AREX - Approach Resources: Credit Facility May Not See A Full Recovery
Approach Resources (AREX) is focusing on preserving capital and has suspended its drilling and completion activity, which makes sense given that it had only around $7 million in available liquidity at the end of Q2 2019. The declining production makes it less likely that there will be any value in Approach beyond its credit facility though, as its credit facility debt alone appears to be around 10x EBITDAX now.
Suspension Of Drilling And Completion Activity
Approach has suspended its drilling and completion activity for now due to its credit facility challenges as well