[>O6<6O#BC-#?B(BEWP0:U M<1(-C=NFISE"MV`ZW:&N#W6#><8W>(OY[KTI!"$%&O>24J3\-IX^A(N/TWD= M3%K_'%KOWFNZ+41Q'K-!%XF!J<4C,T$_4#\_1+?8`R\<]X.'(`;J!ZHOFQ.- M)2LXJGY]"^=69^_>4ZM(]7'4E=:L6LO1HUH%;9UW&Z:=$E.PXO)='WR1NE\C M`&:"#3#^Z8<1?G\3];/F=VVD5.=(*J-4%$C=0TEI#2<+_NO4&?FXEB\,DZTSG.B^N[;W$[%OSV$@.@+J?-#SC5>FF..-<)WL6=XZ, M(L6;..)#!&;G4@+W.5B`7,#NCFUD=Y1K``HM$%^5HI(L2QGCBP\8IVD@T MZ&G=)B5AMFGT9=9638=N0<9_#EII@S`07[K.*2\Q?`J^:O'\29X<_A"!SD@ZSK=Q?1@@$1FQ*2N+Q*90V30=\,#$H'*#*'AH MV`>H"IV)!K+.#+$!NC4*BF1Z_OP[`(0_$)8_0`X!%+>R)U99';5Q%3)P91DM MJM%#:-HL;!/$6CG9H$ATJJ_-=6'@1:I`^B(6MZJ/R=A]_G4>`!"*]6$M.>CX MRS8I9XI;U"][T6#6A6%8>@&&TR@MK0QL'H;B6D':2J$)GK%-#6$4V;\T\$K, MD/0*ODAF0!^"F*04`SF-T")HJ7/=!J50$15KHT[80\@^K\I1/>8_9BWFVT@Z MFA(ZY?L")^O$%,EW)I/I"%MKILW@@K&7*\WR$CJB(@!@#W!J%]VK:M1LL8'N M"GVO/D^CI#XU28*X*,47R95AE M(/?S5QLOTL$8A7,5O&E?OPI!"@8RETBFNP,GDQB M#BE0A]*BGT:H$#%`$(S59Q@"*.TTUH-.%99P[<'0[`,/Z':?:-PD7+-,Q]*, M(3@TENL9GBX42Y!K*X7D4%IV,@Q<_]E?+,'6AWL^AO]=AN/<]E2;35J!\L"P M[5V\4HFZ'#[K$A2<090F;40`#1YN&1G]6T=?LN/!#$RMP*&/;F^V<8(98/U@ M/HK#V2D&SC<8(R.V_D.W*9@B?)U$DPR%&)B:01@P/@?/W;(M4V-#UQL2V[`= MCB*?2-YWIW$L^W//>_>!'_?"9+`]53QW&LFD0?\1-=>]'_U'Y87.>[,X?`IZ M`$C0FTV6V*F[Y\]FDW`D>;KWY,>/803?1X_8^UOF+))K0?[:6TQ[.OYRU4L2 M$N?+I[3S]\C*O,I3[4[V'("B/CYE"/DN-%`:UC):(PGT&DO^''TYP-#GOI_J>"#/[F M1-CLAVZ:0NCJ;X-:/_`G,:QS0,H04BHAU469W2I@T4($%6+,LH1^#L0X(L8E M8O1TQ-JT;CDS^5D@$PB94.L65,!K6K@2LVSAV@)N,IM@0P,Q9:]@X68(GEG4 MF8EJ+6N/.A"["\;!D[1`;N-P5-,R!1U@(""Z;5L($&-4@&X0A))#`3*)QSFU MA]J`]BV-#X30;-?2-<=U3,IL,G`%5[8'E1Z\N0V>K8160Z>LL9VK!,_#4UJ[\$40C&]N?I`IQO?]'S M>_)213):\J,`+]6)N;H%/HQ&X0Q,9O\)=RVN$H-<[?'*XT/+"//D>YG'`"_% M6W./'@-?PNC"Q??DH2INCB\9@?_L@S$?R.0Q^.0AB-'`OMX_L[OMZ?VLM'G:?0TC8*%'S_#$@.\ M4UQ_FTZ6QY_C.@"F^F`!GA)%MZXBE:W@';$E)E0K[Q@I[XA+Y9T"3/7!(L," ME\L[^@[>^?3)_?KK/I@\RD3?$50;&(ZC<6$2S3'$0'.H[E#!G:%K"Y4AP:_U MLPJ>IN&J$Q[D(E*.+1U&<>/\9-JF+>A&;S\3V$8#L@F0DRD:-K\FQW-86Q`S MFT&,2\3$I2&6.:;-\AA#'J-X3/HU(-8$CS'DL8M"K'&>0JUHG22T&K2I]L)4 M'RR78X]O!*6)U<4OGW?,,_`.OR#>L3D0Q/98`UMV->NV!F34VM9;+JDK(2:: M08S*I&!R4C2E)9`)VH@3F(+&K^GQ0827@&R3!=7$NDRW@4\3\VU!K(EUR9#% M`#&;O`+$&EJ6*6:78DNLH-NV'.MB)AF5P?S_DXV)ET9'G`$=*M$Y-&)U)#KG M6GW;5EN-2D_"Q.H,[3FY`H=?@M$REJG)@Z12HJIP\31;+I*C9^4:A.KYIX!H M`Q/(+`IAY6UXU1]V'VH(3'_(/&W(J=`XIX[F6D-/,RTN/,>U#&(-<:=/UA=D M=O%,71V4-U+H*^,M@$LG6W3?GMS$H<,=<\`]S1($H/*\H68/3%>SO3[#M,7! MT'41*NDPGUKZ:W.]I.FB'\S#QP@SXIWYOX+QHSSQLKH@??`)184:A@I3*6QA M;EF/1]+>;%FMAA$C]17:VG(^VOON1X]P^R#R1WCT0M4-/04>G3*9M@3H;-GA MJN,,N!13N/:L:N?`-]-YOO3H)!\#U)Z@56`X,CV:)IF$@I7.?.])CRYF;GC3 M/X+(CQ;U9".EJ2B,4&/]L$"U@U-)NHF#PY"-Y%$2])ZFX_`AQ+P9=82J%RS_[<\#T(8S@DE`=)$C.^F;_I6F5O\#7/CPAD(6^YKTE5D7N/<':DFE" M?O+LZ4,OFBYZDV`^QQNBGGY-U)$"DGNH/T_SF";^?-$;^YA@U/.CY]Y#.!_Y MD]Y_EWZ\".)MJ3,;)F#7?'W"8S!`0__$I;HS3O^^8G'NFNTH3HX3J&C'@E=M(S(]Y%VU#G)$@&CW?/*B*3^$H*>^\6'U(7&$ M>*Z.%I85-,MGV7>0U;B(LH1@=%WR.JXWX+;G:`-O8&G M%$KS=2%'KT4JY*J*MJW\OE>V;2['XL1X5DH>^'6?LTN2I>+\Z<=C^<\=PC0/ M%^"5Q'^HM$-84P7F,JJKI*/G=_![,@.XJNFEA*E9;,6=/R5/I76!,WJG7";S``++^E!O5U MNO`G0S^,?_,GAY2MW89M=2E<$5^,^9O<2ZDD4TY(9)\=!<=11LHEB?(0@' MGB*J9"C*:"H85,4B(%4)*96S*855DR:>!U`K#6&^JYZ!W.-:7^CK!TA MWZ@\-I+//]Y"19'4WP-LKQB,'87/YR7Z53G^@:%]35;),SD/Z,#`S!3)W;JH0C;O"9A MW.MS9KM,&_3=@<9=9FD.]5RM;S*#"N8:GLG2>D#PR0OU\JHPMW44.:.JQH]. MBMN*6YMY'=/2JCE2+%B?IEUJ'K&EG]5)W9H:(\F6)>CL8LG%YGHU-3=U6#S5 M-,RBD7W0=FW]>XS-4<^PSE:YW\*+=.YICN9W[TW&2:G88)7&/;5V8FF.7FQ- MI5O%E7QT`Y66];-I#D4#'%2;[T+QDIK9-(>;"8I$%YN:`.WM5G!D[Y;F:,,# M#JR4P+*S<\OQ/4@:(\K"0QM6*7M@=PN2VNKB-T8D+&:3DQ.JXI]8+KTQ0D&_ MFV6I5:%8>KWUL1NC%F6-):L-9A;^Y)`415;LX8]AB8(40T@+5%44&?<96B`*!L/;)1[6C:]R]#$Y,G^MLPF_'C+]5S65A/D M8T4+6NKM^X*[#$V0_.X]^__VKK:Y31P(_Y6;?$^-`1L[XV8F22\W[35U)W&O M,_V2(4:)F6+(`&Z2?W\K@]LH`ZI5 M=A%2HT7C^V.UGXT*MWV=783D:,UX0QL6"8[O0KN(P?5IPE,]'T3@N-`N8%#P M/=>'8R/[.2]?:!=QZ=)/MDJYW;!-%^5YA%*%ABD$_MR(A/$PA8*!@ M'PS'_6P@;4]A"@&C96$*7<%4Q5/8V'6ZI=W(#EU\F$+`0`>L8NUV-3P%IQ/) MR$)8-I%^R[*)Y*4D;DV:>1'O=1N%!SSV(RD:\-"':C[TVXIXQWXDIKS;)^<< M756C6-"85W15;R"Z*D0$T8$L'B+0&A!!/!KV_BU&PQZ&QX%7ZZ;8_[9%K]S; MQ/\KF"_(DGP\6H3AXTFO]_3T]"$@\P\/WI_>Q>=_CTZA9>#'0#&T22]Y;-UP M+]/RY)$=&TS>$X2F'[+D$[13Q]!3I3_I)5!7E][!L^#4`X^3C4=G'Y]H.?I\]V\'1:>+P+VD6&UK(SP5/;AXW..D5ON<4 M,(@[L@..@V-%KX'C@"9N$81CUN1$B>,[;=/SE^(&LC1@QY>C4_,=(@`N-8=& M.F_M?T$Y/?"I.;T>CKHH''&Q'(-T,D?L44D')G>_G@[0>!F"%6D84"H!FK4K MC+-VS5X>2>[CQLI_LNJ??*=]'>AXVO`5R4)00I=UZ2+@F#,8H<8,%F)E[SIL M%,N3WZ`$D26^228>PP\,T'O/7T;)4UQ`C\83Z'T\)R$H1K6>_E2/U9%(^.)4 M3ZV![V*U7#G,KF)NQ,)S+.)?DW#ENREDD[1'74(5G$VSCYM17)&9M6T0WM#-;7')[Y3]-_7M!YM%7FB: MW+\=>A=`.UMXJ\!TK=G"]D-".*^!H(4ZRI#=-J@+9NO4)=V$4#II+80N4Z$` M)72;W7!GJW#!]K7FEX]!2&>N]=6;F\Z7E6\'ECWGOYB,#TJY7GH80,JXD."X M$#X&E-8'0\F(9&J?OWRCY2VR5I+CF'X%B`UI$?9"U@/3^<<,OJR<%S"R?Q'? M`\/L$AZ:>>O*%-GK:VW3/6^KO&:?I%LEW2Y\4'M3VY%D>V_Y3$DVCF3KGF>Z M79E;2;X]?UAK]_2:IKG.6HOQ_DU)\)+*UY+@>_V42WKSI+')1Y8CY+@I<17)HGK39/)+TKZ"W-DS:;)UVF-]T].%!S=$8:F"JE M\VSA$_+3?(EH717JQ\'K2V]5-0&[1#ND>Y`/CG:LSQWG7=EB@U1_:-2?7';@ M272IY*!)E7X8*EVZ:A5$ERK]0%1ZEYD.C!XJ.>\0ZP[VMYB] MV>CZ9#ZV)$C2V2U$A7SC?QCS$/BVG0:]L9\[OSFRB&SZ6)*-)]DZJ-G@@SED M9[_&XU$[#MW2XWLIZ(E%ENQ\R'P:YHT`.5AOE6$TA.$!E=JL.;SO#DH%!$ER`3B7AD9GTQR9E% M`8F+YQC$$RL!L(AE#E&>^GX(DJ^ET.AM'(!69(V`>L#9H#M-N#N=-'Y]C1\> MVD@=&5'06D6ZJ?+<=%@&\04A(N78T8#OP=+5OW/ZX^;09TI*8`:BCT_BW$_AMTEM?C!JCS^=:"FA-CN!5 M(]'E&L^G>G(+';_-M6?9?T!&R?CI<]_@*^>;H9>HYCJ]CV13_#QK]A-QO25U M5HH;+AI1TN;KAR>]5-\+A_X(S;P2'+VX@]CN[AR$,EN%_@GTK$FAI0=:^II: M8KNZ.I_]0"HXUK]PU7'O<-5 M=7@+``$$)0X```0Y`0``[5U;;^,V%GXOT/^@=8'%+K".<^ET.\%,"R>9:;U( MD\#)3(M]*12)=HC2I)>4,G%__1[2LB3;HD394BBF>>DT,DF=[^/MW$B]^_%I M1KQ'Q`5F]'WOZ."PYR$:L!#3Z?O>I]O^\/9\-.K]^,/77[W[6[_OC!:,4 M$8(6WF\!(HC[$?+N_"=&V6SAG?LDB(D?06O>):9_W/L"_/3;V?C2 M.SXX\KR'*)J?#@9?OGPYX#Q<-7D0L-G`Z_=7K_N\%.S4^^[@^/C@V]PO8Q;3 M\-0[R3TZYVCYXA!$.O6.#X_>]`^_[Q]^>W=\?'K\_>G1\7_SI=E\P?'T(?+^ M$?P3"A^^Z4.-$V]\,#[(8?R[=\NH@-*SN4\7WI`0;RQK"6^,!.*/*#Q(&B4) M7`\8I>)]+X?PZ9Z3`\:G`WC-R6!5L/?U5]ZR\.F3P&L5OIRLBA\-?OOE\C9X M0#._CZF(?!JL592-%54]>OOV[4#]NBPM\*E0K5RR0+%D(*"G+2'_ZJ^*]>6C M_M%Q_^3HX$F$O1_D"]]Q1M`833PEPVFTF*/W/8%GSY'3Y+Y M-X??G1S*^M](0I0PP\TPM%B1">,SY34/4^V^VD\6A/?G\\Y\P-H4+"8 M!TBH<10E@W(@JPQ*6QWL*_,8:OY^&\'`D^^XGGS$%'H*^^2&"2Q?<4Y\(?`$ MHW!W"(;M/R>8&ZB]1Z?4>$GT@"(<^*1Y>"-8[V9H2"+$*0R'1]0(GNU6&Q?\ MW!ZM^`76`2$B9BC#SZGL+6(&\1A29TQ>OL`Q<#VY@ID*^PKC8DC#"P1BPN"0?UY/SGR!`_D4DSA"8:X]U=(>Z\/S MR>@0G^M3SP%R&UXK,L$O&9W>(3Z[0/>1W(_#F*#K2?YI$_08O*4E3,,P5,NN M3YK9;FN\I$%$ M;2SL)4^7R6IS^=A;JM:)2]^LS)I47QTC`D5@R@M085*-]L9?J%KM#K0]14HH M"[)@LHPEKU$'91$-931M^51*U&Q,<"G#8$.(9Y+,,-2GI`%Y@+4U&8@,\C*^ M/K(2$50D=^*+>Q7.C45_ZOOS@1QQ`T0BL7K27\;/CY*H[C?)X]\3%5A`K\GQ M?1YSZ7!?O8GX]XB\[U44'EB4&TQ5!%,:I+E"D9GTA54L8>`Q"B^Q?X^)6G8J M`6C*6Y(^GL5J!;A`,$/_ M%^/YK!1L,\U;X29U+MSX.!S1**T:!\T)I4M89)E$DM+,I5L1*LE;$AI4PKD!8(_".GVJ-/E"H5G?N< M+T"52OR:A=*;U;6"2F]>Z;"4U+"%(%DI2KM@LY@-62_0!,$(#L&>,]X#R^MT M!T7ENEA9S0Z6E7UDL@KI2MN5/!<(V1`0]`70_\#.N9Y,Y)]37Z9@GC,BM0PN M$V(J8.[1=#U.MJU&^>3WCS&G.)+!'OPD_Q$E>I1!!1O]E!OK&KKS)2Q+"&RI M)?*!D1!Q(9F+%M5B%U>SC*5\*G=D+07K6_H88%G$>DES16S(>(UE7/4G7_R' M81J-*,QO)*(S3.!-T\RVK""\;BM6D:Z,J]LX")`0DYA\F$S`]OH%10\L_(DS MH9O,M9KH,,8K5-F1U0U8Q7<+6K:9EZ>TBA4,T0/BACSK,-5IP@;&&Y[H@Y6J M>U%)2Q+/?1Q^>)+^8`3$*HY-]$:3FC80C5$$:EN6A+SF@IK@0+LG&52T@><6 M417)/NF#27P.3F3&V; MJUU4![*9QE->S-_BZ@3@=X>'/>\+DJ?8NH/UZQ;>=0.J1V[H"Z-'FB,LEU4@VZ?@5J_\*LK`F_?_F0:6"31Z& MO`:%<74KV!"5<6TY+,(9IAC$4@*6=TQ5+1M(EDN+)/HC;#%+IV$,*__U'"V' MD#A#H`?GKVW[!5.UQ*_V$<"SWLIR2UIJSB/Z"$54EVE8>4X)[#.\#S?=0P6] MD0S>,QC;$VV&FJZT'UG_([1H^(:I-) MB\M:D7I%73;E=#(7E+26EKR4H2SK."EA)T67P20OH3)7P(9\:B_Y\)183HF2 M+377`(OE1J.1VZ"B#3R?*$<^P7^BL$AYTH&IJF75TM49'6O1WN)ETLET,Q.\ M)L/6R;PS$_!%5I"3663SDR0FQGP3F:96["XUH(Z18J.D\$MRT1N MV1&:`%C'8SC6632JJ(F/O5);0JVY`\[)(RN6V:U4MIT\\F)[<\K;M$ZFHY7X M$?3Y:*F3Q,F30H:0M]4^38Y1QS?,;:^&?C]K>0(YF;=HPE^!7UF3J6@Z6#H0 MQ=W^%)J-Z]V(:AR%Q9\E*'IPF;UY75BQ]5U7K-,=!446]SJ#9R+JO`VBS:B-S8/M-H'U?^5',?0(:^"6&X1%NGPXI MFB&[-M6-ODG.,:\6T\+SS,:]9=18-W#G+B,PAI>OTQ44(N(XD#?>;Z_?QM5: MFE&_,OZ'U)V6&;;)S?QW;+G:KGW:P&Q:U6C/1N_(*QZ`33!E'C%8"&>+3T(J M)ZD.F8E79`%J^F[/1CO$0T$W[<^#::,=XB'UC#3)@VFC]J[**Q`P,7U3:[@L M8\6HOI5\EN33(O+^H_MH)$0,$Q.5F9AE-6PBN&/#`%05CNJIU<;5.X%MZVR7 M*:KMBMW`(R='W>]8U&W%4IY8@%"H;+75%267F")1<1=O=;W7K+>B:R;GZ:I4 MA^WJ>J\Y;\WDQ^S@!LR[T/=51IR\$Z`ETHPU62?OUFF)-&,SR,GSJLW8?NN' MG2OW/R*8.]2W/14<>#RBT,JC)C17.2WDV2:GH;BD@JLQDTE\6\`&UYS#Z:;%-;TM&YH7ZF][F3^ M7?.4U#U]X;Y.N@=9Y9E'3A[$:IXD\VSIPQ>@D>Y`5%6VCI,GO5J8;(;IBTZ> M#&MC(:_(MG/RFL?F>:J;;WWX`M3U/>BJ$>9U\E;(5@9865*2F]<_/@=-9CEK MF@-LK_QM9Y2RM83UKYXQ0)X^D/=,PVTK[W>]TDJT#.Q=8!(2)F*/5'9@W MB"=7ADJ=$]9M!@8>P8G!=Q7/)%6,R[-M%P@:`@M0_GD]`?44!_(I)G&4W:D) M[:F6;!S_43TG=^;T&E0IB5B_+C33K1._W)!SGTY11<;]O@W;2!_X50U*%`X? MH1.G"#KS'C2;2=)C2PS7<20BG\K+5C3@Z[;2(:1;PJE!6P^GI@VKB]Z.'9M? MY6HRYJ3OL`&:FEA2]G,EOORMHD/7$F>@5P%X&5^^#1Y0&!.4A>7E4QL[W.7: MM]P*E[&U(E8N=LQSI)$Q7\3AKS=;^3Y,`;WF'\-SR<%:A?2R^,.&.SE%N[7@ M9'?[C^B$\25375D92[[$UFFYHT[O\U99:<,V1VH\!RR+[]3,C M\)OLFAN.X5TNPGHQ_7,KESF^@))9I>LYH@7]YF1'I?C.'Z3".Z*YRGJ,SWV5 M0=']8"RZ0`)/J0RW#<7/*)RJ.W[2`JM(;N[C2%OW'.S;[NN'"UZ/2U3H0(T- MWCWOSG/)[&^%LQHY'FY:^;MM:ZN2ZTQ+WP#0$0ZCM-6N[&[%J14=5#B4Y7;' M4H;3L+.XA5&,)SB0>:/+`)CZ-!;!4@6_@Y>?$?GU+Z>E7SWH*HI-'U;G:=<* M?+>,TG=4;&D-9Y.W\RQKQ.TVQR4&O4/4I^:]0S(7&[\T3+23+';]%\'4[7F2 M":R,VU1Y2$XBJ)SHK5"0R8;\;B#%O8=:\,?_`5!+`P04````"`",@`9'G6>Z M3VL4```?3@$`%0`<`&%R97@M,C`Q-3`V,S!?9&5F+GAM;%54"0`#Q[W#5<>] MPU5U>`L``00E#@``!#D!``#M75MOXSB6?A]@_H/'`RQF@'6<2U=O=]"9@7.K MR2`5!XZKMC$O#49B;*)DTDU*2;R_?DE=+"D6*N7 M?[XOO-XKI`P1?-$_.3KN]R!VB(OP[*+_]6DP>KJZN^O_\Q]__M,O?QD,>I-) M[YI@##T/KGJ_.M"#%/BP-P7O!)/%JG<-7Q!&/A^L=X_P]V?`X'_WQ+]NCS_Z M]7)RWSL].NGUYKZ_/!\.W][>CBAUDQ&/'+(8]@:#9+9O$5WGO1^/3D^/?LC\ M,B$!=L][9YE'5Q2"<&*74W3>.ST^^30X_FEP_,/T]/3\]*?SD]/_9%N3Y8JB MV=SO_YSU)D>3HPS$_^H]$C%>A/(('V% M[E$\J!?#[7&&8G;1SR!\?Z;>$:&S(9_F;)@T[/_Y3[VH\?D[0[D.;V=)\Y/A MKU_NGYPY7(`!PLP'V,EU%(,5=3WY^>>?A^&OV=:<#M=?-\^2]6D8_1BU9NB< MA7/>$R?DJ0:*@/=(6+AWKCS`&'I!T-T>@N;X^P3SR'OO\%(J3.+/H8\RC.7![Y3^25$*!MA]QIR,OGB M$'^.7RX!0XYXBKS`AVYFO'"D'*Y!8A^`UX`,P)!>`10]!K>HG=<8J:A M(,?"\X/3LTI__48\_IMX#8\4<5QUP*^;)$/<:FQY[$Z$(8X\!8L%H"O>,NTT M7D)<\!+WOI`JT6::?U=SP`^\.YSI;!4/=>DSS<=UR\R/#\07PA%UH3ORUZ.: M6X[Z)-;(S5"RNQ0F)V&U@9B%YT9C)UJ5Z>I1ZC@+(9N2-7?7ZAA[0C/,E6`' M8'_D."0(A8M'XB$A7DSANW_I$>?[]JAWGMD.!B0/S#%B34'3#/FH\32Z".23 M&8,Y!<]>,R^Z;,JF(0L-*3V%&GVOLJD,06SNG:HG;!JN0C7I`)A]U_0G?&W,'+X3URDV-M:V(D>FYG5Y/&Q,U6-,VX]7:Q)/9>(#%2[*3R$S@>?U M>_'`6=#K7@C[0QC0(#U\*LX=SIN!"U]`X/G5J-OLOA]:R0(@O#6I M4>\F*0UG&"S@XAG2BF3FNC9(XYP/09W@&0[6G*E&:=$`,;WN.F9#A&SD:.:; M#&)7N*&CIV*H>IWI$0G#/`W[H4O30VX]A7DOEAWD;CJT[:!KTU]MD*X]>I'_ M$"@+-@+'QX6$'"A/Q#016G@0A\?G"V#/X1D:L,$,@.50"%A#Z/DL>3*(@LM. MXB"FO\:/?QOQX\T5M/$%_P2=@(;2WLV[XP64+(2`$_@QTH_TCQ;"7I00 MYH%GZ%WTZQU[V#ZN7*Z*!QB](]8,KY0SMI"#?%_#.WX"-L2N='A[>/,`%O`Z MECLK8,YTZQ"6WTZ-H$E#4G9<8*%N+,%>\R1&^.1S-7:\%&1]B7608J@;[=;4 MIG?XB.;IYO)_,ERL"FRC)\8CO'`F[N>433"0"CNV)[R*-`QBY__U>TN*"&^T MNNB?]GL!X\#),O+)[8%QN?UJ-=_XZ6">& M=O^V;-R\X'.K=/-Z2*&>FH%::(XJ`MR,#%#CZE&?IE7/1=,:MD9$L`$!YXI" M%_FW0"CY_DJAMQ4T-"&0YYK)/BGFYF3JR?QK]F(`IGTQQ5Q0VM8%FY7TA M:6S$[``QEV:25Q[ZYV6&AX*6YB@.YU<;2C;:U7(N1,.