One-Page Deal Sheet
Approach Resources Digs in at Cinco Terry
Approach Resources, Inc. Not Disclosed
Announced Date
April 24,2008
Close Date
April 24,2008
Transaction Type
Property
Enterprise Value (EV)($MM)
2
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
County
Crockett
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
Approach Resources Inc. has acquired an additional 9,482 gross (4,899 net) acres of leasehold interests adjacent to the Company's Cinco Terry project in Crockett County, Texas. The Company believes the acreage is prospective for Ellenburger and Canyon Sands production.
The Company acquired the additional acreage in two transactions. First, the Company participated in The University of Texas System's 113th Lease Sale. In a sealed-bid auction, the Company purchased 7,843 gross (4,052 net) acres for $1.9 million. Additionally, the Company acquired 1,639 gross (847 net) acres from an independent…
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