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SHOTT CAPITAL MANAGEMENT LLC
> AREX
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2013 | Approach Resources Inc | AREX | 103,486 | 0 | 2,547,000 | -41,000 | $24.61 |
| 12/31/2012 | Approach Resources Inc | AREX | 103,486 | 0 | 2,588,000 | -529,000 | $25.01 |
| 09/30/2012 | Approach Resources Inc | AREX | 103,486 | -12,175 | 3,117,000 | 163,000 | $30.12 |
| 06/30/2012 | Approach Resources Inc | AREX | 115,661 | 10,471 | 2,954,000 | -933,000 | $25.54 |
| 03/31/2012 | Approach Resources Inc | AREX | 105,190 | 30,020 | 3,887,000 | 1,676,000 | $36.95 |
| 12/31/2011 | Approach Resources Inc | AREX | 75,170 | 0 | 2,211,000 | 934,000 | $29.41 |
| 09/30/2011 | Approach Resources Inc | AREX | 75,170 | 0 | 1,277,000 | -427,000 | $16.99 |
| 06/30/2011 | Approach Resources Inc | AREX | 75,170 | 14,795 | 1,704,000 | -323,000 | $22.67 |
| 03/31/2011 | Approach Resources Inc | AREX | 60,375 | 12,796 | 2,027,000 | 928,000 | $33.57 |
| 12/31/2010 | Approach Resources Inc | AREX | 47,579 | 0 | 1,099,000 | 567,000 | $23.10 |
| 12/31/2010 | Approach Resources Inc | AREX | 47,579 | 0 | 1,099,000 | 567,000 | $23.10 |
| 09/30/2010 | Approach Resources Inc | AREX | 47,579 | 0 | 532,000 | 205,000 | $11.18 |
| 06/30/2010 | Approach Resources Inc | AREX | 47,579 | -195 | 327,000 | -107,000 | $6.87 |
| 03/31/2010 | Approach Resources Inc | AREX | 47,774 | 47,774 | 434,000 | 434,000 | $9.08 |
| 12/31/2008 | Approach Resources Inc | AREX | 0 | -15,995 | 0 | -429,000 | |
| 09/30/2008 | Approach Resources Inc | AREX | 0 | -15,995 | 0 | -429,000 | |
| 06/30/2008 | Approach Resources Inc | AREX | 15,995 | 15,995 | 429,000 | 429,000 | $26.82 |
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