&(B)T\WN\D!S-3D9M M$7+1+"MC%PM$QHT&&@J72I03"'5?;(KU)\L,)"7"4_8U%DHK'39::+"FVH5O M7.^N!W2YSI`"/>L,T+S0FR+\H0L(\X)R"NY3%\`52BHIQA^[@#$OG:?@_L=R M`Y]"`Y9+$-L9UZP'6:R]Q#!/+?=*J50O%<@V28-J56WSR,FI&E7]"S;9@HO3 M$0VH<)0V90]'2SX@D2E!%_4O+MY;,F](E9.&&#NIG>/%CKE`.;Q?0&^<(6O MKCEE6GAR'=A3?`BN8ANWD66--3PZ*MZU*)U9J68*^`Y@1<%VJETX=(^35*FU(E+^Q@) M,(`^IXHEYOUQX(LZX*)"NS+$J[1;]P)ZZJ4J(UB)D*M?>!9)(]M"S`YA"\8- MOYD&J'NC8:%%%*F"0^7M;:'^*PY$A;XAG@ M[^.7%[X[7+$Y[N\NQQ.EAJ#7UX8@Q4-@I=5T5]:/)3+P%_".%L&BBC@2A\%= MKKX0ZL_X+F1C/$:BV.MGP!XI64+JHXU0T:9G:YH;"1TE\MW6PYA8AS&=RA,K MWZ8>+B,LAHS?^$2(A85<+&A6Y_R)6",\(Y0OK'"&K]B%-/_*%+1I#V'D[48T MJM]NKHT)*A\I6H3.-26='UO5L@[XZ>$&CI#611(@_^L5NM$SOC$U3[3*8YC@ M\404+%=67+VW<]C<-08L1NM+W" M)"HH$]0UIF@FRDI!]]\!AC>>:#5](],Y"1C`[G2.J`]A<3V.^L8U4VTD+H:6 M+&/%R5'VAYE];(BW*J_YI5'1+I0B+5:BM@6:2XM.P$8MM8GI`ZXG]31EB M/JI,L925X8HGZR5+CI[=?C2O(GU M1BPO$I*^07L-=#OC+3QE35DJM`X59;)`_E.*4MZ8/V[T9#Y9BH%,HK41G^)5 M;@>O+3*>/(J9`TT6LT^@C-L+N%<'">0FQ M([[0:$M-:T$5!8X?`&_\[*%91$@\T<>BNH5M#Y\MDW-W[,\AS2R##:/P!P[+ MV]M`O:H*3'%;DQFQMX1"!S!?_;6MXL:'3%YCU!NJKEEC9NF>$E%*SY;L#2O9 MRAU.0*G$'LDMV(9T$RV<+?M2F+9%7WE#Z3NFK-8.M#3WLLO/?!Z,GA[;-9V] M4?/$-OJM:9WH#O-?X12\6Z0#W7!]T_'1:TI<:/L*];5`!)CSTR@D3B805!C` M3.7EF*I1X,_#Y:$0;B2-[:!;*5)*F[>8]KIJZ66VG4P'E;>KFX(B/;*XC=$W M-X%\^G\/X=4,1<%*8=J8T();W,BE3JTS\? ME"P[LUHB4NT.M2TN@[+K94/W42UJX]GA&S:.TCLKXZW\>*UTT*:AQ8YMI%F; M#1R50%>\M(U;.!K&7?4:-VX>*+7X*&5(]VL8UC"^*1^W$839@4UC5'[DN(9A#>![0N\-+-'"4>JBK62QF;I7O-Q([9:2GU!%[,8,CDWB'W7>@,%7``+7?YG MFAJFF>`%P=`'=/5`(G$P8$AGJR\0"-&L'(_>,)9BC43'[4'&_WX!HI$V@GO:>!]!JQFC:.>@8UC5`IU]0Q\^,Y*^[ZS4HE" M4S&,;V"I=E2E#6K99Z$B_;]@%=E]F'S?%#[*^QDN M2:]2V_(I_44">AM\7CHJ7IHG7(=9S6;WR)ZY4I3^9Z'S9-]DMFD$SD4F9126-A3L+L-5X"1O0X%N+5@27<]X(6YI?IR6+3B[ M&ILTNW8P*&UK/E=P0;2AQGEE_!HFB#:4,V_BO4O98$@@U$Y$;-YE4\S)(HG" MN(1@/=?R-K+VU&+=+[\VRYN:*^"JF>O0ICIRM1;&:TO>PI:E\2S^?M.6I?$T M/\W4IBAD:_)Y1XXCA`DV@0[D9/+C[0'Z\7>3).X=91<3?JJB4UWAOI4VMX5V M9228HD/+Z:\K?_<0@7N(P"U:>8<(7)LQ&(H#,1M'+-GCQ2(#=F.%9"12%I'X M=N.&[I[<89;_42VL;5!SA$+N]%YJ-[U"[HK`EJW\"@8?^#[J?.W&3%L5!;+7$6/0'_GK$ZD"VBT& M/Q26.126J2@ MGA_4E_*"4FS'-)*MPC(M7,?0?*>17C(0;VMW- MQ']F5=2/9,K6>%DO&T3L@XIZ4%$/*FKC*JK^X=@N"Y=VJ962\].XZFV/72(G M)1HOVMAF!;N3WQA+XPZ2EOG%)3Y`Q^&[6FB^ M33TIU\$B\,)W'/)G3CR^="?0#RA^A#3DB-A`/G&^A[,KW&#;#E4+CLP,?%-' M[[2,X-(^1E+1G#ET`X]O1V&8_!7F0-^[,\AGU3"PE?R0GCCIS8?=1R[3E29Y-S+5 M@6>5IS+U"10A9=PQ%D#W.J!,@1299\\DNN MOWPW:=O>E?;D@9T8;@#%G&K&5UFX\BQGN93<4$ZSE,?7\-E//2267H:#VF7?B?_P_4$L#!!0````(`(R`!D>_L%>]ATH` M`$RT`P`5`!P`87)E>"TR,#$U,#8S,%]L86(N>&UL550)``/'O<-5Q[W#575X M"P`!!"4.```$.0$``-2=;6_;N):`OU_@_@=N[F+1`G9BR^_%="[<-)W)(DVR M25K,WF)1*!+C\(XL>40YC?OKEZ3>;9&B9)F4/\S4L7)/W_]^]]^^8]N%]S=@8^> MZT+'@1OPAP4=Z)L!!`_FJ^=ZRPVX,A^A@\$5\@QTNW%+7T.=WH'QJ6&<#C._W'EKUWX' M!IFOSGUH!J0TL(DV[X#1ZX^ZO6FW-WPPC'?&]%W?^%>VM+?:^&CQ'(`WUEM2 MN#?JDAH#<'=Z=YHQ[[_`O>=B4GJY,MT-F#L.N*.U,+B#&/HOT#Z-A#J1N8`X MT\7O3S(6OC[ZSJGG+\Y(,X.SN.#)W_\&PL+O7C'*5?@QB(OWS_[X?'5O/<.E MV44N#DS7RE6DPHJJ]F>SV1G[-2R-T3O,I%QY%O.2A(*`6X+^U8V+=>E7W;[1 M'?1/7[%]\BMM\!??<^`=?`),AW?!9@7?GV"T7#GP)/KNV8=/Q5HXOG]&ZY^Y M<$&NI4U;F-$6^F/:PC^BKUF@64Y66.DL5-*A?]`XS:D)7P/H MVM".%:75!>YBTIFGF5`JUK-R`AWJ<\\O-)S)>C+Q(Q.XQMV%::[.:/">02?` M\3?=,)S[D9/_$7W]?6Y9A(2`D'KK.";5A"WQFQ\?R)1X2S1GU;) M6>!#[*U]"U9R27AY*FKQW7FDE98.J4+3#W2[7^Y/`++?GR#[^V0R[??&X^_] M\="8#";?^]_[)[^FPD`L#7R+Y?W?+Z$BS=H6D,0$KQ08:-0S<.[G(]#TK5A1 M\K'$PJC$F>619+,*NKD+^>1[2ZEHBMOWI)URIH\??&MNS$<'GJ]]'[HE[&P7 M5L_-E@;2(34>](8Y9C"()'5`)$LK+GO99>3L6H626@`')[8*P"@R7R<4=]"" MZ(5J=`T#.30*JV@`I$@/Z7":&*MO[S/@;:>M4YPT1?D79@^L133G$ M7Y/N-C(?D8,"B\6"; M6W*Y`O+;Q5]KM%H*V6I&O%H4&]%9.K8GQG2:D!LW#;)M=T#2.KM99-OO@%@# M\HGJT&%%$C6:);YH2*-5;AQ2/UY!C(&9<:8=M]JA'Q-EF*?,C!::,TFC*&XE MGN8NAI8\9=N(:F8ZMR:R+]US&)975)E;2K61#O?A M:!J/0B5"`94*D`LBN1T02@9,M*9[?\,F&ULFKXC4+C'9"N5J)5@Z2'-LRCE( M#W7_7N.`@H\?/-+))RY`K(]_Z5K>$EYYF'Q_;N)GDC!>D`WM#YLO&!(;;E;T MS0QR%W,K0"^LIU,V.GR(II22W;S^LF`,AL;0B'-!H@9]@$X4H4,'(%0%O*'* MO*4_4WU`K!!XW(`W5">20-Z"1"V0ZJ5_;%N[DXT")_N)DUWBY#<.\RX*?4U^ MMJB35QDG>XEKS42;=WKSUN$PSV>Z`UT^+;G18<*A??]L^O`#?=%,W]5"%[,N MU,4K_0AY@2Q7667^DM)(%I91K]?O11DI%@R8Y&[X2CXK&T3"->64`QC.LD36 M7"MK+N2;JXSX2L&;8UC>7?6IQ-`Z77@O9S9$%,@A_4`Y'&8X)%]]GY-<8M-\ M\LDQ%UO7=_=W!33M-"I]=R&WET$$3%P?4`%JH=A3?T-._T-'.34<+46Z`;.2L22<1WD-K M[;.NXL6KY:Q);_(3,9C>J]9!I/6%Z;M$9WP+?78W(S:M^4/9C ME7<>C)U''I/H;W3$#U,UM":4)EG,99[&+LT1IJ@/FV(!\U?$[3,.)#/)(-A@OBJ]+$>8Q:Z0"R\#N#Q0 MRDK%'T]^2G261FT\'@T;[7&!;U0)P+0XSA16TXG"?-6T$X\DR^T@VF!*RU^F M]N2O:W,)/WI+$[F5PC-337N^27617^TQ*'ERZP`J%7P+Y;8J,]0U5T2\A+EZ M&=X-TW(VMQREA3F,87`'`^1#.O1Z\^B@!4L0^)IX0CQ%5Z:J2O8D])&?U3(= MQ`\55"Q(Y8*,8!*5B6A-!#9NM)$:[:=&>ZE@K>Q5"-<[O6'L'"NT:Z1^D*Z9`%2KHSR@*ZX M%(?.]G%$OKYE[N[B^L'$"9VO7-117'%Q4!_GO]A^O8#:47T(BY71F7X M9QNNL`O(:!2%/:T/J`"][[?JFV%(FZ$LSHL")A??.];JB.L/ID/G)]T_0QC$ M&S@)0IQ;7&&T\W20[NA.C7AE520*,%D@%J85@F:L,VI9IXJ-LJ#+8B+T1UN( M$;Y4$%303$VUD?7!9#H=B+G1^@:A*0N%[+3@I4%Y`);QH_E%P8&[] MM4:8K8V\A20:W,!CUA*LFKI:'\C)SI M,-H7)&X(9%KJ@+0M^D([;`TDS8&X/4W,*O!-N!?/.J!;7-*-1P$D4H(-0(D/ MO!\N4?09K>@$RZAQK83O!4B._OK^U9$9Z-K`N6O3?^B6!"^F0]<2SH-ST_RF%I`>T^OUQM.".+>JE&UNP#QG1'6`&()8.F/B#4$T@ M09Y]X0JW!SF`]6SKC_/Y_>]@?OT1L`\7__/E\NO\ZN+ZX;X#(/$)27&A>@>T M_#XP_4"Q[:,2VQ_A`KET$LZ!/5":T0]@NY&+>K;<&J:B=2;J2ODJFY?EO=2> M-'S+HNK2M7QH8O@1AO]6"@..".U)N5BO"J^`IT9I;@[;`'$CX$W#G``N]5X]CTX2NCLS<>]!B;])OOYY[C MF/YGN'R$_M9EW?V]8:ILSUK3"2_L";*L<C^`:72@OO$+2)O0/FGA@(XP&G1$"[CE![TDR1Q_MI;M!_@:?'#XFWE6%-(VNA/-I*.Z MWX_7!LA'-6T%L&;:#'A-7Y03WGJ6=X*\,LQYW^FBV;-1L*$:TKQ2^,Q95EHQ MGP4JR+\IZO=&*8A,$HA%:7J^:]0T(V_:1^BC%Y,N(<-:'_XDXVV;()X[M*$2 M[N-[:_HW_GU`=\]C`[CQ>EC1A2VIJ1HAL3KR$REZL\P#8[Q!=0<0P<#S02@Z M?$65+JW6B%>39AL9LW%H]HJ8_<)['Z>4,;E`W>%-PC^:V6.*X/DZ>/9\]),[ M74140P]KVVI4V)%Q-"IB+!0(4HG:N=K/Q`*><&BB*311`U>$.3P5.B75G!T MB?%:GJ&HM$Y^0A7DGS5FDPF?G0X(Q;4$G#JV%4"#N#9I(R4?9D)*,DYH!2&9 M"66RUS%;12-GX(@%$*T[1/-)`FG M\VT7TT-,I>E*PW$R%S=/"9/2FKM*#9L*F/C/WFFOGS[9=,"LU^GUV'^[_;,. M&/8ZH^&D,S(F;$AO,.M,^\-.?S:+[DOLVPQG'4`DK"`]#P(ZFY90QY_/5>1= M/72%@R)KTTEW)N&&1%%9I9P5*"!_'MQ@FHR=)W(R6^KHXFQOFXQMFSRA3>HX M$(16'@:>"_00@=E8>W1R!7^VQE8QI1SDVZYPV/!D&".`HY4!9B(BA9,3R`*78;[L]G<+=SB`J(K*B]$-4G2FLDOOQB-9EF^ M8@$=(-C*,"FE$;L#N:)T0\/XE%+]8])UPGV'X&IN;&B*^PMT33H]8N%#UAJ^ M<:%HRKN@O/HI\'QE)"-M,N@9XV$$3X2!\Q$'O!)>+3\BT@/E%&,G"FH]'`&`B(#WYX M^HFO:16?>"*P9<37-)%/?)F)NHC?P4M$?-XK6OKNI(.!@D^FA1P4;`2[4Q44 M5-D'WVE=?IY#;Q8/93(A():B=2NJ?0TRJAFDK&_,#:=<_[?8>/WQ+]QKJK"H M-@8J[KXT2"<-;@>-UHVE]C>JF(06["4E"BT^#;7WC^+U`/VU#6^0\]]K9T-N M-_^"OD?ZF9_0"WSP/D*+W7WRW\>O&#Z1JRWH*38A5WF/L@&E95<"3P:CX23J M>=)F@8<<0!NF?4[PDS1!'S?!$SU`)?!`W'S!KU8\5_Z)**&ZMZK<8_W48S>Q MQVAGCS;!GO-H(^`AX['=7Y/5!50)K3UAY>XS4O=U4P?2O$#^3ES&_I;WDIK. M=(.9*NUT-W4!-"=C\3A=`V*/)Q57'3QB8`R;S<0:!@I5^ZO1/*Q["%*U\^ID MX7:,83:7H1K(P8<8$:VMS`.1>Y`DG!5\/&DXHW45-L;-)N*`:G$TJ;BVSQI- MQDR+XTS'M1U8)R&7^ZGE*;D@8S60E+>O@>ZT+'R?U8#8(TK)%5^R,#9=D M]2_45/NKV62L^56=:N?52L2M>-?77(9J(@GO\>:PD11\CUX/,#91*+7=";A( MY2I(S/;-OQB]'L_`Q/[>VC/[$@6.=%AB?]=)Y][Q48]*B%)3S=3+];W>S-M@ MW[=0ZM%DWCJ=D5&OT[ONCJ)]P@[O:+,M'_B/427 M=[U<.VRK-K:&_]ES;.C?P6#MTZ-\GCQ_R<[WHDN/V9&26)!M:XI2GF+KZ2D[ M47LVF24C"DE+(-,4"-L"F<;"E?P@;.ZP:8&?3%6XI=]6MY1D2Q6^,=+EJ4VY M14V&W"^%I&EQ#R?7GSB)H76Z\%[.;(CHG,DA_4#SY#`S59)\]3TZ*OH3PI;I M_"\T_0O7_F@&VQN,"(LJF"HI:E_^D-=)<@1%=%1Y*`M088!(`U2<6@Z;,\RH M8]BA29(),4I*J1MT3"'^"!\#Z2WV.8453B,NUD!^KWAC'+V.I(+:M#=^$X89 MU0U3-9U8'&;9"<4"1^CGHVR;>EYI;814WFQ],)A.IQQ$M.\OWXAMC)(KSUUT M'Z"_!%1F>\@0;A$O,E\7&YC`.W)OZPNN MIE1UQ?3(Z"2=F(UI;Y+!*97=`4PZ",4#SP5Q`^!.>0_ML.8SXNZABSP?D#X[ MB5T;6.&:EZ=HX4@'+$U_@5S2GVO'2+@ZR6?J_I0+4RR='NL>RP=1 M`ZW`JR'STT$-E,@&JU`2M1VY1#&(M3_#58EE`9ABK^D']3)R-^W`A@>^W";] M=:FX$`K0!JM(*_EM&9/3WG=PC>6S9[M.?,S1K?!11S6QS?D@?.`+;8SY!+ZF MX?GZ<^+4M>75U<;41R%I)]7 MIJ/^B`/7]A-:VB-L`VF-&!Y!MT1=TW7IX11)SR]^6C.Y8S]ZZ"L)7CZ((G_I M9_(.VG#)1CZKCN@7U]3&8Z$Z%8[LBG<9W:$Q%=QIV\!^`S87CICXB=QV#O8+ M@Y9/(M]=;>(PS!>"_4DE*K:`PE0;^8`<]<<2$(:2M>YIVK311<]N%8W63>)N MV,J`N.6P]G$HW"=5JFIK6*RVY>C0&!K]"C1JW5NU>RMK[ MLZK@DK<2OVKMUM!9=:$S/:%Y-I4'5-\"\(/:+\VI[M7=-<-:'M=]5FL?F%@? M6;#BFS]^[380FU=)?DKQ,#YH41"Q@$GOM.Q]7T/&%SUN=K+/F]X36,739:(Q MH%9.\BR-;BEP"US98G!OGI*93.%\(%H2+KD'W>TMMGVH'9^INA2YLJI)B;;N/01J$1\;I0W$@*HE&:9F(5FN'!!)UV54K&' M-C%KP%8>9!"#+K#X1JK&2QB317#Q?=,>M*X]UZI!5Z:: M=L!27>3C;FK,I!A+9;<)L[H6\TEK'U^[@5F.V)9?]%"V\J&%S'`NS\J!],/< MM>=+SP_0SZ(M`2M554I;N3[23R/]4;IE42J6SEN+!`/3M4%6M"[@FC8Z@BX2 MU0%VI@5FM%EBM#H.Y4,WSZ*DR_3PZ*,7MJ7?'&,8E'8EBTLKI:Y0!?E)S.-1 MTGV,)0$F2GN/L0'#&$Q?7!^:#OI)[F$+$[ETTQER)UMZ-EL9D32C^:8FC+L\ M/WS'Z$7FP^::KM6`PBF?A86U`)/50'KH>#PPAMN\=,#C!H2R-$_FW-\THXYI MZBDI"K5B2'919&=LTF3)E$Q!%2V\[.HA'UJ306_G+I-LFZY[RF53!AIU M#%3/#C\$BPGBN$4O1Y],Y'\UG36\>=JZ(8:OC*^]X.;IB?Y)[_DX./<'U$FGS@+7?B:=SD!9!V"2(V@1IH[HI5^6N(^Q[ M[@]5<0;9T^5Z,TUFP@K"?TKU;0NJ:,D,NWI4V%HYW=4E(3Z['T,K^KG[&KA] MQY8R4#V7_!`LYHWCEK9PA.>N_3NT%\A=S"WR$QN,K;`=>WV)FBF45+/"3.29 M"%+,Q@NC!D':8KMV@%?D)C[J^[M)9T:H"%-9PJCB^R/))^7;U^\ALMT9I?)F M\\%?/6[I7"Q6H>>W1,RW0PJ4+ M7^8X4CEK!QM%#I(1YBI/!-6%ZW[:JZQQE5<68V&2H.]TTK:!B1-2,J4Z\4LA M,\B\%VK10^"!'7B$[WR:@*WT<;">VX\G"_U&KO.5A_$UK#1J74ENZW-/1EGY MLV4FAGBX23+MT+;!&]KZ6S85_S`IAQYUW7S*J>VW<=YO&+@>.]0JXZSGR%DH MZRQF!WCC4&^Q%'5\F:@`N/V3T/:%T)M_KLVE[`RQ3%$M62)MO\)6&+O@$W*) MH-9,!ZMKU#G.SG-NQ4%; MC5EJ[&.I>NH$85E,&L]!6NA*ID#;;5QT_VSZ\-'$ MT(X.6L%E$R+W$ZJ2S[TTK1#6LQC@=%:2]P2R38*H3;9;%XEYUFR7M1N?5H3U M3XY4Z"_CX/Y2EBL:@2R73/:_#JW.-A^R:I=.E]Q3:AOS3;&J\@AGP]Y=.&))22C#HSHLE"D=C_[^YKF]O6D37_"FIJ[TY2I>1*U(NE MNY\46\[QC&/YVLJ9G3T?MA@)DEE'(C4D9O)"B^@12)9K;JWCFQ33:Z MF_TT&D"CFZ7P8D88.3'ESX;S@AH71$GF07T6LW!*'9^]Y2X];\KOS MW8/B9PU$"84,Z&\IQ[W>I&UQ8K)?"R-G%D$-2F;5D:QMG&B9&<5&N2),X^&? MV/;UT!`_"8*%:'C]:W:#J,C'F;U06MW`04VI,E%0+)5Y#*1,*QL!2168LW^. MO(6[R>@XG_^<8=M/#*Z_F.D/9V>6+USD@EX!,]Y9OB&)K*H2F;3Y3',ZM_BT M\.;LG9;+*?@N[,^&K9N.J=\DXVITOE"@[\-9#_I3^VP@S@DD*>KD^,X<^-Y_,](Q!'RX M7SX_?T2+^=/#W$+/O\V?%O\%N<=69G'JYEFA,KH`ER]VX*PUOR1_ M%A`HC`'M4&`X&"A0H;(K*1>!82!+5N8*&6:.((.%<,*#R<&581(E2YNX")LL/4_.WTNE[-+B"D\B2S6!@AJMEN\YK=U1'^I M)[)>IW5G'?=$6%T>L<^.,O(R$"L0,(DK;:XJV.%`[+%&Q-6F:I0^>L+48IR] M[)DA&JL"0:\E'5A)'2B]UGR@S:GZQIP`9S5]M;^=Q8\3KS&M`;V_\8N3?9SAC:X,@>OL%^Q?DUEMY_GY,TGR*:/H20Q= MQ8"N$G!A9)"D`P6."X2Q*@ECSO8S#2AI[&FI35GW$]XY='/:#>G=Z=S/)8U<0Q9^/99I0T\@S!05;O/X][CR]* M1%OHO+5@^D&3J_'4Z/JUG:8#<12N$)$=S('6U1=*8YU)`[IBSC6@Q,HX6^)& MSW7$YT:[I>#<>C(4]Y)V]^6I-7:8?ZR,1%M_H` M?7#<]?Y$0T5T]+W@2/.-COZ,WVF0_'/^V#X]I1WU3'%;^B[U`)G*VS5E^F>]7$6@-"V^G`X0N.OA01ARB<3'`*?NBQS.1F:CI:/LAXE]1?FD^W$?>@'9+ MO-,9=4GU,WHDOUL[1WN/J#!,`?B<[1YZ(Z*]2#/(Z'%[/.Z=-2U'J9A'I-#@ M=#QZA$5,.#A&US2V]EKT=68_$D40+J-W5![LJ.)ECW[T_R+6_5'8&+4\[^@) MY=O['MKA^"?^O;%W?'D/V,]!2+XU)>,[NQ?^NKU>XR"@FA0ZH0R1GXCE$$B$ M1%M>@.,7*<7`WMM^DF\5"F3`O4=G^J"7&'SMXS=!@;T4R#'X1U&&^B056%:P)!#DWR MJH\E8D[N!A,&B%8VBG)ZY'L26R!C;HB)OB/:S-3>4\$VZ-4F'PT?>--Q6DA1 M?6V/=U0+;%!B$CXBCVUI2W5'-<+-4U:O"C$M"8_NY.W9_9%_G]/@$]AL?;\ M#9>`B'!#H/E"?"\#NN_\.+&M5O8\@5;H'3+^2M]]5:2/\,[036WTF(E^\E[F M:_H.P>PUI(9FF[PXBM8V090S"J8; M&-#@PJ<]*?1S$<?