In September 2013, Barron's published an article recommending Approach Resources (NASDAQ:AREX). "It suggested that Approach has a very low cost basis for its Permian acreage relative to recent values achieved in joint ventures in "similar land". And it pointed to a "solid balance sheet", "plenty of liquidity", good Wolfcamp results, comments by the CEO, and growing earnings to suggest Approach might be a buyout candidate in the high 30's, versus a recent price of ~$25 per share."
In response to that recommendation, I published an article on SeekingAlpha dissecting that recommendation point by point, suggesting additional valuation criteria, and presenting an alternative investment that seemed more attractive on Barron's criteria and on my valuation criteria.
Here is the...
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