Approach Resources Inc. (NASDAQ: AREX) today announced that it has completed its fall 2016 semiannual borrowing base redetermination of its revolving credit facility. The borrowing base was unanimously reaffirmed by the bank group at $325 million and there were no changes to the existing terms or conditions of the credit agreement. Under the terms of the credit agreement, the bank group redetermines the borrowing base semiannually using the banks' estimates of reserves and future oil and gas prices. The next borrowing base redetermination is scheduled to occur in April 2017. At November 8, 2016, Approach had $275.0 million outstanding under its revolving credit facility, resulting in liquidity of $52.2 million. Sergei Krylov, Approach's Executive Vice President and Chief Financial Officer, commented, "We appreciate the support of our bank group as we continue to execute on our strategy of maintaining financial flexibility and right-sizing the balance sheet for the current commodity price environment. The reaffirmed borrowing base, along with our recently-announced debt exchange, will position the Company to resume production growth while continuing to operate within cash flow. This reaffirmation of lender commitments at $325 million is a validation of the continued productivity improvements, cost reduction initiatives and recapitalization transactions that have been the focus of the entire Approach team. We look forward to working with our bank group on our future growth initiatives." About Approach Resources Approach Resources Inc. ("Approach" or the "Company") 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. Supplemental Financial and Other Measures Liquidity Liquidity is calculated by adding the net funds available under our revolving credit facility and cash and cash equivalents. We use liquidity as an indicator of the Company's ability to fund development and exploration activities. However, this measurement has limitations. This measurement can vary from year-to-year for the Company and can vary among companies based on what is or is not included in the measurement on a company's financial statements. This measurement is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our Securities and Exchange Commission ("SEC") filings.