#02>,HPUJ8EIP-T M"OB*DK[MTBNS^RA4)T'9CU/@N#2>I[$<+:_+8DFZ'!-^V M&RUH:)#90\HRP2?TJ-0]$HZN7PA)GX3AKYC$Z`(K6MWT MV*J4D:`QA<.BX!TA)IZ;/V9,_5KOVXPRM/E23O-ZFH\$]G.2G%UN@;/KM3.RJ[W$!\$)B)K1P4, MCD^)C@ZB='H7&SM4M6PU#*JD/Q#88I-,SR03,-%0#@2Z><4H=P"T1 M,2OE]`L[6(@R4W'PS2$A,ZLV0PP"![3\3)(*G>K#]V\X?/'(7XAO#)DKR3$: MDQP81+U!L?2GMIF\W2W2Q\7\3JT;Q2RBF$=YK,1'1GQHI(S=4S+1Z:)F\9,8 MMN=O')=6JV:%5UD!:[9Y[O&];BD?3+^6SGZ8B7)M]^[A>OEM@;XL;I=/"_G3 M:OZ_T8^Q+=VSBLV`)M^ MKC_+=5DPL5$+DO.3)RXF6:#0]0D_/'881=QP%#CCDKIX1W,*#,LZ&-41%L8- MUG9@W70]SR'YWJS.8'%YD+RGC;N7%`L5;D1/KA(.)2(%7AJD$=&L&J*9Q5"N ML:51DZT+.)R0\&)^(M"ET<7\IU,$Z<>-HZ2%5B#*7NA]3H^__.=,9Y!E,:&;GCT<]OL#GCBF6D3[C?QR4Z(NEV9@ M7IKB%*C+14I!%KS_8"E,HD2G7.F;1FI6PGKV,X`(K9+'/)T-KDC\DX'.%M.[ M=8!90X@,4$+DJ#<@2086X=+""S&0!<&ZR=<-AYDBI>,+=O'6*5VLG3T-$5PF M6=#>+9OV1ZD)*;K7]4%0^P@<45XB&T=#Q\_>%RY""0?DAZ7BD&C1WOBQ@`P.IO7D$C< MW<3W)@)Z3-2)(I&UK#X3QMIZZQ"X'SQZA89^%S)+"S\4][Y4NV/2V]'5+*[_OH(>I!ST-SU-#Y4`>B59\P3>8__?.G:_7U'Z#1_N]X"IX^7MF/4DQ M,_JUH/I7\<$DHX4^2*H?Z90I"2-!&0SF30K,(!Q)=LR7S"!8]:SR#(@:2ND, MR/P3WMP[]@]1I*?*ESY_%1IJ9_QHAZ6SJUDIVBAMI!#O$.`N$EMBCLFW+Y8/ M%'8Y=EJ*O"SM-+7W>S;:TMD_V.')M_=?[>#>^=?)VC[VS M$S=D'%F&C=Y1$],*K:<5OCC^AI55HU6^:.4`M7@<*S[W8M,+-IBL4;W]YC/Z M'O!*7,0N:-TN-CZC[8:RA)!D2\$2^K`A'+\Y9#SR9Q>C=]JBE@PG?J74.%#* MJKVO"9?.EA5)P/Y'P[4!C'SJI,^50Y'U$"*#(3$:(D,@/AXK)T!_9$/"Q#[F MM,-<,Z%+%H!?[R.S#)CH@,%1$\Y//1NHK5?C;[;#(K#*JB$9`8H@LY8ZUH@0&9;P$&R=*JHM@-JWL8SQ>@_3^K6WAQ M"%:HPFY`^-''1]O9W(A2FV*7A'B=):W?.6??2-MDM(B!0EN'0^U%Q-@:]`MA M+D:+CAVIK;.!$!\)\`9<^WIA5^*D!J+BL4H=7!$[VKFJ@(-]%504NP!MQ7;# M'3SA-79>:9BACWKU'5!P*XSH7]_L6Z-"#"M$NP/7^I*.$ON,?D2G6_C+,,-B MF)TKI"MH(O.]0T\],PKW:[\&C"F5%VUCFXRGQ=N*,=T6"BQ?!JT+!![%T2X5 MTH^%7.<("8FQ+.,L@UE*.2WM)_[#\_^,`^105Z M\#N+^LSJ)E".24PVB?)9.2`WVG0WMWU1U-P09>176#12G,'^U% M^T76>7$>\NX1-(1:>7&6Q*/]SHH8T`8V.UQ2S>=2PJ8CG8NXU0X-^L,K=8G! M!TWT:0^0.BX%S8VS/_&*B2Q3BAZLJ/D]@AVD\@.X;VA0CVP_D6N'-K.(M!/D M9#_U4$BQ>?+?T8%5K@$/PAK!7BI,N_P3P#@C7N:LN%KJ^5-&W41B:/W\@KYL M*R,IM%/[M,I*YQ))1@E1XAXR&*3H=XGY),&1%KL#EG[ON;L5]@\W^$?^:5G^ M&W`(4-G0MZ%9?!H@0_D5\>$"4)-8DU)"//*'+=$YG@G3.T=`@H6=97 M`)J4/B`!]&@[FP=!P;>_7IST+39PF9;4ND]70MH\>`I6M'0T5M>D<5F]>9><0O],1YQ`QI)O\-R;JN2IS#N&; MUPWG4%.\$N=`J';0.=24M<0YE,D*Z1Q2""QS#DD50<3(]W07.DHZ*]Y4R7[6 M8+R?+#H.0D'ZMY?;:QQLG7)["("3&0X]FV)7AW`]8\II1W!3SHK]<&\K^ M!((DW4?G1)%"%?8V=;/2,A1]=UF#S7TL])H+[<7$8:&E9Z-)E&FH"01PI=Z[DB0`9_8:HFC3&7RQE7WXKXS>\J!A2I_-P"@/Q^= MOP`*B,H>>&99LWQ@=&G&N4A"?G;]_>EI\;!"REP#>BFYW.J*X=*E>8.VVJV* MG(QW8,"39D3;NL;6<)"!GYABER!TJ9P,10_+AT\=1E*^(>:`*4#L:"A)UA>'U.+'K>#X*,+$;FI3.]YBW M-BU/V=(NR2OV?WAM"370D`H$S@+&TE$GXD/#>!;H3DQ67_Q?-][XU>(R%\* M=A8KD`!R`&5\5=B2FTH'D7`+Z#8R.QF)1H,@.0J\[VA6#SS%>+?S6(>#D]]`'`)^NI:=!T\MM74%OHN?1\=G62`WY*L,*EC%^9O`8#UC1[]? MX'0T+,%H3!K=Y-2ZAP'F13(S/'ZC5=OHWNL1^XZW81?2*D__D"#-L=\R;&9I MKI&LR*S!OOI>$/#C;.X,\.;L(U=ZU72.I"9?NOEU1%_C*4^5E(@[LS&TH]21 MSPDTMLWQ(X=_?(PKBZAJ.2Z!*L%;[TST4F M_:MJN&:C(#Y,1Y%=6Q%6^F:*?3SNG36KV_'+1?UEAE$W.=*[0JZ[W/:2.N] M`XS?B!'M3:+!Y*H8L(`]F5N0U+I$4DCLI$%?AN1O/9;'U#]O]<[G=DB![0V/L^[LORZ?,L@#5 MWC7I`G08JG#B,AY$J2*$+HH((T&9+T(_,.(?@>[1MRB[U8SLQI!IJ ME(E0,+$B@\U_.KG[)5F/&K;P\_&US60XM,99EMY#E!3Z@Q*#FRTNE,NJ(9=) M%.09V#D:,K70!53<>`?;R3WLRWX8$!F<`_WZRJ-!(38XN8Z@HXYL!?@HD`T* M(4EC*\*(HHM&DF^^V3^=P^F0M7+*2\9[Y@<>7]Z_>7ZX(ZNG8$F[6?+NE:(J M3TZOCA9',YWBTYXHNEDB5\/QJ!^W$3YPAF0.$,T1$HFRT4J?MFP0&R,GEDK* M&_AF9A211P+ZRK3_'[+5+^](3'ZP]_2N/';Y5>2#E`;1:HY*9^&CJ-"$O#>7 M;CB\,RI'F[>"(P]1.IRVXZ/@]"-P-H[MTRO.;(>"=H&E*J.[DO:.F'U`7HOD MC&\X)O@7?8;_`97&U[_2CQ*^6/T_;2J1FTR'9JU\GBL M`@.K:#K*F(8D4,C4T.Y\(J>/C`FO^Q-&,U]&:R:(W#WPW1HS*LGRV;&SEA:< MMMLN.NXR3Z7CD0NU"K$H%[P6'H,DGS&X!$\,K)\V.NF/DUB$/;BX0`I+5PI3 MR^I,2%0'-$YU],_U9QF/&`X`T#[H??7HU[`_Y!"^H1`L' M1L?P?'FI(`.S@I1,=9=*8ZG2R*6QGR>-FP4 M)^$%'`G7E\+2E<)8))QE+HE(."5L(U/N`[T<;^^_VL'?3OOWU9OW?[#O+5U\ MZ[SBE7>#UVR\Y.^O/9<562KLD=4,8=/3I,]JPAH[!VEK146C_]TAG MZ;]*)J!;?@$HT,I4('4/Z%.L,O:SMI:,A`^-^JLHJ&CN"X`[Y<+>9,T0_I6< MR4@5NM`2BPCE/N1).V1OU5(TX9OMT;XQXOMZ*[ MEN?FI>QF/&AP)9@>7?M(83`9#!70LR/:F`SZ8X5_AN@+4?&?0.O#2V7C]7S\ MG>TZ_^:ET>B9=9:PD"O'?$-3EX\YN@!!!@YI"^I'WWMU-C1MY'N`-W?NK>/: M[IHVQ5J'SBMOM5!S;ELQ#+:W=P_SA^N[AZ]H?KVZ^QV^OG5]JT_`N)[NN@US.FD[[HG\ MKGRRO(QH)^&?Q:GV;N9L*.]8UW`%/12/73*;7>X6RFZ6F508NXO&E'54E+6- M5&1'8_T:+J,(0?7<1ZZ..^1*[MQ7'(0-1`Q%A.!=1@%W^E4&)F.]B"$:[!>( M&!I3##\H??A]\;SJ?L2@8?4:D"_37;=A?GG$H$NTD_"_;`+L3ZS:KN!7B!A: M45@<,9RX?LC_2?5T.EJHB)YZKN-7B!:B-O>71@M%A.#=10%W^LOHT96>BX@& M^P6BA<84P[<%'Q=/\U\@6M"P>@W(E^FNVS"_/%K0)=I)^%\R^=&-<+W]A2Q7 M\"M$"ZTH+'M_P8M4U.F(H2*"ZKF/CD4,;_/UFEY[I%62?<\E_UQCUK#IT=L[ MZW?^O_1`BYUGY5I813)&W44UWK2C8VL6'?WC-Q2/@9*#]!`?`/TA_@M_.MBJ M1EB0\(1IN<)\I<""OY[-)^%>0X4@`">L21]TYZZ]`U[\/&(WP&4K@-+W3$*X MC)D*+3? M:07G6]OQ?Z=%9VZ<8+WW@I.?5R*Y["VCN"ID1;\1ZV@L\V$H121(]A`EBAA5 M%).%0E2#LJJW\1EAUF%6E1<69EIVF019N78@(+;<;@,+[*>-`@D-*C MZU>Y'PUF'#LQ$?#IYU)YK$KRF,)%OC&I4,B1'<3Z92FAOWF.&\J+?U^KS7*LQ>:WN: M4*J(9U0:8Y7#R*_POT[.\9#CP8R#NH*E9R):5XD=AO,#+IV7RPET#\J$*_WI MIW]5$\ADE$[#N+(6)O(\Z?\3""O670/`4GV@\'W"K]@]E>V'YCX.`+:0DQR7S[]3Z:E0(FZY'3[02."DPQ$TMY MBH''DT"YUI>5SX(A2#"@OT,^F5SE04?0Z@)B:HE5`)7N0.3,NO*QH:H`!!3) M<[W[@HV/C"=-`B(]O'X+L)$E9Y+4>3,E]!%HA7.I2)-D,NB'^^7S\T=T]W"] M_+8`Q4*^4260D",_"`["%^S'_3Z#^Y+>\/G/F\1$'A/:\3KQJ*+K!Z.E=,`- M.M`-OB'YK'KR&4-+F>DE,%.HDBX@IZCO>_:S@(BIU@Y]9LG2!QG6!-GIO0&Q M\D`"W]^]T,"*L`';UYUQPV>VHJ\FGC"-`3ZL=K@Q&D#:.N*F5NU0Q=` M6+6B"$O=B$B>MO2038N#!Z%L($B;*P6Q7C`;-$`'-BSK)ACE?(-CMB(@4J"N MHFPXU&=-=@RE]&Y]=)=90.9?1Z(4L.@"* M1H#$>>,*4"97UW,_K:FX#EV8P,.T@@6G,:JK*`B`/MKO+-!=;FG#W[L@.-E$ M)=?$G>9M6Q2]81"$!6SHGYM,I^)RJ*1&IP=*#TF"B%%L%F8S+IV+=^3K;XJ` MUIR0(RHED\R1DJWS)#,%+0W;4\%4I@Q(^*R\^?I?)\?'"_*_X3N?=7FA"?;W MDN];^CH`L,IXTC?`@:RS&J$L])`@CCAU$;8BA3XTYAJ6GP&0E?=U?IQ8,5:B M!,R%%Z&I$Q'O`BIU33H+HEJZZP1>4P&TKE6D7X3$:(H;?>L<3Z;YZ,Q:=78& MF)<*S2`YWVP<7O"9B)V=S]>SS>#-Z)``Z&/V``P.\-M"&\EA0^X\$=SY:\!(;!+M,T&R M:"I+]>9!3*':'8S5%K409%ZQJ)`HRS#.,IB=ZP@>9VQNU?K*_$DP/+'A]?=! MQJ-^#H88H1X[S>S&%%5#LFS(_(_^Y_X@C@)[:-#O]?OL_]-S%LTGP-V$5\(F M\R$5ZPT(1D?;VZ&;3;-@P"')66+=-XT"[,R=K1S5OJS:;PRHU21(,LV M&_F&+*<,?,>T<:$M56B1_\JW6#TF]9H3138;`AAKNH9[ACTMC<%@T3G@)[)4 MS-QNS7O**,820VL[^WX_.HFD%!`E`;2EV(@H5@51S.$ATWB2MI^6&<;.O37& MF^"6"'#ON;L5]@_WCDOBRNTUF16=_!FG[#VC6"AA1C]#E2Q/8.&4HQ#0J,,/0%\_WO3<2M07HY&[H_,(HH:V]=O9.=D*".4!I M6FD28CI*:N:TSO#T<8&>,-_1UL7G&4%./@\4:T>#>.G>149U+3! MZ60VC$[WHB$0'0/Q05`T"LN4F2.^0.U]BD/TIT"?TPPZ<-7`L=@;Y MLZ!+%1C()V5G9Q%UEE0NU'K5K!\KY4?;L`9#*SH$2B0P)O,76251\`*'S4O. M8XDG6H6'MF%$\X<;M/CO[W>/WQ8/*]#BAU4,]@QK>CJ"0.$3^21X_M/)"PSB MOQO$4S2H_IG]4%X09^\27)"W@3!1DWM+AWM3MIXR"]6@DP*"66WAEJ_ZA&G+ MK;8_.AQ-I].$[=YX!]MQ(:VWC@26G@1&+3A_8_=;F/QGL_M&[<@[2,A+::.EBR+J2"$/F3G>CO!66GBOCO!&=H6J@CC:#:JD M.Y!9,VX<0WO[\J/;DJ56\3LF9]8B1BK,5+.!Q*+2(NF!=KH3-,'75`U*RH`G MNKH&R($@ZZCM,PP,5>7*@0&3<>H!D.5(]GR]XRBJH29"OMAP[Y$UE$I(&+H M2%;_`F;3(H\2,K.26@>.-R7%KGMGM=KFFT2BCNY@T!B2:1=O%K;OTL-QXO1. MA].>&L,-WCKK`CB6OF@4CV7%+A*$6RK:73[;-2NQ ME9`8"ZJP2-,US234M/0"@;7G-79MW_%N/1)1V$%8N!&3\[!!3&5S4&%76IXX M2D(])$D!9^0U(9FE2J8GF"G@%-N9"I8"14`"Y+L;'/':V3H$LVQ'K.0[II\' M@$F*">TEQW0L>W'%2%&H`6]L-B2?54\^TYC)-;TLV&2K!`8Y+WASVN/E=NZ& MSL;9G^C&R3->GWQ6*W+QDV9XX`W-M[GV#L<3W[=<;N4T*2\+%U7-;W@0HQAM MDG/]O81!?RB!S1F@RQR5!13S@"03/`U,88.^%(6@T=U\V$K_D!JU`#1JS@^U M`>2D\VK\R\%ZO&O;]]$8^QV6T`3!8+0.="`_]9V?/Y;4>[3#4+_%/=D6.&? MX1?"XY^E1M[$&"#^K@'&]9O<7`TG:7#72/D-KX@)1+F0?XG*YL:<"$@B MR@QBW(#[.^,:Y>[N=#C8_CO5T:WCVN[:L?<)13UX(7K":\^G_LX.%<5VPYTU MB-)L;];4=X%U9N?\:7NHW!=!W$X>-_H3_DILV,G'8=QW:9BC%@_Y*?E$>>DG73% M_32(UCQ?U=0W@75LYXNX+_2^!0F6;N@Z$&\J+HNJ40-Q5)58K+"E.;+2#BF] MI=!#;#RVZ!$C=M#AM*@C<:Q(X>SLG6CSY8$`R*?6SM>#-]CU#@0_[!?DSVFE MI57;#==3"T_9+J;Z5X!U)63%2;ZFO9_SM(WE5JG5%;M+Z0VK[KA<1AW$U5S$ MLOZ>0'^0L3*28Z.Y3*+9JD7OU%@I8J"#GLB@"BW>2R4=U*#?O3UQ3]PS/?K. MNBMA3B.`R_8]E^L=UA>QTDI*7$KDN<&!LW/I_L\\^`UO=JR_>Q2Z18%;H$9N M<75KXG=3`=T]E83\MZ(G@^0-Q`\""JR?PW$UR_"BO-Z:FE9/MU5CYI$=(,&^ MNN3LQ0O.X&S%J91_I^XD:RTJ)>F@._YEON3Y^O7ZA5VH\$F/A6()\.NX_GRT@'QW:GR;$5/FO0NZ>&U[7LT'8OK:9P*8J_W6-DBR**Y M%\MD*3*Y]'6H2C^7?YV4*.`-U`J@D?`!.:+#H9GQ4'Q[(/6<<20K@VMOS$S& M5@:.H6\+7":.54D3BQ9X^M7KS5B_>*;#=S>K% M\4.,W2*/T@!=\T[G&M&Q$1\,[FG)/B7!O2.L@RI6RS M)&^OA/W/$^VQ'3@A?L;^J[.FC2P=;S/("\];&2E#8WMP,+= MP)[8%(Q80H(GQ)D"6K[!JU?$?UP7QUQ=&%O[M8G.Q/JQ-=7_4DZ-%JX-WY4# M,G:BMGJQW>61I5/\C@/BT.]<+N&*U@Z/DD>;MNK+F/D5W.)%$FIO:DYGLOIH M`WZ3LYS(8N>I""'A&@FV>X@S3D^U.>N]DEM>'7:N!C\2\[Y,40?;_Q.'O-[K#L4M11'/"5S! MEF\"UXA522.=\3(7@*J2WZFK?Q!/Y.Q<9^NL:4,67AV9Q,V/WMY9.[B\5H'> MRR:]A19'%;+L++DDC`FCF#*2I-$?\#G>+8A^GH1=H@50]%]14'@E": M>TT,HG)8E;TKP7THY1`2I'=OF`TD4H4.K6H M26&M6-B5_;,;649ZUIC`EX9*P(#%;_I?V\'+[=Y["TIZ0!2^8AI2.7Q4\/## MJ8(G65R#$D2,(GC_A^;$M.J+:119)>:8@E61S00;6TI<'NX2YAL1.8Z^RV``8+#7?'"P6*PT4D[+(<4&3R^QG(5"G,E#% MWH;)NMN@_2\;$,;2%,8X0K*,*1,2*=EA,$"6<"_>?D,^&=^X*IV-C\U93@'#ZKY?7??UO>WRR>GO_*6BBO_HE` M&W^5FV,22H7*Z`:>[EQ:9)KMG/ALVE,,:^71:WN>&Q+][-G-Y_953\?TST4#8[$Z"F8)QE`DH-VP$YS`*J!O7WM3:CV6'8""A(Z MQ(R!;CF'2[!5[$AJ*QK,Z=P%P0EO;DX^99KEF+"SEN")<.8[ZQ!OV&/LJ.6K M[P7YD6XM8J:=2F4.]5NM7\UFBA-!?"3$AXK2T?AH/12/A_CC(L^-C0D8([2L M'U'L,)(]8,1YFAFXCZ@-A91/J*=%,!_`4\U*SC_.GS.-7'7P"A4VIU>)A`-. M!?Q0XR)YK-C):(AC%$)9EI1"1TIR$,,_'8][MJ"V]W*_]\YE!9AT-EA'._S(X4X_/JV#>$YSKX_/MXOOBT>5O-[='/W?'V_?/[^ MM$#+6W0]?_X-W=XO_X'N'FZ73]_FJ[OE`^PZN)I1)Y!908/-7%A6!J2!,1ES MY=MN8+.SS+R3PTJO&K]VK,>7[E7/T9#\6]PL5B$H2".5=ML(S/(\[ZZ%O3K#&>_(6]DY`NRU-B\=` M\NA[FQ-/VZ/9?/:&WN3S?'Q`(:4("1M]JU3AI*FE1@+2%?DK_H?]?NT1R_"S MJ\<5/&@ZV,SD0C?:F%W-QA8/+1D=]&:_HS6G]-EL`-F`'(-8#D(("4J0%6$: M$,J*A/H4"P5?RJ40)5&$ER]__1DQP.O/.^_U/S?8H9/AB/Z#PGBDS('D5_^7 MA)+463R_'WYXYQ\G_7<#,UIJ4/UMB($E)R[^/N($S%KTA?Q;>ORW;;VYID&- M-EM$B.CMN[O!_OX]T55DX6)_]_X-V\')SRMW4?Z>P=BME!GM#>_!5-8WCVGV MU%8TG"P2=&%BN8;%%7UW7+8(YOUU(",W;8M4`S<]E<``S,?VWODWWGRU'??> M"X*EJ_1NR/W$Q6\9!5TC"X5V9R7T8)ETL>4:ZJ1E6%RH*4; M]DRIRLP MY-JT+04P[ZI$9IJ-P9+MI^9!@,-`#?#`5[S5T1\M@RNJ&B0<"FACU2!T#G9^ MXY.SATP&.XF1M2<_:SB6B`QXXV%)HL=OU[^C/\1_P0L-7"*B7"H$1):-S;OE MT:ZXK,G>(V%7>G^V'ZR6&X@&!)WT,XTO,<>GE0.!DM]MWZ$YO$_TZG7^=:_4 M8P:1G/.L'+N/T#^SL7FCSSE?LVSO\<*(Q MVG(K&LWS9&ZE`73.UZQ*Q2!R*K)6(GME,O">*YL:FF"8;D\TC:ZY;7YFJS@R^9$G=]><50*_=3Q5K#P.8"'T/:%' M?B8_D7_0>N?DA_\'4$L#!!0````(`(R`!D>'KNX72R,``"6<`@`5`!P`87)E M>"TR,#$U,#8S,%]P&UL550)``/'O<-5Q[W#575X"P`!!"4.```$.0$` M`.U=67/CNI5^3U7^@\:IFIJIBMM+=]_)[;HW4_+6<<9MN61U)Y.76S0)29BF M"`4DW59^_0"D*)(25BX"!?'E+C(`GO-A.SM^^>^WA3]X!3B$*/CUY.+=^3K\^GP^?K^_N2___S[W_WR;Z>G@_%X<(."`/@^6`W^[@(?8"<" M@XGSA@*T6`V>,`A!$#D1&6[P`(/O+TX(_CB@__0&Y*>_7XT?!I?O+@:#>10M M/YV=_?CQXQW&7C;F.QE!_S>Z` M0!J$OYX4.'Q[P?X[A&=GY#/OS[*&)[__W2!M_.DMA*4./]YGS2_._O[EX=F= M@X5S"H,P<@*WU)$.QNIZ\?///Y\E?TU;A_!3F(SR@-P$)04"!]P6]/].LV:G M]*?3B\O3]Q?OWD+OY,_T@[]@Y(,QF`X2&CY%JR7X]22$BZ4/3M:_S3&8_GKB M8/!&D?]X_M/[<]K_#S?(C1=T%07>;1#!:'4?3!%>)%2?#.BX7\?W)?*=Y1(C MQR4#ABC&+@B3=12M5^49[7(F'/6L+LUCTO.W9[+P`?W&:'H'`S)3T/&?4`CI M)ZY])PSA%`*O.@N*X^^3F2?2N\:D:'PDFH,(NH[?/'OWY,!;@*$?`1R0Y?`* M&N%G=]3&";]VPOF=CWZ$]X$',7"C1@C?';4VX3)Z3YF/@(C+W/DQVXVCZ2'8JN5@0#H>!=P,(F61QT/\=3:^<$+KT5^C' M$?`*XR4CU3@?]D?C`>%9WGH'`&[#9T5.^`,*9A.`%S?@):+WL1?