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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) October&nbsp;7, 2013 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>APPROACH RESOURCES INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>001-33801</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>51-0424817</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Ridgmar Centre</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6500 West Freeway, Suite 800</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fort Worth, Texas</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>76116</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(817) 989-9000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction A.2. below): </P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the closing of the previously-announced sale of Wildcat Permian Services LLC (&#147;Wildcat JV&#148;) to a subsidiary of JP
Energy Development, LP (&#147;JP Energy&#148;), on October&nbsp;7, 2013, Approach Resources Inc. (the &#147;Company&#148;), through its wholly-owned subsidiaries Approach Operating, LLC, Approach Oil&nbsp;&amp; Gas Inc. and Approach Resources I, LP
(collectively, the &#147;AREX Entities&#148;), entered into an Amendment No.&nbsp;1 to Crude Oil Purchase Agreement (the &#147;Amendment&#148;) with Wildcat JV, and joined in for certain limited purposes by JP Energy, amending that certain Crude Oil
Purchase Agreement effective as of September&nbsp;12, 2012 (the &#147;Crude Purchase Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Amendment amends the Crude
Purchase Agreement to, among other things, (i)&nbsp;amend the dedicated area to include certain areas of Crockett and Schleicher Counties, Texas; (ii)&nbsp;amend the transportation and marketing fee; (iii)&nbsp;provide for the rights and obligations
of Wildcat JV and the AREX Entities relating to the construction of future gathering lines and connection facilities; (iv)&nbsp;provide the AREX Entities with priority and preference rights for crude oil capacity on the pipeline system;
(v)&nbsp;provide for trucking fees for any crude oil transported by truck; and (vi)&nbsp;provide for JP Energy&#146;s unconditional guarantee of the payment, performance and satisfaction of all of the obligations and liabilities of Wildcat JV under
the Crude Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amendment is qualified in its entirety by reference to the text of such
amendment, a copy of which the Company plans to file as an exhibit to its Annual Report on Form 10-K for the period ending December&nbsp;31, 2013. The Company intends to request confidential treatment for certain portions of the Amendment in
accordance with the procedures of the Securities and Exchange Commission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On October&nbsp;7, 2013, the Company, through its wholly-owned subsidiary Approach Midstream Holdings LLC (&#147;AREX Midstream&#148;), closed
on the previously-announced sale of its 50% equity interest in Wildcat JV to JP Energy Permian, LLC (&#147;Buyer&#148;), a wholly-owned subsidiary of JP Energy, pursuant to an Equity Purchase Agreement dated as of September&nbsp;18, 2013, by and
among JP Energy, Buyer, AREX Midstream, Wildcat Midstream Mesquite, LLC (&#147;Wildcat&#148; and together with AREX Midstream, &#147;Sellers&#148;)<B>, </B>a wholly-owned subsidiary of Wildcat Midstream Holdings LLC (&#147;Wildcat Parent&#148;), and
Wildcat JV, and joined in for certain limited purposes by the Company, Wildcat Parent and Wildcat Midstream Operating, LLC. As a result of its purchase of all of the outstanding equity interests in Wildcat JV, JP Energy acquired the Wildcat JV oil
pipeline system in the southern Midland Basin. The purchase price for the equity interests in Wildcat JV was an aggregate amount of cash equal to $210,000,000 (subject to customary post-closing adjustments), payable to Sellers substantially in
proportion to their respective ownership interests in Wildcat JV. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <I>Pro forma financial information</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As
described above, on October&nbsp;7, 2013, the Company completed the sale of its 50% equity interest in Wildcat JV, which the Company had accounted for as an equity method investment. The base consideration for the sale was $213.2 million after
adjustments for working capital and capital expenditures, which is also subject to post-closing adjustments. The Company&#146;s net proceeds at closing totaled approximately $109.1 million, after deducting the Company&#146;s share of transactional
costs paid at closing. The amount received at closing included $6 million as consideration for the Company&#146;s entry into the Amendment discussed in Item&nbsp;1.01 above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A limited number of pro forma adjustments are required to illustrate the effects of the
transaction on the Company&#146;s unaudited consolidated balance sheet as of June&nbsp;30, 2013, and the Company&#146;s unaudited consolidated statements of operations for the three and six months ended June&nbsp;30, 2013, and for the year ended
December&nbsp;31, 2012. The following narrative description is furnished in lieu of unaudited pro forma consolidated financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The description of the Company&#146;s pro forma adjustments to its unaudited consolidated balance sheet as of June&nbsp;30, 2013, assumes the
