FORT WORTH, Texas--(BUSINESS WIRE)--
Approach Resources Inc. (NASDAQ: AREX) (“Approach” or the
“Company”) today announced that
J. Ross Craft
, the Company’s President
and Chief Executive Officer, has been appointed to the additional
position of Chairman of the Board of Directors (“Board”) following
yesterday’s Board meeting. Mr. Craft is a founder of the Company and has
served on Approach’s Board since the Company’s inception in 2002.
Bryan
H. Lawrence
will continue to serve as a director, but will retire from
his role as Chairman. Mr. Lawrence, a founder and Senior Manager of
Yorktown Partners LLC, is a founding director of the Company and served
as Chairman of Approach’s Board since the Company’s initial public
offering in 2007.
The Company also announced that
Vean J. Gregg III
has been elected as
Lead Independent Director of the Board. Mr. Gregg joined the Board in
January 2014 and has 18 years of experience in oil and gas investment
banking with J.P. Morgan Securities LLC. While at J.P. Morgan, Mr. Gregg
most recently served as Managing Director and Group Head, North American
Oil and Gas Investment Banking.
Mr. Craft commented, “I want to thank Bryan for his leadership as
Approach grew from a start-up to a public E&P company operating in one
of the most prolific shale oil basins in the United States. We are very
grateful for his service as Chairman and pleased to have his continued
guidance and counsel as a valued member of the Board.
“We are also excited to have Vean assume the new role of Lead
Independent Director. Vean brings a great breadth of perspective to this
position. We believe his experience advising public E&P company boards
and leading the oil and gas investment banking business at one of the
world’s top financial institutions will be very valuable in this role to
the Company.”
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.
Source: Approach Resources Inc.