FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 8, 2013--
Approach Resources Inc.(NASDAQ: AREX) (“Approach” or the
“Company”) today announced that it, together with its partner in Wildcat
Permian Services LLC (“Wildcat”), has completed the previously-announced
sale of Wildcat to an affiliate of JP Energy Development LP for $210
million in cash, subject to customary post-closing conditions,
adjustments and escrows. Cash proceeds to Approach are expected to total
approximately $108 million, before taxes and subject to customary
post-closing adjustments and escrows.
Approach Resources Inc. is an independent oil and gas company
with core operations, production and reserves located in the Permian
Basin in West Texas. The Company targets multiple oil and liquids-rich
formations in the Permian Basin, where the Company operates
approximately 152,000 net acres. For more information about the Company,
please visit www.approachresources.com.
Please note that the Company routinely posts important information about
the Company under the Investor Relations section of its website.
Source: Approach Resources Inc.
Approach Resources Inc.
Megan P. Hays, 817.989.9000
Investor Relations & Corporate Communications