sale of the Company&#146;s interest in Wildcat JV occurred as of that date. The cash and cash equivalents balance would have increased by $109.1 million, from the net cash proceeds, to $164.4 million; equity method investment would have decreased by
$16 million to zero; current liabilities would have increased by $32.7 million, for the current taxes payable on the gain on sale to $87.7 million; and retained earnings would have increased $60.4 million, for the after-tax gain on sale, to $140.5
million. Retained earnings assumes that the resulting after-tax gain would have been $60.4 million, based on the carrying value of the equity method investment sold on that date relative to the net proceeds received and net of the related tax
effects of $32.7 million. The Company intends to use its net operating loss carry forwards to reduce the amount of cash taxes it otherwise would owe as a result of this sale transaction. The gain and related taxes are not discussed in the
description of pro forma adjustments to the Company&#146;s unaudited consolidated statements of operations due to their nonrecurring nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The description of the Company&#146;s unaudited pro forma consolidated statements of operations for the three and six months ended
June&nbsp;30, 2013, and for the year ended December&nbsp;31, 2012, both assume that the sale transaction occurred on January&nbsp;1, 2012. The Company obtained its 50% equity interest in Wildcat JV in September 2012, and the Company&#146;s share of
the Wildcat JV&#146;s losses were not significant to the Company&#146;s consolidated statements of operations for the three and six months ended June&nbsp;30, 2013, or for the year ended December&nbsp;31, 2012. Accordingly, pro forma adjustments to
reflect the sale transaction in the consolidated statements of operations for the three and six months ended June&nbsp;30, 2013, and for the year ended December&nbsp;31, 2012, have not been provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The pro forma adjustments described above are presented for illustrative purposes only and are not necessarily indicative of the financial
position or results of operations for future periods or the results that would have been achieved if the Company had completed the sale of its 50% equity interest in Wildcat JV on the dates indicated. In the opinion of management, all adjustments
necessary to present fairly the unaudited pro forma financial information have been made. The unaudited pro forma financial information should be read in conjunction with the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2012, its Quarterly Report on Form 10-Q for the period ended June&nbsp;30, 2013, and the Company&#146;s subsequent filings with the Securities and Exchange Commission. </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><I>Exhibits</I>. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>2.1*</TD>
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<TD VALIGN="top">Equity Purchase Agreement by and among JP Energy Development LP, JP Energy Permian, LLC, Wildcat Midstream Mesquite, LLC, Approach Midstream Holdings LLC, Wildcat Permian Services LLC and joined in for certain limited purposes by
Wildcat Midstream Holdings LLC, Approach Resources Inc. and Wildcat Midstream Operating, LLC dated September 18, 2013.</TD></TR>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item&nbsp;601(b)(2) of Regulation S-K. Approach Resources Inc. will furnish copies of such exhibits and schedules to the
Securities and Exchange Commission upon request. In addition, pursuant to a request for confidential treatment filed with the Securities and Exchange Commission under Rule 24b-2 of the Securities Exchange Act of 1934, as amended, portions of this
exhibit have been redacted and have been provided separately to the Securities and Exchange Commission. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>APPROACH RESOURCES INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Curtis Henderson</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">J. Curtis Henderson</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Executive Vice President and General Counsel</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: October&nbsp;11, 2013 </P>
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<TD VALIGN="top" NOWRAP>2.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Equity Purchase Agreement by and among JP Energy Development LP, JP Energy Permian, LLC, Wildcat Midstream Mesquite, LLC, Approach Midstream Holdings LLC, Wildcat Permian Services LLC and joined in for certain limited purposes by
Wildcat Midstream Holdings LLC, Approach Resources Inc. and Wildcat Midstream Operating, LLC dated September 18, 2013.</TD></TR>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item&nbsp;601(b)(2) of Regulation S-K. Approach Resources Inc. will furnish copies of such exhibits and schedules to the
Securities and Exchange Commission upon request. In addition, pursuant to a request for confidential treatment filed with the Securities and Exchange Commission under Rule 24b-2 of the Securities Exchange Act of 1934, as amended, portions of this
exhibit have been redacted and have been provided separately to the Securities and Exchange Commission. </TD></TR></TABLE>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 7, 2013
APPROACH RESOURCES INC.
