Approach Resources (AREX) intends to offer 5M shares as it seeks to raise funds to develop its...

|About: Approach Resources Inc. (AREX)|By:, SA News Editor

Approach Resources (AREX) intends to offer 5M shares as it seeks to raise funds to develop its Wolfcamp oil shale resource play and for general working capital needs; it may also use the proceeds to pay down debt. AREX had ~33.5M shares outstanding as of Sept. 17. Shares -1.2% premarket.