[8#0M_MH$ M/`I?:8FGH>A9Y7_] MAGSR-SH-3Q@2OII@OVF2#*'5VO*H3X0A1)[CQ<+!*](R[S1:@H`QB7M?2%JT MF<;O>NZ0`^\^*'3N%(:J])G&<=.R\,='%%'A"'O`&T:;4RN MJ!&)VF%`$";G1FLGFL[GFE'J"(0@G*`-NAMU+'R&LX`HP:X31$/717$B7#PA M'U+Q8@+>HBL?N=^KUL+M>CI,EAM'A^UJ6H=N,V7$[5F(Z^.@4^:D"T? M$A%F(]$^.:ND5[L+K29):\B6!6\R=2:7L".-0>!1=UKZ*R6I6:=@0@0A@Y!4 M^K)//:@(EZ=M_>'$31H"]]T,O9YY`)Z1F?Q`_X-.Z8?3\XNUD_0/Y*??AN33 M'OW\G>_,LN%\YP7XOY[L_OVL=7JN8TR-YW=D]AS_?X&#;XDZ2":,01JWJ1Z5 MNXN=_O);-BU#QK0,7\@^=*BOJT24>K_V<05?[[AI[BY3_$9=H<[&8#D?_ M4EZY!";410"'(&E)>T*$"06_GER>#.*0,(>6J>7QL.#9DF]R?"Y[?`1W6X[3 M^QXGH9R2(_6A1THB>>98?>RQ8MQ+.3X_]?CPI8H$@9X+0W1'V\B!/?PPT@.])-X\S)?_L@.6(";[A`.(+_2GY_PF@) M<+1Z\IWT2/IG#)<+(;/-#&\$FTU8TY,#O?O@VEG"R/$+YRJ/:WE'(_R$(8C& M!'><'HHO/IPEL(>/*'#%BU:EJS&>MNWR6W\T1Q?'(\-I9(Y.R8E5:F.<2B50 MM]N:H)JFB]'($O(O>I"].G[B(H^N'8Q71`A;QZLRN5#K:X0K?M@,CQ=!#U,< MK,]AX11L-S-!Z\U:+)\X;\H2AKA/=[B0WCK2;F9XR>)>5,Y.7FNSE!<"W+<( M)-(8D:X?$5&9IO1_9PY-K;]&/I7AL+/MI6ITZ$8").YB',"(!O'#-_JO4""E M*G0P,4^%M2(G"/?`SBDR$7;_E_E;EWD12)N*'4.@N,/F:X"&AT(KEX(9_H0A,3-(X@SR9ZG)J55MC%"`_1'&!%G'D\Z0QA@L>GS`LB50Y9+0U1 MO'2@=_M&(\D!`3;!6$4S4>EIAB..#9AL7LE5JM35!$^%JR3W5DB8$?UEU`=<.#4>3XAX`$1WPH`J+H>=K@=6GS#E/` M2R*?Y3C9O,,4<-K2*W)<[-QONJ;A(E0B4Z:M`8L-X\8RH>XO;/&@H2L"5>7, MLGMO"D,82'L.E/7REP)08H2L%[SX,0YE MD(KA!#D\%<2K5X!?T`$M(36`F'Z('*<*XI2=.,FC2'/0[,KDK@R96LI'#IM= M"=Y57,HE`4LKY,'6D@M5450)Q[6U]$+ME:<5]%6O0$/W18ZJ*#:7W%BMML// M*<(!F%$2[,18)W2O7N4'>]=I,XD9MA:+T`JB8BY-U1CAW&1BYPVNC:`X/S^' MJ\+E?1`JBC9@W.2P'"L[16QMI)0"5W/4["JI5"6>;](V2GCUPU' MJ!9ZG8L95;Q_.GIIUVNAE=\(-EN;@]`RP@G97G+"Y@]9IY_EE^O@]C1<;20M MPS>,HSE9)?_*)Y3/R4Z/3G!P'X:Q.O7KUIV@G%].7ZF+^9Q$S4VAV-D\7XI; M0]*I*WS(EYFLE]7990>D0:KN/MN3E9K!;W>7VYZ\U"1N[/J]ECV%4!/H,Z]`GE`>)XVB#V+H< M^>6'"W$Y\G0$,\IZF&30K)TX_/J?6\W,J()E(B0"+;>YF<*-\N`5#A]*74WP MM/VBN&0^N,V[0/N5$T)7D?"T;1>HOH%^''$U;5YK(Y2_+7V$D[6ZWH\\HG<; MFJ#WLP.#!Q2&HX#Y2/(CB(AX3VX$#A?*W8WP!@(:;D2/$&\!@^0%)$J@>&)D MO4QPDMZ;%.@[(M:D6:`Q6?*C)4B74'@%I@B#S4/I(/P"@T2DR%P'A)_R**D7 M(@UYNP]>29-DRCBH[),"\PC7P:9[7&U$,,G%Q6MMCG*RCM;;[HKLRBFW:A>O MM1G*T^4N/F6V6QDIG@J<$*PW<#`3T\MN:X+J1Z*<9'2D\YX%9HE7M[R?T7*; M8_`*@EC&!+>Y^5*A:XIDA)?:&J&ZO`@>!+5H&2V-E3-=J\X<2@LM#!7"),>M M`,I"`Q/T)?+([=LZX&)MQZ`:LPO#5%CAT*W0T00_7P,,')_:.ED".(\962\3 MG/P-P-F<*&O#5[+79N`Q7KP`/)JN53A5%Z7N*!WB=(159(_3& M,&EK5?+%J[>@;*VTOZ:+L=BP?4UN^X&KIFX=4G*DB3GH7H*6/ M@%3"3CV"R_:W02K!)W6EU7LYQ%+42BYIVVM1R6(T^(7.-S$1M>I/'0!$59V; M562.'1.BG=):BY#RO>O[*]K1B8P6^NK8G8]^A/>$?PP*(*XS6C[2JU*4T4)' M&"1#F,AJ&7K_%Z^EHPD:`Q<%+DP*W^4"U011$HDN^`H)<%>KKR$@0M7&"C9T MR3675IT2QQVT\BD3L0E#/QE\O?S)80*\:[2@-YY"U+YB9R-\%3QTFRRW8)88 MA7GPR0R8Q:7RNY^NVR0WP]$>&9ZFTNIJ$N-R#]MQ9[G"&,Y>+= MI_7G/6Z)^JP!CTN]0_YNA^#I`3I!*6W24GG M5#LV-,8SF5M(Z]0FSU1P)J/:W_KRK#FHL-Y5%X-JROC&6+H):+%TLC!"T0F55$/DQQ,T-`E2A`&>@J[3_#I9\W[EOUDL^[78SP$"^7?D*1XV<4W0=3A!>.2@5KQ=Z-Z-S% MC]%'*\+ M9?4@4*U\^D.*VVX;:IG;T_8D_+T=&(KA3;:G\._O.I0$3M2K!M`#K1EW4*VR M0']2[P*N8=H[@DH%FC[[K94K\@Q7"V0_I!7;-'QJ`0758MF/&=>=D*=ZKTW: MNJ_K12_9GL38PJ+FS*5GD%F0\C?ZG=3IVV M&2`5W!,YD#K*ZB%=Y0VM29&_.@=11Q$]/A#KAG+E.%QW33(ZH MG<4H54+QJAFFCJ>^;Y]AK2 MFID+K&+(F^1U6TM&5\F;V'G'0Z/F5&YF:'NGFBO:>`-#UT=AC$&A?OLU6BQ0 MD`2Z9EHP7$?*/\8+JE0@3!]$N0%D("+VU_'V)R^,R`I#A7W8'[[,O^A=MC>?55YXDW]E,L%0Q:!)47U%6YIPHR M58M^5[%D60=>$U>![7:M!A:C0KET2\U:3;[T6>G1,KO6E_RES]9?+3L&#>XI MF;0YT9E=PK>)4NQ!!#U*&WP%SX"HZ8DO(7W2''CI2X&+91RM.=U90@N:A<$1 MD)H9VTB!^GJ47ZW8`PS?(+>^?8M?/$`$R;X&]Q%8M`17/GQWL'ET%N`&+1S( M*_DM[=8%X\0AF8.>W3GP8A^,IC67TT10=;OACY@I8X3<[Z/D"5]SB3',5.)G40OD19"BUE MRG&VZVFP/ M4-(%B5/422L"Z9!*.6C@4]8Q:D4>'42LH`8T3!&Q5MB1;0B5E:IZV6_=C^P3 MF#OX\F+9FK\'`W*GL6%KN!DZ1R(%<='A[KQ].B#,("0R?8@6T+&H8V(SR^ZM M53(3["_:H&O>JZ%'CN*$P$+"K0GGU54@*$%8+)C,A?WQ"M M0Y)E^X;KLF^\U+J*@S5B!KI&KR!P:.V`&09I0L0H`'P+D+!]6Q1-?B`MBO+V MYAV%O6.S=VSR7&PTB#]\)H>IXXV";PZ&5)(8$WWT0LGO)NANGK=L6]Z`T,4P MN5:4F&+U,\_-'0;_C$'@KD;3M+X/=->I9&HN:7YW\[QE-PM=.4E%$"^_?92X M$PY@GK\O]$4*>EP1RI3X*74P3__6BLG05F*%U]<\5V/@@46RO75/"';/+G&4 MHBZX^14Z=H\?H62@U+5[//%D7=W>G>(,0Q=H'N'\WAWFC%RF&`8N7#I^ZBFA M+8D&P-.S:@]KIM9)>F2O7_A2B'L1]6A$0RO>]]>.[\9^&G,KTANE?=JD3*@_ M2OL8"<,!$3749)Z<0L:],!!2VLV^L+?F:UCSUT<6+5,!DX+[=T`N758?SU#0JT>K29)- M\>($WT?3*=D='MT<#_=7H[%00U#KVX50WC[\6$.2_.*\P46\T+G4UW&35ZLO M"$-C M*EPQ460T:_+[F7!`+?&T!ECRA:^!!W!YR@2T*0]A9'93&L6S6VICIJ8G7"3. M'"&=VZT:60?D]/#BI$8SS:JE3T0`+_V-/NZD=J)ICV$"XS$M`BBX%O._&Z-. M./O%%F8*W8#`P71GATO@PBD$8B,QO[WM*4.&DG#JT?8*LCB40A#2",,9K4(' MO+_&`;CU::O)#S29HSAT`F\RAS@"@%W0I[EQS90K6K^6D"UCP)(R&W4FNZA//6DT\L_1I/O7$,X&ER?;%I.YPY\=A\]S:QXT= M/P!9V8%>[=7BPP%0R4XMVZ@[#A?;2\*-,X MAZY7#I(.PN2HW&-XY'H!>Z%QTXISW(Y<'Y!YP-CB[F6O(HC]ALI)G#FD1ZY! M:$):1.YXE(>^@%]EA(ZTC)\61ISHOPRDRQZD^&BIM*T&4C,) M(SF8=IKK=W+.=N2GW3*_=AY0C/RV(A9;:9KY262G9T*&1CDE.=\E=MKHI)F% MFU-'7HPJ7SEV.AQJ8\6\RNRT8@IS^,K/? M'S]V.HO58%$LL9.?/VV;_+OPM$$>8QP.`^\:!32$!00N?36^*R\="&A4+L"N M-X:1&OB$)OKQV/%'+SZ<.8*:<>RV_6.]?'1'T1S@PB+8<7)M(4*=F'9&*#[=G?AV48ZH+R>A^0OX*) M\]8A9?5V.@5N!%]SXA)39R+(Q#3_;0G2XAL\F4QC`#./0:RI&L;1/%DB`OF2 MT[@;=`ME>FYSH[0KFSM$/1IZYF*S]7BJ-+]=TQ2PU&%V&Z.S-P8N"J@PF6S? MZSEUM]T'MP&9%."M][EL/I7&Z!"7CXB>]S0;F,"_SI%XGI/)N7)HI0.TH+^D MO"#N@V+-C&U,&2>*[`/YA/_7&,/0@TEFM-@6(NEE4DH1G__ES!C>B6N[,BZ[ M:W84)]$*L;UBC\+E5O`>;Y_YMBXEZ25;7$,Z,J>M1AXMP#2O9%NM/$U@IGO! MVZK%"V52\;5HN:E,BHQ@&>[3--8%B\:=`_$WQX_!:'H'`X=L,X>6R[D!&+XZ MZ0F?97"$U)B(/"I<;/[Z#?GD;]1SDN3CA7H&$(ZB=8U\W\'\:NJEOS>BVEWC MV`,C2,0A?S7Y@?X!,!H%X(XP.$$WP$V^5/X]\VC<$8P%E#8QKF$.A4]<-C&L M8?XF9-Q6."P.;)I'T6.@30QK@+]G^-;"$F6.:I:[!B>/.:J9UXZS&^1J]4BK M\8C>:>`T-DOW!D?9BVW"+F9Y*&1GPO"[T@PPNICEX=%9J.)?:&J89A0L4``B M!Z\>42H2IG[^VP#@V>H+<*AH)N=';9B.\IJ*CM697/XC=T`1&2:E;?Y5<6]FMIB+H MR?N9?5I)I,&5Z\"P9'5;_6@ZFF)>:Z$)ZYRMCK8](\K*#+;,#;=O1(L65EO= M<7O&M.AWL#U@HT5(V49DVU]=V@^@S(/4SD(F6H`VI!K;_B;3WC!EKE,[RZ:H MF/[9HCMK#HY'A-]U,I0B*@M*L.T/"\DP801PV/Z0D!(D'+N%[0\&*7E*.,8" MF>/(]M>"M+%3,#39_C!0&^N-"Z&=LFS[;D$V_BR)Q-H05=-@EVVVUE>]WR_, MC(KPUI;*-[6`F<>[_74-^/[5(DQM3HKM2E]?JUC@?5:I56SI(\X5:Q6W_C[S MH261=*9NQM!UJ70?CH$+")GD<'L$T?H)9(Y'7MC%1&@!ZTP71+-PFW>%=F$@ MKZ!#GW[0'G=]^D&??M"G'\AYH$F0:ZEY2'/CR2VG42ZXSHB-G`_*!.R8TXKG M0851]DL]MW*/Y@A]TLMA)X)PUM$8.#[\%_`^$[Q&`2/A61!QJMS7KD#=/DB6 MKS3*Y/.B!BF2AVTW-'&5YFMC:6IB5SE\]+^<)E:$?RM9],=FNO^.5XLB$Q'6N:=1DO` M-,*8\.CWWG!S=O[-&L@T4Z&QF=>Z]ZGV/M5#]*FVB`#1H+,@3.`-PS7M18;" M$$3#:',FZX"A/WA?;JTOM]:0K_5K@&MX6S5Z=\VSU7L`:WD`==:-K38R79>, M5$RSU23;NUH,NEKZ?!2C&:WUI$A;K>-F,M?D9DUKC7!=3"BV]K@XVGS,@S6F M9F^`%3IWQ:#:&_5ZHUYOU#-AU*.:[0,*PT>@A8/6N+TIKS?EF3'H9JMP%+!7 M,8B>,""7+`<-Y>YF$AF*UJEM,GEK7-:K&QIH;V/J;4R]CY'VRWN^W)H%F2H.O%=*'(\;N-:1=-;+T]LS>Q=<3$MFE9/D#HN_($ M/J_H]NB*A>"H;"1D+D#XY*SH'MA,14X;ATM9+R-I]B`@F^@!!;,)P(N$0@[U MK);=N)8;$<>90-12`%\!?D%=OQL:1E&Z,?8G7G?A\'^>DPFXO>`%%OIRFV8J>\6+V$_67(+/'/ED38Q!%./@">`$$2J91,C] MGGQ=$%17=2@CIN3-LD@<9IOE,`8^U0FN44@D`,K%"UTP9!.E>U%R<]8;M)'Y M+"!-I,9T;TAV.RXC%TR:K/Q8O/&(7<=5-M,)/*`5,^ M+"E-K2PJZ[T7C0B"I7EH3G"Q'?S&9;Q2^8[RAK'>LMPJF$WD(MONZ.S9;8CW8=C=ZFPK()M52;HJR_>WQO622(?OR+*['>#;\L4 MR)'8G04=C&CJ:LAR-'.USD8U<>G\E&XH133V)ZT=[F[,?NAW984PB:2,8%)S M"R=3S+.-,1H:H1?\*""(R2J*R366+)8$SU7Z3]EYHCV,D;#_D.!]&T9PX?!C M/K8:'@AMS[_MNJ#F^M$^"?:GOG7Q+KUU<$"0"HGTGV@$1H79 M;6(DER:WN8ECF0^D&O'=$%=E,U#<:@*.CUL^Y0*36,R-"*2'O+-R7\4V65=. M"%T:DPW].`*I0T*J,U8<[5!V966TCGO/WH"7*'?O&KT%RZ1(`_"9CN!T/8X>I('#G4W(U]W)=4;W2PR2=Q[H?*0M-I6?LP6)SZ/724;:6<]9&62-'$U M29M%HD1CV\#V.*#6<&_HH+8]TJ@U_(T>"TR,#$U,#8S,"YX] MPU7'O<-5=7@+``$$)0X```0Y`0``[5Q;;]LX%GX?8/X#UP^+#C"VXZ3IMD$R M`S=I9C-(D\!V.\6\%+1$VT0I4D-2B;V_?@\IR:8M69%LIW$*O22R>+[#<_G$ MJ\33WZ"BV"&^MZ$!/A7-,2*^$AP].5][QH=MCH(3;0. M3]KMAX>'EI1^JJ3EB:"-FLVT@L^Q*2?H3>OPL/7:*>F)B/LGZ,BY=2X)UB"- M?##B!!T>=(Z;!V^;!Z\'AX?4"Q[,AU*1I<0YDZ*.6I3KC3F'G$@C/)O!0A3;&+N5I*! M)&9UWKU[U[:ECG2DFF.,P[G\"*NAE4X*VG%P.\VCSC)*ST*B4987!GOPYNC`07+(4Q3D1\+7LFTJ;8-0$Z2(I)X+?1R7 MP1@97\]A;M"/VW&A(^T!1;6<+8LKXK7&XKZ=%!JGCC(!\2(IX;E;!TU*#?9U M!NL3F@^#@GP$F7J3?(@IR4\9Y?=$Z7Q47);O&8;B4^^J MA+DZ:9';!M*^$%YD#,;<_\`UU;,KJ$0&MNH&HOY9HU!B;DYJD$]&E%-K>.>@ M@YHHA;N7H`K%NI"C[+2]JF%5>01=QRW_S5Y[F'D1L\!K^)V`$XDB8`CA,.Y4 M1RXL6X]+[J9YV76Z^F"W)=CMZ))RZ`DH9G="6:/.&58JX9E)7`\`7TL"BO,( M/2N:*X+K3QQ'/M70CY]#AR@8-;VLC]YC9OHFU)\0HE6=SEVE\PXZ1:XG1%.( M4N7<6O0C"7Z]28+1JR7#?JD37BGA5S"8#DB7:2(Y.'-/\C.;%2M.Y7&Y5,Y% M%!(C=!N:T3HHJ)_::DD\QVIRR<2#NN(^E<33^4G,BA4G\\=!-VC@"!3_9X)[YN3Z*U5%9/A M/V;H1)7'A(HD,O/I('J57M6+=4\S,QS@(2M)BL=T%+/@N/0L$;V*%=8I M?XKI8H6$%VLH3O>;XJECG>-G'V!6(L+6U12S);-B6'VP63.JRB;Z/-9.HQZW MP;8)[A%/0,`9M>[=CF[,VR18"VFR?D%`$63$_+P=P6B.>N8N91$,&5<[B61+ M_OO55TRT\FN54+9LE2'BPJZ$B0O+3+&U+2Z)K5M6G_1N%T1C6N\^[A=/<[:L MGZOR8@9GUF2?@<'+V^@UHS=BM!D0F?&0&0Z9URK]B,$LW+V[2L,2B$+N'&:6 M=%<&94V4JC5<,(7(&;'56=XRRUW?MV9AEGUGK0*@.,>9Y=Q,CA=:W9?9ZOQN ME-^"+9=2Z:Z,+\Y^9M6V<-.F)L-NR3#?A2F9_$?EBY.=65]U=V[JW.XVMV9& M:B>DSKN+=IR7,S6VHS"(_6Q1^EDP*#//^)VD7CKO?CKUQE6JIYAQF47FC1CG;$3S",5Z^X`WXR2I:MJYB6NUC- M7J)E;!:B?$53SX M(F`;2HU#6+NUU"3=A*2+=W'!JJ$1)J-UG:J-E6002]_5&]YM!*_ MQ*I4`U!P=-8PG[,WTP^$OP*B-0U8*J*I-K6<+_0@HTC]BC!CC?;^>KZ%91`<3\:J:XIKG5[!PVCSJMJ?(3$ZM8 ML(AT-0M27%4+"L_56&>#K3_W((\V85K-=347NJJ'(_?0C5)1<9$W,="$Y9T) M2^?--I9L9L5F)N0>"5*6%2G`5'IEE+/$!#G/@(IQ-?!)CR*TT",P%H(#R$.3#V M]%D#IL)F"&,.R3J!H0T5_L`"_4@FLS1.0>W0C#IB614!F.K(E/XA112>-6(X M!?7K#+XG,/W6JCN6)'YC\Y:3'`>*Q/;4_1FQ&9CX M-Y$"0G])[\E`7!#/6KQ\W^S3&P,O191#Q9VH^S$"E,OT76C[,<(S@%G/+@.T MI.\'"5%>T[(+;2\W/'TZW=WSE:_LAPC.]M3)5[97P8D"N]AW'R\A3P3SB>P1 M'4E^1Z1=T^4>Z6OA?>L^8.FK;$0VU;!/82C]#9+=Q"C7YU+B>Y3=#].0 MB5@?7!*NR(W@YFPNQZD"&=>30'"BL9SE^3+"3#WB3%PVC`_M@P(RI'HG+EY" M4P,("(C(Z!JXU) MMF@OFPLP4Q*L"/3U]O\5A\'`#08Z8?8'AK`#GWS@%5SW,2/J#L^RCFZFX24\ MBEGG_A+R&Z3N'(=48Y88?EQTGQPS3>KMZ-Q2X!*;[^[T#*!*=0.S'?!>2"D> MTM..K7^E$4_6]>R0L!_QE`91D.?3N=V#2/R)GU(HT;,^\:";]=_//@JIQWA, MU*UI[.+&[6Z^'>Q$["DK>>%!3OU<];]<]-:C7T18*#>.)13HF6?:=3NOU'4K M-%_C;-8![,[XM+$SZ]H2:&KM_,1ALKRM,W%761U M:.(X>&VF-V#$\S4+/8(9_1\!"RF,7_/>OL\DMCQDGQ+<)YP*F?2ZR\UTQL,2 MLOOEVCTQ2[N&2;'I]FRA6TG'YJP)XO\9'E4!/:.SI^WX!1JX_#]02P$"'@,4````"`",@`9'C5!`H-QJ``!P MM00`$0`8```````!````I($`````87)E>"TR,#$U,#8S,"YX;6Q55`4``\>] MPU5U>`L``00E#@``!#D!``!02P$"'@,4````"`",@`9'G[4Y%4H.``!GQ@`` M%0`8```````!````I($G:P``87)E>"TR,#$U,#8S,%]C86PN>&UL550%``/' MO<-5=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`C(`&1YUGND]K%```'TX! M`!4`&````````0```*2!P'D``&%R97@M,C`Q-3`V,S!?9&5F+GAM;%54!0`# MQ[W#575X"P`!!"4.```$.0$``%!+`0(>`Q0````(`(R`!D>_L%>]ATH``$RT M`P`5`!@```````$```"D@7J.``!A]PU5U>`L``00E#@``!#D!``!02P$"'@,4````"`",@`9'AZ[N%TLC```E MG`(`%0`8```````!````I(%0V0``87)E>"TR,#$U,#8S,%]P&UL550% M``/'O<-5=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`C(`&1WU^;PJ9"P`` M/&\``!$`&````````0```*2!ZOP``&%R97@M,C`Q-3`V,S`N>'-D550%``/' HO<-5=7@+``$$)0X```0Y`0``4$L%!@`````&``8`&@(``,X(`0`````` ` end XML 14 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 15 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments - Summary of Fair Value of Open Commodity Derivatives (Detail) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Derivative Not Designated as Hedging Instruments, Fair Value of Assets Derivative [Member] | Commodity Derivatives [Member]

