AREX - Approach Resources: Potentially Several Weeks Remaining Until Restructuring
Approach Resources (AREX) saw its stock make substantial gains on Monday (at least on a percentage basis). This appears to be due to some spillover effect from the trading frenzy surrounding Legacy Reserves today, as Approach's situation remains precarious and unchanged.
The Current Situation
Approach mentioned that it is continuing to have a discussion with its stakeholders (including its credit facility lenders) about potential deleveraging transactions. It has temporarily suspended its drilling and completion activity and spent essentially nothing substantial on capital expenditures in Q1 2019.
So far, there has been no indication