Following several moves to reduce debt, Approach Resources Inc. announced Monday that Qingming Yang has been promoted to president.
Yang has been chief operating officer since 2012. He will keep that title in his new position.
“Qingming is a proven leader who has a strong track record of operations execution, efficiency and cost control which have been competitive advantages for Approach,” said J. Ross Craft, Approach’s chairman and CEO and was previously president. “Qingming’s proven ability to develop our asset efficiently is a platform that is crucial as we continue to transform the company and with a mission to increase the value of Approach for our investors, employees and business partners. I congratulate Qingming on a well-deserved promotion. I look forward to working closely with Qingming as we embark on the next chapter of Approach Resources.”
Last week, Wilks Brothers LLC and SDW Investments LLC, major bondholders at Fort Worth-based Approach, agreed to exchange debt for equity, helping to eliminate some of Approach Resources’ long term debt by $130.6 million. As part of that stockholders agreement, the company appointed three Wilks’ designees to the board of directors of the company, Matthew R. Kahn, Morgan D. Neff and Matthew D. Wilks.
On Jan. 30, the company made an exchange offer for the remaining 7 percent of senior notes due in 2021.