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Approach Resources Insures Equity To Drive Wolfcamp Drilling

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September 21, 2012

Approach Resources (NASDAQ:AREX) raised approximately $167.1 million of net proceeds from the issuance of 5.75 million shares of common stock.

The proceeds will be used to pay down the revolver and provide Approach Resources with adequate liquidity to execute on an accelerated 2013 horizontal drilling program that will feature an additional horizontal rig for a total of three.

The company's $260 million capex budget for 2013 consists of running three horizontal rigs to drill 35-40 Hz Wolfcamp wells, one vertical rig for half a year to drill 12 vertical wells ...

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