Derivatives, Fair Value [Line Items]

Unrealized gain on commodity derivatives $ 16,726 $ 39,951

X

- Definition
Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as an asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (c)(2)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

+ Details

Name: us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativesFairValueLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=arex_UnrealizedGainOnCommodityDerivativesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=us-gaap_CommodityContractMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 16 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727

Commitments and Contingencies
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies

Our contractual obligations include long-term debt, a daywork drilling contract, operating lease obligations, asset retirement obligations and employment agreements with our executive officers. At June 30, 2015, outstanding borrowings under the Credit Facility were $257 million, compared to $150 million at December 31, 2014. In February 2015, we exercised our early termination option related to one of our daywork drilling contracts. We incurred $0.5 million in expenses related to the early termination of this contract, which is recorded in exploration expense on our consolidated statements of operations. Since December 31, 2014, there have been no other material changes to our contractual obligations.

In August 2015, we exercised our early termination option related to our last remaining drilling rig contract. We incurred $1.8 million in expenses related to the early termination of this contract, which will be recorded on our consolidated statements of operations in the third quarter of 2015.

We are involved in various legal and regulatory proceedings arising in the normal course of business. While we cannot predict the outcome of these proceedings with certainty, we do not believe that an adverse result in any pending legal or regulatory proceeding, individually or in the aggregate, would be material to our consolidated financial condition or cash flows.

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 17 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727

Share-Based Compensation - Additional Information (Detail) - 1 months ended Feb. 28, 2015 - USD ($)
$ in Millions

Total

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares award 724,249

Fair market value of award assuming target TSR achieved $ 4.5

Service period 3 years

Performance Condition Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares award 482,833

Total Shareholder Return Performance Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares award 241,416

X

- Definition
Estimated period over which an employee is required to provide service in exchange for the equity-based payment award, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (d)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=arex_PerformanceConditionAwardsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=arex_CumulativeShareholderReturnPerformanceStockAwardsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727

Long-Term Debt
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

3. Long-Term Debt

The following table provides a summary of our long-term debt at June 30, 2015, and December 31, 2014 (in thousands).

 June 30, December 31,

 2015 2014

Senior secured credit facility:


Outstanding borrowings
 $ 257,000 $ 150,000

Debt issuance costs
 (2,590 ) (2,928 )





Senior secured credit facility, net
 254,410 147,072

Senior notes:


Principal
 250,000 250,000

Debt issuance costs
 (5,312 ) (5,761 )





Senior notes, net
 244,688 244,239





Total long-term debt
 $ 499,098 $ 391,311





Senior Secured Credit Facility

At June 30, 2015, our borrowing base under our amended and restated senior secured credit facility (the “Credit Facility”) was $525 million, with aggregate lender commitments of $450 million and maximum commitments from the lenders of $1 billion. The Credit Facility has a maturity date of May 7, 2019. The borrowing base is redetermined semi-annually in April and October based on our oil, NGL and gas reserves. We, or the lenders, can each request one additional borrowing base redetermination each calendar year.

Borrowings bear interest based on the agent bank’s prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available under the Credit Facility. Margins vary based on the borrowings outstanding compared to the borrowing base of the lenders.

We had outstanding borrowings of $257 million under the Credit Facility at June 30, 2015, compared to $150 million of outstanding borrowings at December 31, 2014. The weighted average interest rate applicable to borrowings under the Credit Facility for the six months ended June 30, 2015, was 2%. We had outstanding unused letters of credit under the Credit Facility totaling $0.3 million at June 30, 2015, and December 31, 2014, which reduce amounts available for borrowing under the Credit Facility.

Obligations under the Credit Facility are secured by mortgages on substantially all of the oil and gas properties of the Company and its subsidiaries. The Company is required to maintain liens covering the oil and gas properties of the Company and its subsidiaries representing at least 80% of the total value of all oil and gas properties of the Company and its subsidiaries.

Covenants

The Credit Facility contains two principal financial covenants:

• a consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter, and

• a consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.

The Credit Facility also contains covenants restricting cash distributions and other restricted payments, transactions with affiliates, incurrence of other debt, consolidations and mergers, the level of operating leases, asset sales, investment in other entities and liens on properties.

In addition, the obligations of the Company may be accelerated upon the occurrence of an Event of Default (as defined in the Credit Facility). Events of Default include customary events for a financing agreement of this type, including, without limitation, payment defaults, the inaccuracy of representations and warranties, defaults in the performance of affirmative or negative covenants, defaults on other indebtedness of the Company or its subsidiaries, bankruptcy or related defaults, defaults related to judgments and the occurrence of a Change of Control (as defined in the Credit Facility), which includes instances where a third party becomes the beneficial owner of more than 50% of the Company’s outstanding equity interests entitled to vote.

Senior Notes

In June 2013, we completed our public offering of $250 million principal amount of 7% Senior Notes due 2021 (the “Senior Notes”). Annual interest on the Senior Notes is $17.5 million, payable semi-annually on June 15 and December 15. On June 15, 2015, we made a semi-annual interest payment of $8.8 million.

We issued the Senior Notes under a senior indenture dated June 11, 2013, among the Company, our subsidiary guarantors and Wells Fargo Bank, National Association, as trustee. The senior indenture, as supplemented by a supplemental indenture dated June 11, 2013, is referred to as the “Indenture.”

On and after June 15, 2016, we may redeem some or all of the Senior Notes at specified redemption prices, plus accrued and unpaid interest to the redemption date. Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. In addition, before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. If we sell certain of our assets or experience specific kinds of changes of control, we may be required to offer to purchase the Senior Notes from holders. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee:

• in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if the sale or other disposition otherwise complies with the Indenture;

• in connection with any sale or other disposition of the capital stock of that guarantor to a person that is not (either before or after giving effect to such transaction) the Company or a subsidiary guarantor, if that guarantor no longer qualifies as a subsidiary of the Company as a result of such disposition and the sale or other disposition otherwise complies with the Indenture;

• if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the Indenture;

• upon defeasance or covenant defeasance of the notes or satisfaction and discharge of the Indenture, in each case, in accordance with the Indenture;

• upon the liquidation or dissolution of that guarantor, provided that no default or event of default occurs under the indenture as a result thereof or shall have occurred and is continuing; or

• in the case of any restricted subsidiary that, after the issue date of the notes is required under the Indenture to guarantee the notes because it becomes a guarantor of indebtedness issued or an obligor under a credit facility with respect to the Company and/or its subsidiaries, upon the release or discharge in full from its (i) guarantee of such indebtedness or (ii) obligation under such credit facility, in each case, which resulted in such restricted subsidiary’s obligation to guarantee the notes.

