Approach Resources Inc. Announces Changes to Executive Management Team and Reduction of Corporate Overhead
09 Abril 2019 - 6:53PM
Business Wire
Approach Resources Inc. (NASDAQ: AREX) (“Approach” or the
“Company”) today announced that Sergei Krylov, who has served as
the Company’s Executive Vice President and Chief Financial Officer
since joining the Company in January 2014, has been appointed Chief
Executive Officer. Mr. Krylov succeeds J. Ross Craft, who has
resigned from his role as the Company’s Chairman and Chief
Executive Officer. Mr. Krylov will also retain his duties as Chief
Financial Officer. In addition, the Company announced that Jim
Crain, who has served as a director since June 2007, and also
serves as Chairman of the Nominating and Corporate Governance
Committee, has been appointed Chairman of the Board.
The Company remains in discussions with Qingming Yang, the
Company’s President and Chief Operating Officer regarding his
departure. Upon Mr. Yang’s departure, Troy Hoefer, the Company’s
Senior Vice President of Engineering, who has served the Company
since June 2013, will assume management of the Company’s production
and drilling operations.
The Company also announced that J. Curtis Henderson, the
Company’s Chief Administrative Officer and Corporate Secretary,
entered into a separation agreement with the Company. Mr. Henderson
will remain at the Company for up to six months, and during this
time will transition his responsibilities to the new management
team members. Josh Dazey, who has served the Company since January
2016 as Vice President, General Counsel and Assistant Secretary,
will assume the primary responsibilities of Mr. Henderson over this
period.
The combined compensation and benefits associated with Messrs.
Craft, Yang and Henderson in 2018 represented approximately 19% of
2018 total corporate cash and non-cash general and administrative
expenses.
About Approach Resources
Approach Resources Inc. is an independent energy company
focused on the exploration, development, production and acquisition
of unconventional oil and gas reserves in the Midland Basin of the
greater Permian Basin in West Texas. For more information about the
Company, please visit www.approachresources.com. Please note that
the Company routinely posts important information about the Company
under the Investor Relations section of its website.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include expectations of general
and administrative expenses. These statements are based on certain
assumptions made by the Company based on management’s experience,
perception of historical trends and technical analyses, current
conditions, anticipated future developments and other factors
believed to be appropriate and reasonable by management. When used
in this press release, the words “will,” “potential,” “believe,”
“estimate,” “intend,” “expect,” “may,” “should,” “anticipate,”
“could,” “plan,” “predict,” “project,” “profile,” “model” or their
negatives, other similar expressions or the statements that include
those words, are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company. Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove
incorrect, our actual results may differ materially from those
implied or expressed by the forward-looking statements. Further
information on assumptions, risks and uncertainties related to the
Company is available in the Company’s SEC filings, including our
Annual Report on Form 10-K. The Company’s SEC filings are also
available on the Company’s website at www.approachresources.com.
Any forward-looking statement speaks only as of the date on which
such statement is made and the Company undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190409006030/en/
Sergei KrylovChief Executive
Officerir@approachresources.com817.989.9000
Approach Resources (NASDAQ:AREX)
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