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Approach Resources Inc.
AREX today announced that it has acquired the remaining 38% working interest in its Cinco Terry operating area in the Permian Basin, Crockett County, Texas, from two non-operating partners.
As a result of the Working Interest Acquisition, our total working and net revenue interests in Cinco Terry are now approximately 100% and 76%, respectively. The purchase price was $76 million, subject to usual and customary post-closing adjustments, with an effective date of December 1, 2010. The Working Interest Acquisition was funded with borrowings under our revolving credit facility and cash on hand.
The Company's borrowing base under the credit facility is $150 million. After the Working Interest Acquisition, outstanding borrowings under our credit facility were $67 million.
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