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Approach Resources has completed its fall 2016 semiannual borrowing base redetermination of its revolving credit facility.
The borrowing base was unanimously reaffirmed by the bank group at $325 million and there were no changes to the existing terms or conditions of the credit agreement. Under the terms of the credit agreement, 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 in April 2017. At November 8, 2016, Approach had $275.0 million outstanding under its revolving credit facility, resulting in liquidity of $52.2 million.
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