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Approach Resources Inc Announces Public Offering of Common Stock


Tuesday, 18 Sep 2012 04:01pm EDT 

Approach Resources Inc announced that it intends, subject to market conditions, to offer 5,000,000 shares of its common stock in an underwritten public offering. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). The Company expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering primarily to fund its capital expenditures for the development of its Wolfcamp oil shale resource play and for general working capital needs. Pending these uses, the Company intends to repay outstanding borrowings under its revolving credit facility. J.P. Morgan is acting as sole book-running manager for the offering and KeyBanc Capital Markets, RBC Capital Markets, Wells Fargo Securities, Scotiabank / Howard Weil and Wunderlich Securities are acting as co-managers. 

Company Quote

21.6
-0.39 -1.77%
4:00pm EDT