6 Dec 2016director interest notice● Neutral
Approach Resources Inc Chief Accounting Officer Uma L. Datla had 4,803 shares withheld for taxes on vesting stock.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2016agm notice● Neutral
Approach Resources Inc shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
9 Nov 2016agm notice● Neutral
Approach announced its banks unanimously reaffirmed the revolving credit facility borrowing base at $325 million. With $275.0 million drawn at November 8, 2016, liquidity was $52.2 million.
4 Nov 2016agm notice● Neutral
Approach filed the transcript of its third-quarter 2016 earnings call, in which management cited production of 12.1 thousand Boe per day and record-low lease operating expense of $3.49 per Boe. It also discussed the proposed debt exchange recapitalization.
3 Nov 2016capital raising announcement● NeutralMajor
On Nov 2, 2016 Approach agreed with Wilks Brothers and SDW Investments to swap $130.552 million of its 7.00% Senior Notes due 2021 (about 56.7% of the notes) for 39,165,600 new common shares, about 48.5% of the fully diluted stock after the swap. The deal needs a shareholder vote under NASDAQ rules and is expected to close in Q1 2017. It adds three Wilks-designated directors (board rises to eight) and caps their stake at 48.61%. Other noteholders are to be offered a follow-on exchange, which depends on shareholders approving a rise in authorized shares from 90 million to 180 million. Existing shareholders would be heavily diluted if it closes.
3 Nov 2016agm notice● Neutral
Approach agreed to exchange $130.6 million of its 7.00% senior notes held by Wilks Brothers and SDW Investments for 39.2 million common shares, about 48.5% of the company on a fully diluted basis. The deal needed stockholder approval and was expected to close in the first quarter of 2017.
3 Nov 2016quarterly activities report▼ Bad
Approach Resources reported third-quarter 2016 oil, NGL and gas sales of $23.7 million and a net loss of $9.1 million, compared with a $148.8 million loss a year earlier. Nine-month net loss was $38.8 million.
3 Nov 2016quarterly activities report▼ Bad
Approach Resources reported a third quarter 2016 net loss of $9.1 million, or $0.22 per share, on revenues of $23.7 million. Production was 12.1 MBoe/d, and it signed a debt-for-equity exchange agreement with its largest senior noteholder.
15 Sept 2016substantial holder notice● Neutral
EIN reported a Approach Resources Inc shareholding of 4,653,872 shares (11.18% of votes) in a periodic institutional filing.
22 Aug 2016director interest notice● Neutral
Approach Resources Inc Chief Accounting Officer Uma L. Datla had 275 shares withheld for taxes on vesting stock.
4 Aug 2016quarterly activities report▼ Bad
Approach Resources' quarterly report for the period ended June 30, 2016 showed oil, NGL and gas sales of $22.4 million and a net loss of $16.0 million, or $0.39 per share.
3 Aug 2016quarterly activities report▼ Bad
Approach Resources reported a second quarter 2016 net loss of $16.0 million, or $0.39 per share, on revenues of $22.4 million. Production was 12.6 MBoe/d, above guidance, and lease operating expense hit a record low of $4.56 per Boe.
1 June 2016director interest notice● Neutral
Approach Resources Inc Chief Accounting Officer Uma L. Datla had 282 shares withheld for taxes on vesting stock.
5 May 2016quarterly activities report▼ Bad
Approach Resources reported first-quarter 2016 oil, NGL and gas sales of $17.6 million, down from $33.3 million a year earlier. Its net loss was $13.7 million, or $0.33 per share.
4 May 2016debt financing▼ BadMajor
On May 3, 2016 Approach signed a third amendment to its credit agreement, cutting the borrowing base to $325 million from $450 million, raising the interest margin by 100 basis points, and requiring a lien on substantially all assets of the company and guarantors. It also loosened the interest-coverage covenant, allowed up to $150 million of new junior-secured or unsecured debt, and requires cash above $35 million to repay revolver loans. The attached Q1 2016 results show a net loss of $13.7 million on revenues of $17.6 million; this reverses the borrowing base increase to $600 million in Nov 2014.
20 Apr 2016agm notice● Neutral
Approach Resources Inc announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
20 Apr 2016agm notice● Neutral
Approach Resources filed its proxy statement for the 2 June 2016 annual meeting, asking holders to elect two directors, vote on executive pay, approve a 2,500,000-share increase to the 2007 Stock Incentive Plan, and ratify Hein & Associates as auditor.
17 Mar 2016substantial holder notice● Neutral
Champlain Investment Partners filed a Schedule 13G, dated for 31 December 2014 and filed in March 2016, reporting 1,316,450 shares (3.32% of the class). It marked the box showing it owned 5% or less of the class.
10 Mar 2016substantial holder notice● Neutral
BlackRock, Inc reported a Approach Resources Inc shareholding of 2,010,346 shares (4.90% of votes) in a periodic institutional filing.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director James H Brandi received 26,086 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director Sheldon B Lubar received 26,086 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc Chief Operating Officer Qingming Yang received 125,951 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc Chief Administrative Officer J Curtis Henderson received 92,935 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director Vean J. Gregg III received 26,086 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director James C Crain received 26,086 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc President and CEO J. Ross Craft received 210,326 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc EVP & Chief Financial Officer Sergei Krylov received 121,060 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director Christopher J. Whyte received 26,086 shares as part of the equity award.
4 Mar 2016director interest notice● Neutral
Approach Resources Inc director Alan D Bell received 26,086 shares as part of the equity award.
12 Feb 2016substantial holder notice● Neutral
Schneider Capital Management Corporation reported owning 3,552,703 Approach Resources shares, 8.78% of the common stock, in a Schedule 13G as of 31 December 2015.