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.
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