The Indenture restricts our ability, among other things, to (i) sell certain assets, (ii) pay distributions on, redeem or repurchase, equity interests, (iii) incur additional debt, (iv) make certain investments, (v) enter into transactions with affiliates, (vi) incur liens and (vii) merge or consolidate with another company. These restrictions are subject to a number of important exceptions and qualifications. If at any time the Senior Notes are rated investment grade by both Moody’s Investors Service and Standard & Poor’s Ratings Services and no default (as defined in the Indenture) has occurred and is continuing, many of these restrictions will terminate. The Indenture contains customary events of default.

Subsidiary Guarantors

The Senior Notes are guaranteed on a senior unsecured basis by each of our consolidated subsidiaries. Approach Resources Inc. is a holding company with no independent assets or operations. The subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the Company other than the subsidiary guarantors are minor. There are no significant restrictions on the Company’s ability, or the ability of any subsidiary guarantor, to obtain funds from its subsidiaries through dividends, loans, advances or otherwise.

At June 30, 2015, we were in compliance with all of our covenants, and there were no existing defaults or events of default, under our debt instruments.

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 19 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727

Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

CURRENT ASSETS:

Cash and cash equivalents $ 752 $ 432

Accounts receivable:

Joint interest owners 67 132

Oil, NGL and gas sales 17,290 19,635

Unrealized gain on commodity derivatives 16,716 39,951

Prepaid expenses and other current assets 1,246 929

Total current assets 36,071 61,079

PROPERTIES AND EQUIPMENT:

Oil and gas properties, at cost, using the successful efforts method of accounting 1,838,218 1,708,278

Furniture, fixtures and equipment 5,614 5,561

Total oil and gas properties and equipment 1,843,832 1,713,839

Less accumulated depletion, depreciation and amortization (436,785) (382,180)

Net oil and gas properties and equipment 1,407,047 1,331,659

Unrealized gain on commodity derivatives 10

Total assets 1,443,128 1,392,738

CURRENT LIABILITIES:

Accounts payable 16,504 33,336

Oil, NGL and gas sales payable 4,837 8,536

Deferred income taxes - current 5,851 14,242

Accrued liabilities 40,280 50,738

Total current liabilities 67,472 106,852

NON-CURRENT LIABILITIES:

Senior secured credit facility, net 254,410 147,072

Senior notes, net 244,688 244,239

Deferred income taxes 107,704 110,677

Asset retirement obligations 9,893 9,571

Total liabilities $ 684,167 $ 618,411

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY :

Preferred stock, $0.01 par value, 10,000,000 shares authorized none outstanding

Common stock, $0.01 par value, 90,000,000 shares authorized, 40,547,527 and 39,814,199 issued and outstanding, respectively $ 399 $ 399

Additional paid-in capital 577,080 572,888

Retained earnings 181,482 201,040

Total stockholders' equity 758,961 774,327

Total liabilities and stockholders' equity $ 1,443,128 $ 1,392,738

X

- Definition
Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation.
+ References
No definition available.
+ Details

Name: arex_FurnitureFixturesAndEquipment

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccountsPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

+ Details

Name: us-gaap_AccountsReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

+ Details

Name: us-gaap_AdditionalPaidInCapitalCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

+ Details

Name: us-gaap_AssetRetirementObligationsNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.9)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

+ Details

Name: us-gaap_AssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),19)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.17)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommitmentsAndContingencies

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as current.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31958-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31917-109318

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319

+ Details

Name: us-gaap_DeferredTaxLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31958-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31917-109318

+ Details

Name: us-gaap_DeferredTaxLiabilitiesNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13495-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Assets

-URI http://asc.fasb.org/extlink&oid=6509628

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611

+ Details

Name: us-gaap_DerivativeAssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, after offset of derivative liability, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, before offset against an obligation to return collateral under a master netting arrangement. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=51825145&loc=SL20226008-175313

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=51825145&loc=SL20226006-175313

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 8

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

+ Details

Name: us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 25

-Article 7

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.21)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesNoncurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_LineOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Current portion of accounts receivable attributable to joint interest partners in oil and gas properties. These are billings to the non-operators associated with the operation of wells and are based on those owners' working interests in the wells. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 323

-Section 25

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6474814&loc=d3e64006-109457

+ Details

Name: us-gaap_OilAndGasJointInterestBillingReceivablesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Oil and Gas properties, gross, carried under the successful effort method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 235

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61901-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-10.(b))

-URI http://asc.fasb.org/extlink&oid=50486907&loc=d3e511914-122862

+ Details

Name: us-gaap_OilAndGasPropertySuccessfulEffortMethodGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Oil and gas properties net of accumulated depreciation, depletion, amortization, impairment, and abandonment, carried under the successful effort method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 235

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61901-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-10.(b))

-URI http://asc.fasb.org/extlink&oid=50486907&loc=d3e511914-122862

+ Details

Name: us-gaap_OilAndGasPropertySuccessfulEffortMethodNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of obligations incurred and payable to third parties for oil and gas that has been sold but not delivered. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_OilAndGasSalesPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Other oil and gas properties not otherwise defined but accounted for using the successful effort method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 235

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61901-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-10.(b))

-URI http://asc.fasb.org/extlink&oid=50486907&loc=d3e511914-122862

+ Details

Name: us-gaap_OtherOilAndGasPropertySuccessfulEffortMethod

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 8

-Article 5

+ Details

Name: us-gaap_PrepaidExpenseAndOtherAssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_PropertyPlantAndEquipmentNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_ReceivablesNetCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_SeniorLongTermNotes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4I

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683

+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 20 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727

Summary of Significant Accounting Policies
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Organization and Nature of Operations

Approach Resources Inc. (“Approach,” the “Company,” “we,” “us” or “our”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. We focus on finding and developing oil and natural gas reserves in oil shale and tight gas sands. Substantially all of our properties are located in the Permian Basin in West Texas.

Consolidation, Basis of Presentation and Significant Estimates

The interim consolidated financial statements of the Company are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full year, due in part to the volatility in prices for oil, natural gas liquids (“NGLs”) and gas, future commodity prices for commodity derivative contracts, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, the timing of acquisitions, product supply and demand, market competition and interruptions of production. You should read these consolidated interim financial statements in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 26, 2015.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions are eliminated. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. Significant assumptions are required in the valuation of proved oil and gas reserves, which affect our estimate of depletion expense as well as our impairment analyses. Significant assumptions also are required in our estimation of accrued liabilities, commodity derivatives, income tax provision, share-based compensation and asset retirement obligations. It is at least reasonably possible these estimates could be revised in the near term, and these revisions could be material. Certain prior-year amounts have been reclassified to conform to current-year presentation. These classifications have no impact on the net (loss) income reported.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. This new guidance permits adoption through the use of either a full retrospective approach or a modified retrospective approach for annual reporting periods beginning on or after December 15, 2016, with early application not permitted. In July 2015, FASB delayed the effective date one year, making the new standard effective for interim periods and annual periods beginning after December 15, 2017. We have not determined which transition method we will use and are continuing to evaluate our existing revenue recognition policies to determine whether any of our contracts will be affected by the new requirements.

In April 2015, FASB issued an accounting standards update for “Interest – Imputation of Interest,” which simplifies the presentation of debt issuance costs. This accounting standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new update is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years), with early adoption permitted and retrospective application required. We have elected to adopt this accounting standard update as of June 30, 2015. The adoption of this new accounting standard update resulted in a reclassification of debt issuance costs from Other assets to Senior secured credit facility, net and Senior notes, net. See Note 3 “Long-Term Debt” for disclosure of debt issuance costs. Adoption of this accounting standard update did not impact our statements of operations or cash flows.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for all significant accounting policies of the reporting entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18861-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18743-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18854-107790

+ Details

Name: us-gaap_SignificantAccountingPoliciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 21 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Income Taxes [Line Items]

Effective income tax rate 38.30% 36.20% 36.80% 36.30%

Share-based compensation tax shortfall $ 0.2 $ 0.4

State Tax [Member]

Income Taxes [Line Items]

Reduction in state tax rate $ (0.8)

X

- Definition
Income Taxes [Line Items]
+ References
No definition available.
+ Details

Name: arex_IncomeTaxesLineItems

Namespace Prefix: arex_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(2))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name: us-gaap_EffectiveIncomeTaxRateContinuingOperations

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations, attributable to increase (decrease) in the income tax rates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32059-109318

+ Details

Name: us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible equity-based compensation costs.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

+ Details

Name: us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_IncomeTaxAuthorityAxis=us-gaap_StateAndLocalJurisdictionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 22 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments - Additional Information (Detail)
$ in Thousands
6 Months Ended

Jun. 30, 2015

USD ($)

$ / bbl

bbl

Dec. 31, 2014

USD ($)

Derivative Instruments And Hedging Activities [Line Items]

Accounts receivable related to oil, NGL and gas sales $ 17,290 $ 19,635

Realized Gain on Commodity Derivatives [Member]

Derivative Instruments And Hedging Activities [Line Items]

Accounts receivable related to oil, NGL and gas sales $ 2,400 $ 4,800

Crude - Oil July 2015 - December 2016 Contract One [Member] | Swap [Member]

Derivative Instruments And Hedging Activities [Line Items]

Volume Transacted | bbl 500

Contract Price | $ / bbl 62.50

Crude - Oil July 2015 - December 2016 Contract Two [Member] | Swap [Member]

Derivative Instruments And Hedging Activities [Line Items]

Volume Transacted | bbl 250

Contract Price | $ / bbl 62.55

X

- Definition
Derivative Instruments And Hedging Activities [Line Items]
+ References
No definition available.
+ Details

Name: arex_DerivativeInstrumentsAndHedgingActivitiesLineItems

Namespace Prefix: arex_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

+ Details

Name: us-gaap_AccountsReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Nominal volume used to calculate payments on a derivative instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeNonmonetaryNotionalAmountVolume

Namespace Prefix: us-gaap_

Data Type: num:volumeItemType

Balance Type: na

Period Type: duration

X

- Definition
Specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates for a derivative contract measured in energy volume but not the derivative contract itself.
+ References
No definition available.
+ Details

Name: us-gaap_UnderlyingDerivativeEnergyMeasure

Namespace Prefix: us-gaap_

Data Type: us-types:perUnitItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=arex_RealizedGainOnCommodityDerivativesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=us-gaap_SwapMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 23 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 24 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Common Share
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

2. Earnings Per Common Share

We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. The following table provides a reconciliation of the numerators and denominators of our basic and diluted earnings per share (dollars in thousands, except per-share amounts).

 Three Months Ended
June 30, Six Months Ended
June 30,

 2015 2014 2015 2014

Income (numerator):


Net (loss) income – basic
 $ (11,850 ) $ 3,793 $ (19,558 ) $ 6,738





Weighted average shares (denominator):


Weighted average shares – basic
 40,554,758 39,368,606 40,357,059 39,306,296

Dilution effect of share-based compensation, treasury method
 — (1) 16,007 — (1) 16,096





Weighted average shares – diluted
 40,554,758 39,384,613 40,357,059 39,322,392





Net (loss) income per share:


Basic
 $ (0.29 ) $ 0.10 $ (0.48 ) $ 0.17





Diluted
 $ (0.29 ) $ 0.10 $ (0.48 ) $ 0.17





(1) Approximately 39,000 options to purchase our common stock were excluded from this calculation because they were antidilutive for the three and six months ended June 30, 2015.

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for earnings per share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 25 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares

Jun. 30, 2015

Dec. 31, 2014

Statement of Financial Position [Abstract]

Preferred stock, par value $ 0.01 $ 0.01

Preferred stock, shares authorized 10,000,000 10,000,000

Preferred stock, shares outstanding 0 0

Common stock, par value $ 0.01 $ 0.01

Common stock, shares authorized 90,000,000 90,000,000

Common stock, issued 40,547,527 39,814,199

Common stock, outstanding 40,547,527 39,814,199

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StatementOfFinancialPositionAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Earnings Per Share [Abstract]

Net (loss) income - basic $ (11,850) $ 3,793 $ (19,558) $ 6,738

Weighted average shares - basic 40,554,758 39,368,606 40,357,059 39,306,296

Dilution effect of share-based compensation, treasury method 16,007 16,096

Weighted average shares - diluted 40,554,758 39,384,613 40,357,059 39,322,392

Basic $ (0.29) $ 0.10 $ (0.48) $ 0.17

Diluted $ (0.29) $ 0.10 $ (0.48) $ 0.17

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 28A

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1500-109256

+ Details

Name: us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 27 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727

Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Jul. 30, 2015

Document And Entity Information [Abstract]

Document Type 10-Q

Amendment Flag false

Document Period End Date Jun. 30, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q2

Trading Symbol AREX

Entity Registrant Name Approach Resources Inc

Entity Central Index Key 0001405073

Current Fiscal Year End Date --12-31

Entity Filer Category Large Accelerated Filer

Entity Common Stock, Shares Outstanding 40,556,033

X

- Definition
Document and entity information.
+ References
No definition available.
+ Details

Name: arex_DocumentAndEntityInformationAbstract

Namespace Prefix: arex_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details

Name: dei_TradingSymbol

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - Jun. 30, 2015 - shares

Total

Total

Stock Option [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive securities excluded from computation of earnings per common share 39,000 39,000

X

- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Antidilution

-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Diluted Earnings Per Share

-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_StockOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 29 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727

Unaudited Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

REVENUES:

Oil, NGL and gas sales $ 38,605 $ 73,408 $ 71,903 $ 135,335

EXPENSES:

Lease operating 6,917 7,946 14,063 15,797

Production and ad valorem taxes 2,974 4,925 5,802 9,094

Exploration 1,165 1,966 2,255 2,704

General and administrative 7,510 7,402 15,612 15,937

Depletion, depreciation and amortization 28,404 28,573 54,924 52,179

Total expenses 46,970 50,812 92,656 95,711

OPERATING (LOSS) INCOME (8,365) 22,596 (20,753) 39,624

OTHER:

Interest expense, net (6,243) (5,357) (12,165) (10,494)

Equity in losses of investee (186) (186)

Realized gain (loss) on commodity derivatives 9,281 (3,320) 25,182 (4,659)

Unrealized loss on commodity derivatives (13,904) (7,678) (23,225) (13,604)

Other income (expense) 12 (109) 38 (109)

(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) PROVISION (19,219) 5,946 (30,923) 10,572

INCOME TAX (BENEFIT) PROVISION (7,369) 2,153 (11,365) 3,834

NET (LOSS) INCOME $ (11,850) $ 3,793 $ (19,558) $ 6,738

(LOSS) EARNINGS PER SHARE:

Basic $ (0.29) $ 0.10 $ (0.48) $ 0.17

Diluted $ (0.29) $ 0.10 $ (0.48) $ 0.17

WEIGHTED AVERAGE SHARES OUTSTANDING:

Basic 40,554,758 39,368,606 40,357,059 39,306,296

Diluted 40,554,758 39,384,613 40,357,059 39,322,392

X

- Definition
Total costs of sales and operating expenses for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_CostsAndExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 360

-Section 25

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=56951519&loc=d3e64954-109465

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-10.(a)(15))

-URI http://asc.fasb.org/extlink&oid=50486907&loc=d3e511914-122862

+ Details

Name: us-gaap_ExplorationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

+ Details

Name: us-gaap_GainLossOnDerivativeInstrumentsNetPretax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of the cost of borrowed funds accounted for as interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of lease operating expense related to property used in oil and gas production.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 10

-Paragraph a

-Subparagraph 17

-Article 4

+ Details

Name: us-gaap_LeaseOperatingExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OilAndGasRevenueAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Revenue from the sale of oil and gas during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 235

-Section 50

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e62246-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 932

-SubTopic 235

-Section 50

-Paragraph 23

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e62136-109447

+ Details

Name: us-gaap_OilAndGasSalesRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.4)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

+ Details

Name: us-gaap_OtherIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
All taxes not related to income of the entity or excise or sales taxes levied on the revenue of the entity that are not reported elsewhere. These taxes could include production, real estate, personal property, and pump tax.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.9)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_TaxesExcludingIncomeAndExciseTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_UnrealizedGainLossOnDerivatives

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 30 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

Share-Based Compensation
6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

7. Share-Based Compensation

In February 2015, we awarded an aggregate of 724,249 restricted shares to our executive officers, of which 482,833 shares are subject to certain performance conditions and 241,416 shares are subject to three-year total shareholder return (“TSR”) conditions, assuming maximum TSR is achieved. The aggregate fair market value of the award, assuming target TSR is achieved, is $4.5 million, which will be expensed over a service period of approximately three years, subject to performance and three-year TSR conditions.

X

- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 31 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments
6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Financial and Derivative Instruments

6. Fair Value of Financial and Derivative Instruments

The following table provides our outstanding commodity derivative positions at June 30, 2015.

Commodity and Period

Contract Type
Volume Transacted Contract Price

Crude Oil


July 2015 – December 2015
Collar 1,600 Bbls/d $84.00/Bbl - $91.00/Bbl

July 2015 – December 2015
Collar 1,000 Bbls/d $90.00/Bbl - $102.50/Bbl

July 2015 – December 2015
Three-Way Collar 500 Bbls/d $75.00/Bbl - $84.00/Bbl -
$94.00/Bbl

July 2015 – December 2015
Three-Way Collar 500 Bbls/d $75.00/Bbl - $84.00/Bbl -
$95.00/Bbl

July 2015 – December 2016
Swap 500 Bbls/d $62.50/Bbl

July 2015 – December 2016
Swap 250 Bbls/d $62.55/Bbl

Natural Gas


July 2015 – December 2015
Swap 200,000 MMBtu/month $4.10/MMBtu

July 2015 – December 2015
Collar 130,000 MMBtu/month $4.00/MMBtu - $4.25/MMBtu

In June 2015, we entered into crude oil swaps covering a total of 500 Bbls per day and 250 Bbls per day through December 31, 2016, at $62.50/Bbl and $62.55/Bbl, respectively.

The following table summarizes the fair value of our open commodity derivatives as of June 30, 2015, and December 31, 2014 (in thousands).


Asset Derivatives


Balance Sheet Location
 Fair Value

 June 30, December 31,

 2015 2014

Derivatives not designated as hedging instruments


Commodity derivatives

Unrealized gain on commodity derivatives
 $ 16,726 $ 39,951

The following table summarizes the change in the fair value of our commodity derivatives (in thousands).


Income Statement
 Three Months Ended Six Months Ended


Location
 June 30, June 30,

 2015 2014 2015 2014

Derivatives not designated as hedging instruments


Commodity derivatives

Realized gain (loss) on commodity derivatives
 $ 9,281 $ (3,320 ) $ 25,182 $ (4,659 )


Unrealized loss on commodity derivatives
 (13,904 ) (7,678 ) (23,225 ) (13,604 )



 $ (4,623 ) $ (10,998 ) $ 1,957 $ (18,263 )



Unrealized gains and losses, at fair value, are included on our consolidated balance sheets as current or non-current assets or liabilities based on the anticipated timing of cash settlements under the related contracts. Changes in the fair value of our commodity derivative contracts are recorded in earnings as they occur and included in income (expense) on our consolidated statements of operations. We estimate the fair values of swap contracts based on the present value of the difference in exchange-quoted forward price curves and contractual settlement prices multiplied by notional quantities. We internally valued the option contracts using industry-standard option pricing models and observable market inputs. We use our internal valuations to determine the fair values of the contracts that are reflected on our consolidated balance sheets. Realized gains and losses are also included in income (expense) on our consolidated statements of operations. Accounts receivable related to oil, NGL and gas sales includes $2.4 million and $4.8 million from realized gains on commodity derivatives at June 30, 2015, and December 31, 2014, respectively.

We are exposed to credit losses in the event of nonperformance by the counterparties on our commodity derivatives positions and have considered the exposure in our internal valuations. However, we do not anticipate nonperformance by the counterparties over the term of the commodity derivatives positions.

To estimate the fair value of our commodity derivatives positions, we use market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and attempt to use the best available information. We determine the fair value based upon the hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are as follows:

• Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. At June 30, 2015, we had no Level 1 measurements.

• Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Our derivatives, which consist primarily of commodity swaps and collars, are valued using commodity market data which is derived by combining raw inputs and quantitative models and processes to generate forward curves. Where observable inputs are available, directly or indirectly, for substantially the full term of the asset or liability, the instrument is categorized in Level 2. At June 30, 2015, all of our commodity derivatives were valued using Level 2 measurements.

• Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At June 30, 2015, we had no Level 3 measurements.

Financial Instruments Not Recorded at Fair Value

The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands).

 June 30, 2015

 Carrying
Amount Fair Value

Senior Notes, net
 $ 244,688 $ 228,750





The fair value of the Senior Notes uses pricing that is readily available in the public market. Accordingly, the fair value of the Senior Notes would be classified as Level 2 in the fair value hierarchy.

