42.5 F
Fort Worth
Friday, December 4, 2020
Energy New president at Approach Resources as company moves to reduce debt

New president at Approach Resources as company moves to reduce debt

Other News

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

Family of Black woman shot through window sues Texas officer

FORT WORTH, Texas (AP) — Family members of a Black woman who was killed when a white police officer fired through a window of...

Law firm offers free estate plans for health care workers during pandemic

Fort Worth attorney Erik Martin says he felt compelled to find a way for his law firm to join the effort to support frontline...

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.


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Granger reelected as lead Republican on the House Appropriations Committee

U.S. Rep. Kay Granger, R-Fort Worth, has been reelected by members of the House Republican Steering Committee to serve as Lead Republican of the...

Optimism growing for COVID relief bill as pressure builds

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Optimism about delivering long-sought COVID-19 relief is building on Capitol Hill after additional rank-and-file lawmakers voiced support...

US adds Chinese chipmaker, oil giant to security blacklist

BEIJING (AP) — The U.S. government has stepped up a feud with Beijing over security by adding China’s biggest processor chip maker and a...

New Mexico research group adds ExxonMobil as sponsor

LAS CRUCES, N.M. (AP) — A research group focused on the potential for reusing wastewater produced during oil and gas operations is getting some...

House votes to decriminalize marijuana at federal level

WASHINGTON (AP) — The Democratic-controlled House on Friday approved a bill to decriminalize and tax marijuana at the federal level, reversing what supporters called...