(Exact name of registrant as specified in its charter)
Delaware
001-33801
51-0424817
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
One Ridgmar Centre
6500 West Freeway, Suite 800
Fort Worth, Texas
76116
(Address of principal executive offices)
(Zip Code)
(817) 989-9000
(Registrant's telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
In connection with the closing of the previously-announced sale of Wildcat Permian Services LLC ("Wildcat JV") to a subsidiary of JP
Energy Development, LP ("JP Energy"), on October 7, 2013, Approach Resources Inc. (the "Company"), through its wholly-owned subsidiaries Approach Operating, LLC, Approach Oil & Gas Inc. and Approach Resources I, LP
(collectively, the "AREX Entities"), entered into an Amendment No. 1 to Crude Oil Purchase Agreement (the "Amendment") with Wildcat JV, and joined in for certain limited purposes by JP Energy, amending that certain Crude Oil
Purchase Agreement effective as of September 12, 2012 (the "Crude Purchase Agreement").
The Amendment amends the Crude
Purchase Agreement to, among other things, (i) amend the dedicated area to include certain areas of Crockett and Schleicher Counties, Texas; (ii) amend the transportation and marketing fee; (iii) provide for the rights and obligations
of Wildcat JV and the AREX Entities relating to the construction of future gathering lines and connection facilities; (iv) provide the AREX Entities with priority and preference rights for crude oil capacity on the pipeline system;
(v) provide for trucking fees for any crude oil transported by truck; and (vi) provide for JP Energy's unconditional guarantee of the payment, performance and satisfaction of all of the obligations and liabilities of Wildcat JV under
the Crude Purchase Agreement.
The foregoing description of the Amendment is qualified in its entirety by reference to the text of such
amendment, a copy of which the Company plans to file as an exhibit to its Annual Report on Form 10-K for the period ending December 31, 2013. The Company intends to request confidential treatment for certain portions of the Amendment in
accordance with the procedures of the Securities and Exchange Commission.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On October 7, 2013, the Company, through its wholly-owned subsidiary Approach Midstream Holdings LLC ("AREX Midstream"), closed
on the previously-announced sale of its 50% equity interest in Wildcat JV to JP Energy Permian, LLC ("Buyer"), a wholly-owned subsidiary of JP Energy, pursuant to an Equity Purchase Agreement dated as of September 18, 2013, by and
among JP Energy, Buyer, AREX Midstream, Wildcat Midstream Mesquite, LLC ("Wildcat" and together with AREX Midstream, "Sellers")
,
a wholly-owned subsidiary of Wildcat Midstream Holdings LLC ("Wildcat Parent"), and
Wildcat JV, and joined in for certain limited purposes by the Company, Wildcat Parent and Wildcat Midstream Operating, LLC. As a result of its purchase of all of the outstanding equity interests in Wildcat JV, JP Energy acquired the Wildcat JV oil
pipeline system in the southern Midland Basin. The purchase price for the equity interests in Wildcat JV was an aggregate amount of cash equal to $210,000,000 (subject to customary post-closing adjustments), payable to Sellers substantially in
proportion to their respective ownership interests in Wildcat JV.
Item 9.01. Financial Statements and Exhibits.
(b)
Pro forma financial information
.
As
described above, on October 7, 2013, the Company completed the sale of its 50% equity interest in Wildcat JV, which the Company had accounted for as an equity method investment. The base consideration for the sale was $213.2 million after
adjustments for working capital and capital expenditures, which is also subject to post-closing adjustments. The Company's net proceeds at closing totaled approximately $109.1 million, after deducting the Company's share of transactional
costs paid at closing. The amount received at closing included $6 million as consideration for the Company's entry into the Amendment discussed in Item 1.01 above.