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4H

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4E

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments - Commodity Derivative Volumes and Prices (Detail) - 6 months ended Jun. 30, 2015

MMBTU

$ / bbl

$ / MMBTU

bbl

Crude - Oil July 2015 - December 2015 Contract One [Member] | Collar [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 1,600

Crude - Oil July 2015 - December 2015 Contract One [Member] | Collar [Member] | Minimum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 84.00

Crude - Oil July 2015 - December 2015 Contract One [Member] | Collar [Member] | Maximum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 91.00

Crude - Oil July 2015 - December 2015 Contract Two [Member] | Collar [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 1,000

Crude - Oil July 2015 - December 2015 Contract Two [Member] | Collar [Member] | Minimum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 90.00

Crude - Oil July 2015 - December 2015 Contract Two [Member] | Collar [Member] | Maximum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 102.50

Crude - Oil July 2015 - December 2015 Contract Three [Member] | Three-Way Collar [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 500

Contract Price 84.00

Crude - Oil July 2015 - December 2015 Contract Three [Member] | Three-Way Collar [Member] | Minimum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 75.00

Crude - Oil July 2015 - December 2015 Contract Three [Member] | Three-Way Collar [Member] | Maximum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 94.00

Crude - Oil July 2015 - December 2015 Contract Four [Member] | Three-Way Collar [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 500

Contract Price 84.00

Crude - Oil July 2015 - December 2015 Contract Four [Member] | Three-Way Collar [Member] | Minimum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 75.00

Crude - Oil July 2015 - December 2015 Contract Four [Member] | Three-Way Collar [Member] | Maximum [Member]

Derivatives, Fair Value [Line Items]

Contract Price 95.00

Crude - Oil July 2015 - December 2016 Contract One [Member] | Swap [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 500

Contract Price 62.50

Crude - Oil July 2015 - December 2016 Contract Two [Member] | Swap [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | bbl 250

Contract Price 62.55

Natural Gas July 2015 - December 2015 Contract One [Member] | Swap [Member]

Derivatives, Fair Value [Line Items]

Contract Price | $ / MMBTU 4.10

Volume Transacted | MMBTU 200,000

Natural Gas July 2015 - December 2015 Contract Two [Member] | Collar [Member]

Derivatives, Fair Value [Line Items]

Volume Transacted | MMBTU 130,000

Natural Gas July 2015 - December 2015 Contract Two [Member] | Collar [Member] | Minimum [Member]

Derivatives, Fair Value [Line Items]

Contract Price | $ / MMBTU 4.00

Natural Gas July 2015 - December 2015 Contract Two [Member] | Collar [Member] | Maximum [Member]

Derivatives, Fair Value [Line Items]

Contract Price | $ / MMBTU 4.25

X

- Definition
Nominal energy measure used to calculate payments on a derivative instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure

Namespace Prefix: us-gaap_

Data Type: num:energyItemType

Balance Type: na

Period Type: duration

X

- Definition
Nominal volume used to calculate payments on a derivative instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeNonmonetaryNotionalAmountVolume

Namespace Prefix: us-gaap_

Data Type: num:volumeItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativesFairValueLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates for a derivative contract measured in energy volume but not the derivative contract itself.
+ References
No definition available.
+ Details

Name: us-gaap_UnderlyingDerivativeEnergyMeasure

Namespace Prefix: us-gaap_

Data Type: us-types:perUnitItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=arex_CollarMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractThreeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=arex_ThreeWayCollarsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractFourMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=us-gaap_SwapMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_CrudeOilJulyTwoZeroOneFiveToDecemberTwoZeroOneSixContractTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=arex_NaturalGasJulyTwoZeroOneFiveToDecemberTwoZeroOneFiveContractTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 33 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727

Long-Term Debt - Schedule of Long Term Debt (Detail) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Outstanding borrowings $ 257,000 $ 150,000

Senior secured credit facility, net 254,410 147,072

Senior notes, net 244,688 244,239

Total long-term debt 499,098 391,311

Senior Notes [Member]

Debt Instrument [Line Items]

Principal 250,000 250,000

Debt issuance costs (5,312) (5,761)

Senior notes, net 244,688 244,239

Senior Secured Credit Facility [Member]

Debt Instrument [Line Items]

Outstanding borrowings 257,000 150,000

Debt issuance costs (2,590) (2,928)

Senior secured credit facility, net $ 254,410 $ 147,072

X

- Definition
Line of credit facility gross amount borrowed.
+ References
No definition available.
+ Details

Name: arex_LineOfCreditFacilityGrossAmountBorrowed

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Face (par) amount of debt instrument at time of issuance.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

+ Details

Name: us-gaap_DebtInstrumentFaceAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees).
+ References
No definition available.
+ Details

Name: us-gaap_DebtIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_LineOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20, 22

-Article 5

+ Details

Name: us-gaap_LongTermDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_SeniorLongTermNotes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_CreditFacilityAxis=arex_SeniorSecuredCreditFacilityMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 34 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727

Long-Term Debt (Tables)
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following table provides a summary of our long-term debt at June 30, 2015, and December 31, 2014 (in thousands).

 June 30, December 31,

 2015 2014

Senior secured credit facility:


Outstanding borrowings
 $ 257,000 $ 150,000

Debt issuance costs
 (2,590 ) (2,928 )





Senior secured credit facility, net
 254,410 147,072

Senior notes:


Principal
 250,000 250,000

Debt issuance costs
 (5,312 ) (5,761 )





Senior notes, net
 244,688 244,239





Total long-term debt
 $ 499,098 $ 391,311





X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Name: us-gaap_ScheduleOfDebtInstrumentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727

Summary of Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Organization and Nature of Operations

Organization and Nature of Operations

Approach Resources Inc. (“Approach,” the “Company,” “we,” “us” or “our”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. We focus on finding and developing oil and natural gas reserves in oil shale and tight gas sands. Substantially all of our properties are located in the Permian Basin in West Texas.

Consolidation, Basis of Presentation and Significant Estimates

Consolidation, Basis of Presentation and Significant Estimates

The interim consolidated financial statements of the Company are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full year, due in part to the volatility in prices for oil, natural gas liquids (“NGLs”) and gas, future commodity prices for commodity derivative contracts, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, the timing of acquisitions, product supply and demand, market competition and interruptions of production. You should read these consolidated interim financial statements in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 26, 2015.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions are eliminated. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. Significant assumptions are required in the valuation of proved oil and gas reserves, which affect our estimate of depletion expense as well as our impairment analyses. Significant assumptions also are required in our estimation of accrued liabilities, commodity derivatives, income tax provision, share-based compensation and asset retirement obligations. It is at least reasonably possible these estimates could be revised in the near term, and these revisions could be material. Certain prior-year amounts have been reclassified to conform to current-year presentation. These classifications have no impact on the net (loss) income reported.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. This new guidance permits adoption through the use of either a full retrospective approach or a modified retrospective approach for annual reporting periods beginning on or after December 15, 2016, with early application not permitted. In July 2015, FASB delayed the effective date one year, making the new standard effective for interim periods and annual periods beginning after December 15, 2017. We have not determined which transition method we will use and are continuing to evaluate our existing revenue recognition policies to determine whether any of our contracts will be affected by the new requirements.

In April 2015, FASB issued an accounting standards update for “Interest – Imputation of Interest,” which simplifies the presentation of debt issuance costs. This accounting standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new update is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years), with early adoption permitted and retrospective application required. We have elected to adopt this accounting standard update as of June 30, 2015. The adoption of this new accounting standard update resulted in a reclassification of debt issuance costs from Other assets to Senior secured credit facility, net and Senior notes, net. See Note 3 “Long-Term Debt” for disclosure of debt issuance costs. Adoption of this accounting standard update did not impact our statements of operations or cash flows.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6003-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 2A

-URI http://asc.fasb.org/extlink&oid=51801978&loc=SL51803626-108592

+ Details

Name: us-gaap_NatureOfOperations

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592

+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 36 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Common Share (Tables)
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the numerators and denominators of our basic and diluted earnings per share (dollars in thousands, except per-share amounts).

 Three Months Ended
June 30, Six Months Ended
June 30,

 2015 2014 2015 2014

Income (numerator):


Net (loss) income – basic
 $ (11,850 ) $ 3,793 $ (19,558 ) $ 6,738





Weighted average shares (denominator):


Weighted average shares – basic
 40,554,758 39,368,606 40,357,059 39,306,296

Dilution effect of share-based compensation, treasury method
 — (1) 16,007 — (1) 16,096





Weighted average shares – diluted
 40,554,758 39,384,613 40,357,059 39,322,392





Net (loss) income per share:


Basic
 $ (0.29 ) $ 0.10 $ (0.48 ) $ 0.17





Diluted
 $ (0.29 ) $ 0.10 $ (0.48 ) $ 0.17





(1) Approximately 39,000 options to purchase our common stock were excluded from this calculation because they were antidilutive for the three and six months ended June 30, 2015.

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 37 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments (Tables)
6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Volumes and Prices

The following table provides our outstanding commodity derivative positions at June 30, 2015.

Commodity and Period

Contract Type
Volume Transacted Contract Price

Crude Oil


July 2015 – December 2015
Collar 1,600 Bbls/d $84.00/Bbl - $91.00/Bbl

July 2015 – December 2015
Collar 1,000 Bbls/d $90.00/Bbl - $102.50/Bbl

July 2015 – December 2015
Three-Way Collar 500 Bbls/d $75.00/Bbl - $84.00/Bbl -
$94.00/Bbl

July 2015 – December 2015
Three-Way Collar 500 Bbls/d $75.00/Bbl - $84.00/Bbl -
$95.00/Bbl

July 2015 – December 2016
Swap 500 Bbls/d $62.50/Bbl

July 2015 – December 2016
Swap 250 Bbls/d $62.55/Bbl

Natural Gas


July 2015 – December 2015
Swap 200,000 MMBtu/month $4.10/MMBtu

July 2015 – December 2015
Collar 130,000 MMBtu/month $4.00/MMBtu - $4.25/MMBtu

Summary of Fair Value of Open Commodity Derivatives

The following table summarizes the fair value of our open commodity derivatives as of June 30, 2015, and December 31, 2014 (in thousands).


Asset Derivatives


Balance Sheet Location
 Fair Value

 June 30, December 31,

 2015 2014

Derivatives not designated as hedging instruments


Commodity derivatives

Unrealized gain on commodity derivatives
 $ 16,726 $ 39,951

Summary of Change in Fair Value of Commodity Derivatives

The following table summarizes the change in the fair value of our commodity derivatives (in thousands).


Income Statement
 Three Months Ended Six Months Ended


Location
 June 30, June 30,

 2015 2014 2015 2014

Derivatives not designated as hedging instruments


Commodity derivatives

Realized gain (loss) on commodity derivatives
 $ 9,281 $ (3,320 ) $ 25,182 $ (4,659 )


Unrealized loss on commodity derivatives
 (13,904 ) (7,678 ) (23,225 ) (13,604 )



 $ (4,623 ) $ (10,998 ) $ 1,957 $ (18,263 )



Summary of Financial Instruments Not Recorded at Fair Value

The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands).

 June 30, 2015

 Carrying
Amount Fair Value

Senior Notes, net
 $ 244,688 $ 228,750





X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

+ Details

Name: us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the notional amounts of outstanding derivative positions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

+ Details

Name: us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

+ Details

Name: us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 38 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727

Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions

Aug. 31, 2015

Jun. 30, 2015

Feb. 28, 2015

Dec. 31, 2014

Other Commitments [Line Items]

Contractual obligation $ 0.5

Outstanding borrowings $ 257.0 $ 150.0

Scenario Forecast [Member]

Other Commitments [Line Items]

Contractual obligation $ 1.8

X

- Definition
Line of credit facility gross amount borrowed.
+ References
No definition available.
+ Details

Name: arex_LineOfCreditFacilityGrossAmountBorrowed

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.
+ References
No definition available.
+ Details

Name: us-gaap_ContractualObligation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_OtherCommitmentsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 39 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments - Summary of Change in Fair Value of Commodity Derivatives (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Derivatives, Fair Value [Line Items]

Realized gain (loss) on commodity derivatives $ 9,281 $ (3,320) $ 25,182 $ (4,659)

Unrealized loss on commodity derivatives (13,904) (7,678) (23,225) (13,604)

Commodity Derivatives [Member]

Derivatives, Fair Value [Line Items]

Realized gain (loss) on commodity derivatives 9,281 (3,320) 25,182 (4,659)

Unrealized loss on commodity derivatives (13,904) (7,678) (23,225) (13,604)

Derivatives not designated as hedging instruments, total (loss) gain $ (4,623) $ (10,998) $ 1,957 $ (18,263)

X

- Definition
Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

+ Details

Name: us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativesFairValueLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

+ Details

Name: us-gaap_GainLossOnDerivativeInstrumentsNetPretax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_UnrealizedGainLossOnDerivatives

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=us-gaap_CommodityContractMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 40 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727

Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

OPERATING ACTIVITIES:

Net (loss) income $ (19,558) $ 6,738

Adjustments to reconcile net (loss) income to cash provided by operating activities:

Depletion, depreciation and amortization 54,924 52,179

Amortization of debt issuance costs 787 689

Unrealized loss on commodity derivatives 23,225 13,604

Exploration expense, non cash portion 1,486 2,704

Share-based compensation expense 4,292 3,761

Deferred income tax (benefit) expense (11,365) 3,834

Equity in losses of investee 186

Other non-cash items (38)

Changes in operating assets and liabilities:

Accounts receivable 2,410 (1,669)

Prepaid expenses and other current assets (288) (420)

Accounts payable (3,423) (2,396)

Oil, NGL and gas sales payable (3,699) 3,418

Accrued liabilities 1,248 469

Cash provided by operating activities 50,001 83,097

INVESTING ACTIVITIES:

Additions to oil and gas properties (131,414) (192,872)

Contribution to equity method investment (186)

Change in restricted cash 7,350

Additions to furniture, fixtures and equipment, net (53) (2,070)

Change in working capital related to investing activities (25,214) 2,591

Cash used in investing activities (156,681) (185,187)

FINANCING ACTIVITIES:

Borrowings under credit facility 182,500 114,421

Repayment of amounts outstanding under credit facility (75,500) (68,421)

Debt issuance costs (2,227)

Cash provided by financing activities 107,000 43,773

CHANGE IN CASH AND CASH EQUIVALENTS 320 (58,317)

CASH AND CASH EQUIVALENTS, beginning of period 432 58,761

CASH AND CASH EQUIVALENTS, end of period 752 444

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for interest 11,424 9,961

SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTION:

Asset retirement obligations capitalized $ 116 $ 260

X

- Definition
Non-cash exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells.
+ References
No definition available.
+ Details

Name: arex_ExplorationExpenseNonCash

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net change in carrying value as of the balance sheet date of obligations incurred and payable to third parties for oil and gas that has been sold. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
No definition available.
+ Details

Name: arex_IncreaseDecreaseInOilNaturalGasLiquidAndGasSalesPayable

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Increase decrease in working capital related to investing activities.
+ References
No definition available.
+ Details

Name: arex_IncreaseDecreaseInWorkingCapitalRelatedToInvestingActivities

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Supplemental Noncash Transactions [Abstract]
+ References
No definition available.
+ Details

Name: arex_SupplementalNoncashTransactionsAbstract

Namespace Prefix: arex_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 14.F)

-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section F

+ Details

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.8)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 8

-Article 9

+ Details

Name: us-gaap_AmortizationOfFinancingCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of asset retirement obligations (ARO) costs incurred (whether capitalized or charged to expense) during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

+ Details

Name: us-gaap_CostsIncurredAssetRetirementObligationIncurred

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

+ Details

Name: us-gaap_DeferredIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInReceivables

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_IncreaseDecreaseInRestrictedCash

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

+ Details

Name: us-gaap_InterestPaidNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition
Other cash or noncash adjustments to reconcile net income to cash provided by (used in) operating activities that are not separately disclosed in the statement of cash flows (for example, cash received or cash paid during the current period for miscellaneous operating activities, net change during the reporting period in other assets or other liabilities).
+ References
No definition available.
+ Details

Name: us-gaap_OtherOperatingActivitiesCashFlowStatement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDebtIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsToAcquireEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsToAcquireOilAndGasProperty

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromLongTermLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_RepaymentsOfLongTermLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_UnrealizedGainLossOnDerivatives

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 41 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Taxes
6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

The effective income tax rate for the three and six months ended June 30, 2015, was 38.3% and 36.8%, respectively. Total income tax expense for the three and six months ended June 30, 2015, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to the impact of a reduction in the state tax rate of $0.8 million, partially offset by a tax shortfall related to share-based compensation of $0.2 million and $0.4 million, respectively.

The effective income tax rate for the three and six months ended June 30, 2014, was 36.2% and 36.3%, respectively. Total income tax expense for the three and six months ended June 30, 2014, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to state taxes and the impact of permanent differences between book and taxable income.

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 42 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value of Financial and Derivative Instruments - Summary of Financial Instruments Not Recorded at Fair Value (Detail) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Senior notes, net $ 244,688 $ 244,239

Senior Notes, net, Fair Value $ 228,750

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value portion of notes payable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_NotesPayableFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_SeniorLongTermNotes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 43 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 66 149 1 false 31 0 false 8 false false R1.htm 101 - Document - Document and Entity Information Sheet http://www.approachresources.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Unaudited Consolidated Balance Sheets Sheet http://www.approachresources.com/taxonomy/role/StatementOfFinancialPositionClassified Unaudited Consolidated Balance Sheets Statements 2 false false R3.htm 104 - Statement - Unaudited Consolidated Balance Sheets (Parenthetical) Sheet http://www.approachresources.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Unaudited Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 105 - Statement - Unaudited Consolidated Statements of Operations Sheet http://www.approachresources.com/taxonomy/role/StatementOfIncomeAlternative Unaudited Consolidated Statements of Operations Statements 4 false false R5.htm 106 - Statement - Unaudited Consolidated Statements of Cash Flows Sheet http://www.approachresources.com/taxonomy/role/StatementOfCashFlowsIndirect Unaudited Consolidated Statements of Cash Flows Statements 5 false false R6.htm 107 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock Summary of Significant Accounting Policies Notes 6 false false R7.htm 108 - Disclosure - Earnings Per Common Share Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Earnings Per Common Share Notes 7 false false R8.htm 109 - Disclosure - Long-Term Debt Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock Long-Term Debt Notes 8 false false R9.htm 110 - Disclosure - Commitments and Contingencies Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 9 false false R10.htm 111 - Disclosure - Income Taxes Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes Notes 10 false false R11.htm 112 - Disclosure - Fair Value of Financial and Derivative Instruments Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock Fair Value of Financial and Derivative Instruments Notes 11 false false R12.htm 113 - Disclosure - Share-Based Compensation Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock Share-Based Compensation Notes 12 false false R13.htm 114 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock 13 false false R14.htm 115 - Disclosure - Earnings Per Common Share (Tables) Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Earnings Per Common Share (Tables) Tables http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock 14 false false R15.htm 116 - Disclosure - Long-Term Debt (Tables) Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlockTables Long-Term Debt (Tables) Tables http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock 15 false false R16.htm 117 - Disclosure - Fair Value of Financial and Derivative Instruments (Tables) Sheet http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockTables Fair Value of Financial and Derivative Instruments (Tables) Tables http://www.approachresources.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock 16 false false R17.htm 118 - Disclosure - Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureEarningsPerCommonShareReconciliationOfNumeratorsAndDenominatorsOfBasicAndDilutedEarningsPerShare Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Detail) Details 17 false false R18.htm 119 - Disclosure - Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureEarningsPerCommonShareReconciliationOfNumeratorsAndDenominatorsOfBasicAndDilutedEarningsPerShareParenthetical Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) Details 18 false false R19.htm 120 - Disclosure - Long-Term Debt - Schedule of Long Term Debt (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureLongTermDebtScheduleOfLongTermDebt Long-Term Debt - Schedule of Long Term Debt (Detail) Details 19 false false R20.htm 121 - Disclosure - Long-Term Debt - Additional Information (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureLongTermDebtAdditionalInformation Long-Term Debt - Additional Information (Detail) Details 20 false false R21.htm 122 - Disclosure - Commitments and Contingencies - Additional Information (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureCommitmentsAndContingenciesAdditionalInformation Commitments and Contingencies - Additional Information (Detail) Details 21 false false R22.htm 123 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) Details 22 false false R23.htm 124 - Disclosure - Fair Value of Financial and Derivative Instruments - Commodity Derivative Volumes and Prices (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureFairValueOfFinancialAndDerivativeInstrumentsCommodityDerivativeVolumesAndPrices Fair Value of Financial and Derivative Instruments - Commodity Derivative Volumes and Prices (Detail) Details 23 false false R24.htm 125 - Disclosure - Fair Value of Financial and Derivative Instruments - Additional Information (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureFairValueOfFinancialAndDerivativeInstrumentsAdditionalInformation Fair Value of Financial and Derivative Instruments - Additional Information (Detail) Details 24 false false R25.htm 126 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Fair Value of Open Commodity Derivatives (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureFairValueOfFinancialAndDerivativeInstrumentsSummaryOfFairValueOfOpenCommodityDerivatives Fair Value of Financial and Derivative Instruments - Summary of Fair Value of Open Commodity Derivatives (Detail) Details 25 false false R26.htm 127 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Change in Fair Value of Commodity Derivatives (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureFairValueOfFinancialAndDerivativeInstrumentsSummaryOfChangeInFairValueOfCommodityDerivatives Fair Value of Financial and Derivative Instruments - Summary of Change in Fair Value of Commodity Derivatives (Detail) Details 26 false false R27.htm 128 - Disclosure - Fair Value of Financial and Derivative Instruments - Summary of Financial Instruments Not Recorded at Fair Value (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureFairValueOfFinancialAndDerivativeInstrumentsSummaryOfFinancialInstrumentsNotRecordedAtFairValue Fair Value of Financial and Derivative Instruments - Summary of Financial Instruments Not Recorded at Fair Value (Detail) Details 27 false false R28.htm 129 - Disclosure - Share-Based Compensation - Additional Information (Detail) Sheet http://www.approachresources.com/taxonomy/role/DisclosureShareBasedCompensationAdditionalInformation Share-Based Compensation - Additional Information (Detail) Details 28 false false All Reports Book All Reports In ''Unaudited Consolidated Balance Sheets'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''Unaudited Consolidated Statements of Cash Flows'', column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. arex-20150630.xml arex-20150630_cal.xml arex-20150630_def.xml arex-20150630_lab.xml arex-20150630_pre.xml arex-20150630.xsd true true XML 44 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

Long-Term Debt - Additional Information (Detail)
3 Months Ended 6 Months Ended

Jun. 15, 2015

USD ($)

Mar. 31, 2015

Dec. 31, 2014

USD ($)

Sep. 30, 2014

Jun. 30, 2014

Jun. 30, 2015

USD ($)

Line of Credit Facility [Line Items]

Maturity period of senior secured credit facility May 07, 2019

Aggregate lender commitments $ 450,000,000

Senior secured credit facility, borrowing base 525,000,000

Senior secured facility, maximum borrowing capacity 1,000,000,000

Senior secured credit facility $ 147,072,000 $ 254,410,000

Interest rate applicable of senior secured credit facility 2.00%

Production from liens covering the oil and gas properties 80.00%

Minimum current ratio 1.0

Interest coverage ratio 2.5 2.5 2.5 2.5

Outstanding equity interests ownership percentage 50.00%

Senior notes $ 244,239,000 $ 244,688,000

Debt instrument redemption description Before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date.

