One-Page Deal Sheet
Approach Resources Buys Interest in Cinco Terry
Approach Resources, Inc. Not Disclosed
Announced Date
March 06,2011
Effective Date
December 01,2010
Close Date
March 06,2011
Transaction Type
Corporate
Enterprise Value (EV)($MM)
76
Asset/Basin:
{Permian}
TargetZones:
{"Wolfcamp Shale",Cl
Net Acres
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
County
Crockett
Play
Production & Reserves Production
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
Transaction Details: Subscribe to see
Approach Resources Inc. has acquired the remaining 38 percent working interest in its Cinco Terry operating area in Crockett County from two non-operating partners.
As a result of the working interest acquisition, Approach's total working and net revenue interests in Cinco Terry are now approximately 100 percent and 76 percent, respectively. The purchase price was $76 million, subject to usual and customary post-closing adjustments, with an effective date of December 1, 2010.
The acquisition was funded with borrowings under the company's revolving credit facility and cash on hand. The…
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