2
A limited number of pro forma adjustments are required to illustrate the effects of the
transaction on the Company's unaudited consolidated balance sheet as of June 30, 2013, and the Company's unaudited consolidated statements of operations for the three and six months ended June 30, 2013, and for the year ended
December 31, 2012. The following narrative description is furnished in lieu of unaudited pro forma consolidated financial statements.
The description of the Company's pro forma adjustments to its unaudited consolidated balance sheet as of June 30, 2013, assumes the
sale of the Company's interest in Wildcat JV occurred as of that date. The cash and cash equivalents balance would have increased by $109.1 million, from the net cash proceeds, to $164.4 million; equity method investment would have decreased by
$16 million to zero; current liabilities would have increased by $32.7 million, for the current taxes payable on the gain on sale to $87.7 million; and retained earnings would have increased $60.4 million, for the after-tax gain on sale, to $140.5
million. Retained earnings assumes that the resulting after-tax gain would have been $60.4 million, based on the carrying value of the equity method investment sold on that date relative to the net proceeds received and net of the related tax
effects of $32.7 million. The Company intends to use its net operating loss carry forwards to reduce the amount of cash taxes it otherwise would owe as a result of this sale transaction. The gain and related taxes are not discussed in the
description of pro forma adjustments to the Company's unaudited consolidated statements of operations due to their nonrecurring nature.
The description of the Company's unaudited pro forma consolidated statements of operations for the three and six months ended
June 30, 2013, and for the year ended December 31, 2012, both assume that the sale transaction occurred on January 1, 2012. The Company obtained its 50% equity interest in Wildcat JV in September 2012, and the Company's share of
the Wildcat JV's losses were not significant to the Company's consolidated statements of operations for the three and six months ended June 30, 2013, or for the year ended December 31, 2012. Accordingly, pro forma adjustments to
reflect the sale transaction in the consolidated statements of operations for the three and six months ended June 30, 2013, and for the year ended December 31, 2012, have not been provided.
The pro forma adjustments described above are presented for illustrative purposes only and are not necessarily indicative of the financial
position or results of operations for future periods or the results that would have been achieved if the Company had completed the sale of its 50% equity interest in Wildcat JV on the dates indicated. In the opinion of management, all adjustments
necessary to present fairly the unaudited pro forma financial information have been made. The unaudited pro forma financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended
December 31, 2012, its Quarterly Report on Form 10-Q for the period ended June 30, 2013, and the Company's subsequent filings with the Securities and Exchange Commission.
(d)
Exhibits
.
Exhibit No.
Description
2.1*
Equity Purchase Agreement by and among JP Energy Development LP, JP Energy Permian, LLC, Wildcat Midstream Mesquite, LLC, Approach Midstream Holdings LLC, Wildcat Permian Services LLC and joined in for certain limited purposes by
Wildcat Midstream Holdings LLC, Approach Resources Inc. and Wildcat Midstream Operating, LLC dated September 18, 2013.
*
The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. Approach Resources Inc. will furnish copies of such exhibits and schedules to the
Securities and Exchange Commission upon request. In addition, pursuant to a request for confidential treatment filed with the Securities and Exchange Commission under Rule 24b-2 of the Securities Exchange Act of 1934, as amended, portions of this
exhibit have been redacted and have been provided separately to the Securities and Exchange Commission.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
APPROACH RESOURCES INC.
By:
/s/ J. Curtis Henderson
J. Curtis Henderson
Executive Vice President and General Counsel
Date: October 11, 2013
4
EXHIBIT INDEX
Exhibit No.
Description
2.1*
Equity Purchase Agreement by and among JP Energy Development LP, JP Energy Permian, LLC, Wildcat Midstream Mesquite, LLC, Approach Midstream Holdings LLC, Wildcat Permian Services LLC and joined in for certain limited purposes by
Wildcat Midstream Holdings LLC, Approach Resources Inc. and Wildcat Midstream Operating, LLC dated September 18, 2013.
*
The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. Approach Resources Inc. will furnish copies of such exhibits and schedules to the
Securities and Exchange Commission upon request. In addition, pursuant to a request for confidential treatment filed with the Securities and Exchange Commission under Rule 24b-2 of the Securities Exchange Act of 1934, as amended, portions of this
exhibit have been redacted and have been provided separately to the Securities and Exchange Commission.