Debt instrument, redemption of principal amount percentage 100.00%

Covenants Agreements One [Member]

Line of Credit Facility [Line Items]

Covenant description A consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter

Covenants Agreements Two [Member]

Line of Credit Facility [Line Items]

Covenant description A consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.

7% Senior Notes Originated June 11, 2013 [Member]

Line of Credit Facility [Line Items]

Senior Notes maturity date Jun. 15, 2021

Senior notes $ 250,000,000

Stated interest rate 7.00%

Debt instrument payment of interest Semi-annually on June 15 and December 15.

Annual interest expense $ 17,500,000

Semi-annual interest payment amount $ 8,800,000

7% Senior Notes Originated June 11, 2013 [Member] | Debt Instrument, Redemption, Period One [Member]

Line of Credit Facility [Line Items]

Debt instrument redemption description Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings.

Debt instrument, redemption percentage 35.00%

Debt instrument, redemption of principal amount percentage 107.00%

Senior Secured Credit Facility [Member]

Line of Credit Facility [Line Items]

Senior secured credit facility, interest rate description Borrowings bear interest based on the agent bank's prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available

Senior secured credit facility 147,072,000 $ 254,410,000

Unused letters of credit outstanding $ 300,000 $ 300,000

Senior Secured Credit Facility [Member] | Minimum [Member]

Line of Credit Facility [Line Items]

Annual commitment fee of unused borrowings 0.375%

Senior Secured Credit Facility [Member] | Minimum [Member] | Prime Rate [Member]

Line of Credit Facility [Line Items]

Senior secured credit facility, marginal percentage 0.50%

Senior Secured Credit Facility [Member] | Maximum [Member]

Line of Credit Facility [Line Items]

Annual commitment fee of unused borrowings 0.50%

Senior Secured Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Senior secured credit facility, marginal percentage 2.50%

Senior Secured Credit Facility [Member] | Interest Rate Calculation One [Member] | Maximum [Member] | Prime Rate [Member]

Line of Credit Facility [Line Items]

Senior secured credit facility, marginal percentage 1.50%

Senior Secured Credit Facility [Member] | Interest Rate Calculation Two [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Senior secured credit facility, marginal percentage 1.50%

X

- Definition
The maximum amount of current borrowing capacity, under the line of credit facility, using 80% of the value of all liens and mortgages on oil and gas property owned by the parent and all of their subsidiaries used as security against a maximum current line of credit in the "Credit Facility".
+ References
No definition available.
+ Details

Name: arex_MaximumLineOfCreditFacilityCurrentBorrowingCapacitySecuredByMortgagesOnOilAndGasProperties

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The maximum amount of borrowing capacity,secured by liens and mortgages on oil and gas property owned by the parent and all of their subsidiaries against the line of credit in the "Credit Facility".
+ References
No definition available.
+ Details

Name: arex_MaximumLineOfCreditFacilitySecuredBorrowingCapacity

Namespace Prefix: arex_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Minimum Current Ratio
+ References
No definition available.
+ Details

Name: arex_MinimumCurrentRatio

Namespace Prefix: arex_

Data Type: xbrli:pureItemType

Balance Type: na

Period Type: duration

X

- Definition
Minimum Interest Coverage Ratio Under Credit Facility
+ References
No definition available.
+ Details

Name: arex_MinimumInterestCoverageRatioUnderCreditFacility

Namespace Prefix: arex_

Data Type: xbrli:pureItemType

Balance Type: na

Period Type: duration

X

- Definition
Production From Proved Producing Oil And Gas Properties
+ References
No definition available.
+ Details

Name: arex_ProductionFromProvedProducingOilAndGasProperties

Namespace Prefix: arex_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

+ Details

Name: us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentBasisSpreadOnVariableRate1

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (g)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

+ Details

Name: us-gaap_DebtInstrumentCovenantDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of the frequency of periodic payments (monthly, quarterly, annual).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentFrequencyOfPeriodicPayment

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(2))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentMaturityDate

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of the required periodic payments applied to interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentPeriodicPaymentInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Description of debt redemption features under terms of the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph e

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentRedemptionDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage price of original principal amount of debt at which debt can be redeemed by the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph e

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentRedemptionPricePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of principal amount of debt redeemed.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate amount of interest paid or due on all long-term debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.8)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestExpenseLongTermDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date.
+ References
No definition available.
+ Details

Name: us-gaap_LettersOfCreditOutstandingAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_LineOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Date the credit facility terminates, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityExpirationDate1

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityInterestRateDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The effective interest rate during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(b),22(b))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LineOfCreditFacilityInterestRateDuringPeriod

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_LineOfCreditFacilityLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.
+ References
No definition available.
+ Details

Name: us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Senior note holders are paid off in full before any payments are made to junior note holders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_SeniorLongTermNotes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=arex_CovenantsAgreementsOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=arex_CovenantsAgreementsTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=arex_SevenPercentSeniorNotesOriginatedJuneElevenTwoThousandThirteenMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentRedemptionPeriodAxis=us-gaap_DebtInstrumentRedemptionPeriodOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_CreditFacilityAxis=arex_SeniorSecuredCreditFacilityMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VariableRateAxis=us-gaap_PrimeRateMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementScenarioAxis=arex_InterestRateCalculationOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementScenarioAxis=arex_InterestRateCalculationTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

Fair Value of Financial and Derivative Instruments - Summary of Fair Value of Open Commodity Derivatives (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Not Designated as Hedging Instruments, Fair Value of Assets Derivative [Member] \| Commodity Derivatives [Member]
Derivatives, Fair Value [Line Items]
Unrealized gain on commodity derivatives	$ 16,726	$ 39,951

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies Our contractual obligations include long-term debt, a daywork drilling contract, operating lease obligations, asset retirement obligations and employment agreements with our executive officers. At June 30, 2015, outstanding borrowings under the Credit Facility were $257 million, compared to $150 million at December 31, 2014. In February 2015, we exercised our early termination option related to one of our daywork drilling contracts. We incurred $0.5 million in expenses related to the early termination of this contract, which is recorded in exploration expense on our consolidated statements of operations. Since December 31, 2014, there have been no other material changes to our contractual obligations. In August 2015, we exercised our early termination option related to our last remaining drilling rig contract. We incurred $1.8 million in expenses related to the early termination of this contract, which will be recorded on our consolidated statements of operations in the third quarter of 2015. We are involved in various legal and regulatory proceedings arising in the normal course of business. While we cannot predict the outcome of these proceedings with certainty, we do not believe that an adverse result in any pending legal or regulatory proceeding, individually or in the aggregate, would be material to our consolidated financial condition or cash flows.

Share-Based Compensation - Additional Information (Detail) - 1 months ended Feb. 28, 2015 - USD ($) $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares award	724,249
Fair market value of award assuming target TSR achieved	$ 4.5
Service period	3 years
Performance Condition Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares award	482,833
Total Shareholder Return Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares award	241,416

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 752	$ 432
Accounts receivable:
Joint interest owners	67	132
Oil, NGL and gas sales	17,290	19,635
Unrealized gain on commodity derivatives	16,716	39,951
Prepaid expenses and other current assets	1,246	929
Total current assets	36,071	61,079
PROPERTIES AND EQUIPMENT:
Oil and gas properties, at cost, using the successful efforts method of accounting	1,838,218	1,708,278
Furniture, fixtures and equipment	5,614	5,561
Total oil and gas properties and equipment	1,843,832	1,713,839
Less accumulated depletion, depreciation and amortization	(436,785)	(382,180)
Net oil and gas properties and equipment	1,407,047	1,331,659
Unrealized gain on commodity derivatives	10
Total assets	1,443,128	1,392,738
CURRENT LIABILITIES:
Accounts payable	16,504	33,336
Oil, NGL and gas sales payable	4,837	8,536
Deferred income taxes - current	5,851	14,242
Accrued liabilities	40,280	50,738
Total current liabilities	67,472	106,852
NON-CURRENT LIABILITIES:
Senior secured credit facility, net	254,410	147,072
Senior notes, net	244,688	244,239
Deferred income taxes	107,704	110,677
Asset retirement obligations	9,893	9,571
Total liabilities	$ 684,167	$ 618,411
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY :
Preferred stock, $0.01 par value, 10,000,000 shares authorized none outstanding
Common stock, $0.01 par value, 90,000,000 shares authorized, 40,547,527 and 39,814,199 issued and outstanding, respectively	$ 399	$ 399
Additional paid-in capital	577,080	572,888
Retained earnings	181,482	201,040
Total stockholders' equity	758,961	774,327
Total liabilities and stockholders' equity	$ 1,443,128	$ 1,392,738

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization and Nature of Operations Approach Resources Inc. (“Approach,” the “Company,” “we,” “us” or “our”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and gas properties. We focus on finding and developing oil and natural gas reserves in oil shale and tight gas sands. Substantially all of our properties are located in the Permian Basin in West Texas. Consolidation, Basis of Presentation and Significant Estimates The interim consolidated financial statements of the Company are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full year, due in part to the volatility in prices for oil, natural gas liquids (“NGLs”) and gas, future commodity prices for commodity derivative contracts, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, the timing of acquisitions, product supply and demand, market competition and interruptions of production. You should read these consolidated interim financial statements in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on February 26, 2015. The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions are eliminated. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. Significant assumptions are required in the valuation of proved oil and gas reserves, which affect our estimate of depletion expense as well as our impairment analyses. Significant assumptions also are required in our estimation of accrued liabilities, commodity derivatives, income tax provision, share-based compensation and asset retirement obligations. It is at least reasonably possible these estimates could be revised in the near term, and these revisions could be material. Certain prior-year amounts have been reclassified to conform to current-year presentation. These classifications have no impact on the net (loss) income reported. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update for “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition.” This accounting standard update provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers. This new guidance permits adoption through the use of either a full retrospective approach or a modified retrospective approach for annual reporting periods beginning on or after December 15, 2016, with early application not permitted. In July 2015, FASB delayed the effective date one year, making the new standard effective for interim periods and annual periods beginning after December 15, 2017. We have not determined which transition method we will use and are continuing to evaluate our existing revenue recognition policies to determine whether any of our contracts will be affected by the new requirements. In April 2015, FASB issued an accounting standards update for “Interest – Imputation of Interest,” which simplifies the presentation of debt issuance costs. This accounting standard update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new update is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years), with early adoption permitted and retrospective application required. We have elected to adopt this accounting standard update as of June 30, 2015. The adoption of this new accounting standard update resulted in a reclassification of debt issuance costs from Other assets to Senior secured credit facility, net and Senior notes, net. See Note 3 “Long-Term Debt” for disclosure of debt issuance costs. Adoption of this accounting standard update did not impact our statements of operations or cash flows.

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Effective income tax rate	38.30%	36.20%	36.80%	36.30%
Share-based compensation tax shortfall	$ 0.2		$ 0.4
State Tax [Member]
Income Taxes [Line Items]
Reduction in state tax rate			$ (0.8)

Fair Value of Financial and Derivative Instruments - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) $ / bbl bbl	Dec. 31, 2014 USD ($)
Derivative Instruments And Hedging Activities [Line Items]
Accounts receivable related to oil, NGL and gas sales	$ 17,290	$ 19,635
Realized Gain on Commodity Derivatives [Member]
Derivative Instruments And Hedging Activities [Line Items]
Accounts receivable related to oil, NGL and gas sales	$ 2,400	$ 4,800
Crude - Oil July 2015 - December 2016 Contract One [Member] \| Swap [Member]
Derivative Instruments And Hedging Activities [Line Items]
Volume Transacted \| bbl	500
Contract Price \| $ / bbl	62.50
Crude - Oil July 2015 - December 2016 Contract Two [Member] \| Swap [Member]
Derivative Instruments And Hedging Activities [Line Items]
Volume Transacted \| bbl	250
Contract Price \| $ / bbl	62.55

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common stock, issued	40,547,527	39,814,199
Common stock, outstanding	40,547,527	39,814,199

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	AREX
Entity Registrant Name	Approach Resources Inc
Entity Central Index Key	0001405073
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,556,033

Earnings Per Common Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - Jun. 30, 2015 - shares	Total	Total
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per common share	39,000	39,000

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	7. Share-Based Compensation In February 2015, we awarded an aggregate of 724,249 restricted shares to our executive officers, of which 482,833 shares are subject to certain performance conditions and 241,416 shares are subject to three-year total shareholder return (“TSR”) conditions, assuming maximum TSR is achieved. The aggregate fair market value of the award, assuming target TSR is achieved, is $4.5 million, which will be expensed over a service period of approximately three years, subject to performance and three-year TSR conditions.

Fair Value of Financial and Derivative Instruments - Commodity Derivative Volumes and Prices (Detail) - 6 months ended Jun. 30, 2015	MMBTU $ / bbl $ / MMBTU bbl
Crude - Oil July 2015 - December 2015 Contract One [Member] \| Collar [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	1,600
Crude - Oil July 2015 - December 2015 Contract One [Member] \| Collar [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	84.00
Crude - Oil July 2015 - December 2015 Contract One [Member] \| Collar [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	91.00
Crude - Oil July 2015 - December 2015 Contract Two [Member] \| Collar [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	1,000
Crude - Oil July 2015 - December 2015 Contract Two [Member] \| Collar [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	90.00
Crude - Oil July 2015 - December 2015 Contract Two [Member] \| Collar [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	102.50
Crude - Oil July 2015 - December 2015 Contract Three [Member] \| Three-Way Collar [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	500
Contract Price	84.00
Crude - Oil July 2015 - December 2015 Contract Three [Member] \| Three-Way Collar [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	75.00
Crude - Oil July 2015 - December 2015 Contract Three [Member] \| Three-Way Collar [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	94.00
Crude - Oil July 2015 - December 2015 Contract Four [Member] \| Three-Way Collar [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	500
Contract Price	84.00
Crude - Oil July 2015 - December 2015 Contract Four [Member] \| Three-Way Collar [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	75.00
Crude - Oil July 2015 - December 2015 Contract Four [Member] \| Three-Way Collar [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Contract Price	95.00
Crude - Oil July 2015 - December 2016 Contract One [Member] \| Swap [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	500
Contract Price	62.50
Crude - Oil July 2015 - December 2016 Contract Two [Member] \| Swap [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| bbl	250
Contract Price	62.55
Natural Gas July 2015 - December 2015 Contract One [Member] \| Swap [Member]
Derivatives, Fair Value [Line Items]
Contract Price \| $ / MMBTU	4.10
Volume Transacted \| MMBTU	200,000
Natural Gas July 2015 - December 2015 Contract Two [Member] \| Collar [Member]
Derivatives, Fair Value [Line Items]
Volume Transacted \| MMBTU	130,000
Natural Gas July 2015 - December 2015 Contract Two [Member] \| Collar [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Contract Price \| $ / MMBTU	4.00
Natural Gas July 2015 - December 2015 Contract Two [Member] \| Collar [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Contract Price \| $ / MMBTU	4.25

Long-Term Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding borrowings	$ 257,000	$ 150,000
Senior secured credit facility, net	254,410	147,072
Senior notes, net	244,688	244,239
Total long-term debt	499,098	391,311
Senior Notes [Member]
Debt Instrument [Line Items]
Principal	250,000	250,000
Debt issuance costs	(5,312)	(5,761)
Senior notes, net	244,688	244,239
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowings	257,000	150,000
Debt issuance costs	(2,590)	(2,928)
Senior secured credit facility, net	$ 254,410	$ 147,072

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Aug. 31, 2015	Jun. 30, 2015	Feb. 28, 2015	Dec. 31, 2014
Other Commitments [Line Items]
Contractual obligation			$ 0.5
Outstanding borrowings		$ 257.0		$ 150.0
Scenario Forecast [Member]
Other Commitments [Line Items]
Contractual obligation	$ 1.8

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The effective income tax rate for the three and six months ended June 30, 2015, was 38.3% and 36.8%, respectively. Total income tax expense for the three and six months ended June 30, 2015, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to the impact of a reduction in the state tax rate of $0.8 million, partially offset by a tax shortfall related to share-based compensation of $0.2 million and $0.4 million, respectively. The effective income tax rate for the three and six months ended June 30, 2014, was 36.2% and 36.3%, respectively. Total income tax expense for the three and six months ended June 30, 2014, differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to state taxes and the impact of permanent differences between book and taxable income.

Fair Value of Financial and Derivative Instruments - Summary of Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Senior notes, net	$ 244,688	$ 244,239
Senior Notes, net, Fair Value	$ 228,750

Long-Term Debt - Additional Information (Detail)		3 Months Ended				6 Months Ended
Long-Term Debt - Additional Information (Detail)	Jun. 15, 2015 USD ($)	Mar. 31, 2015	Dec. 31, 2014 USD ($)	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015 USD ($)
Line of Credit Facility [Line Items]
Maturity period of senior secured credit facility						May 07, 2019
Aggregate lender commitments						$ 450,000,000
Senior secured credit facility, borrowing base						525,000,000
Senior secured facility, maximum borrowing capacity						1,000,000,000
Senior secured credit facility			$ 147,072,000			$ 254,410,000
Interest rate applicable of senior secured credit facility						2.00%
Production from liens covering the oil and gas properties						80.00%
Minimum current ratio						1.0
Interest coverage ratio		2.5	2.5	2.5	2.5
Outstanding equity interests ownership percentage						50.00%
Senior notes			$ 244,239,000			$ 244,688,000
Debt instrument redemption description						Before June 15, 2016, we may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date.
Debt instrument, redemption of principal amount percentage						100.00%
Covenants Agreements One [Member]
Line of Credit Facility [Line Items]
Covenant description						A consolidated modified current ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of not less than 1.0 to 1.0 as of the last day of any fiscal quarter
Covenants Agreements Two [Member]
Line of Credit Facility [Line Items]
Covenant description						A consolidated interest coverage ratio covenant (as defined in the Credit Facility) that requires us to maintain a ratio of consolidated EBITDAX to interest for the preceding four fiscal quarters of not less than 2.5 to 1.0 as of the last day of any fiscal quarter.
7% Senior Notes Originated June 11, 2013 [Member]
Line of Credit Facility [Line Items]
Senior Notes maturity date						Jun. 15, 2021
Senior notes						$ 250,000,000
Stated interest rate						7.00%
Debt instrument payment of interest						Semi-annually on June 15 and December 15.
Annual interest expense						$ 17,500,000
Semi-annual interest payment amount	$ 8,800,000
7% Senior Notes Originated June 11, 2013 [Member] \| Debt Instrument, Redemption, Period One [Member]
Line of Credit Facility [Line Items]
Debt instrument redemption description						Before June 15, 2016, we may redeem up to 35% of the Senior Notes at a redemption price of 107% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings.
Debt instrument, redemption percentage						35.00%
Debt instrument, redemption of principal amount percentage						107.00%
Senior Secured Credit Facility [Member]
Line of Credit Facility [Line Items]
Senior secured credit facility, interest rate description						Borrowings bear interest based on the agent bank's prime rate plus an applicable margin ranging from 0.50% to 1.50%, or the sum of the LIBOR rate plus an applicable margin ranging from 1.50% to 2.50%. In addition, we pay an annual commitment fee ranging from 0.375% to 0.50% of unused borrowings available
Senior secured credit facility			147,072,000			$ 254,410,000
Unused letters of credit outstanding			$ 300,000			$ 300,000
Senior Secured Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Annual commitment fee of unused borrowings						0.375%
Senior Secured Credit Facility [Member] \| Minimum [Member] \| Prime Rate [Member]
Line of Credit Facility [Line Items]
Senior secured credit facility, marginal percentage						0.50%
Senior Secured Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Annual commitment fee of unused borrowings						0.50%
Senior Secured Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Senior secured credit facility, marginal percentage						2.50%
Senior Secured Credit Facility [Member] \| Interest Rate Calculation One [Member] \| Maximum [Member] \| Prime Rate [Member]
Line of Credit Facility [Line Items]
Senior secured credit facility, marginal percentage						1.50%
Senior Secured Credit Facility [Member] \| Interest Rate Calculation Two [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Senior secured credit facility, marginal percentage						1.50%