FORT WORTH, Texas, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Approach Resources Inc. (NASDAQ:AREX) today announced that the lenders under its senior secured revolving credit facility have amended and extended the maturity date of the credit facility to May 7, 2020. In addition, among other amendments, the borrowing base was unanimously reaffirmed at $325 million. Under the terms of the credit facility, the bank group redetermines the borrowing base semiannually using the banks’ estimates of reserves and future oil and gas prices. The next borrowing base redetermination is scheduled to occur around April 2018.
Sergei Krylov, Approach's Executive Vice President and Chief Financial Officer, commented, “We appreciate the support of our bank group as we continue to strengthen our financial profile and position the company for growth. The maturity extension and reaffirmation of lender commitments are a validation of the progress the company has made navigating the commodity price cycle. We look forward to working with our bank group on our future growth initiatives.”
About Approach Resources
Approach Resources Inc. (“Approach” or the “Company”) is an independent energy company focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. 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.