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PENINSULA CAPITAL MANAGEMENT, LP
> AREX
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2011 | Approach Resources Inc | AREX | 250,000 | 150,000 | 4,248,000 | 1,981,000 | $16.99 |
| 06/30/2011 | Approach Resources Inc | AREX | 100,000 | -50,000 | 2,267,000 | -2,769,000 | $22.67 |
| 03/31/2011 | Approach Resources Inc | AREX | 150,000 | 29,302 | 5,036,000 | 2,248,000 | $33.57 |
| 12/31/2010 | Approach Resources Inc | AREX | 120,698 | 120,698 | 2,788,000 | 2,788,000 | $23.10 |
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