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Approach Resources Maintains $450MM Borrowing Base
Approach Resources Inc. has completed the scheduled semiannual borrowing base redetermination of its revolving credit facility, and as a result, the bank group has set the lender commitment amount and borrowing base at $450 million.
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 by April 1, 2016. At September 24, 2015, Approach had $276 million outstanding under its revolving credit facility, resulting in liquidity of $177 million.
Sergei Krylov, Approach's Executive Vice President and Chief Financial Officer, commented, "Despite significant volatility in commodity prices, we've been able to maintain our credit facility commitments unchanged for the past 17 months. This most recent reaffirmation of lender commitments at $450 million is a testament to the continued productivity improvements and cost reduction initiatives that have been the focus of the entire Approach team. We appreciate the support from our banking group and look forward to working with them on our future growth initiatives."
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