09.13.20 11:53 PM EDT

News Release

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FORT WORTH, Texas, Nov 8, 2007 (PrimeNewswire via COMTEX News Network) -- Approach Resources Inc. (Nasdaq:AREX) today announced the pricing of its initial public offering of 7,666,667 shares of its common stock at $12.00 per share. The shares are listed on the NASDAQ Global Market under the symbol AREX. Approach Resources Inc. is selling 5,605,377 shares of common stock in the offering and the selling stockholder is selling 2,061,290 shares. In addition, Approach Resources Inc. and the selling stockholder have granted the underwriters a 30-day option to purchase up to an additional 1,150,000 shares of common stock at the same price to cover over-allotments. The offering is expected to close on November 14, 2007, subject to customary closing conditions. Approach Resources Inc. intends to use the net proceeds to repay indebtedness, to repurchase shares of common stock held by the selling stockholder and for general corporate purposes.

J.P. Morgan Securities Inc. is book running manager and Wachovia Capital Markets, LLC is joint lead manager. KeyBanc Capital Markets Inc. and Tudor, Pickering & Co. Securities, Inc. are co-managers of the offering. A written prospectus relating to these securities may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York, 11245, Attention: Prospectus Department.

A registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or other jurisdiction.

About Approach Resources Inc.

Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada.

This news release was distributed by PrimeNewswire,

SOURCE: Approach Resources Inc.

Approach Resources Inc.
Steven P. Smart
J. Curtis Henderson
(817) 989-9000

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  • Approach Resources Inc.
    One Ridgmar Centre
    6500 West Freeway, Ste 800
    Fort Worth, Texas 76116USA
  • Workp 1 (817) 989-9000
  • Faxf 1 (817) 989-9001