FORT WORTH, Texas–(BUSINESS WIRE)–Approach Resources Inc. (NASDAQ: AREX) (“Approach” or the “Company”) today announced that Sergei Krylov, who has served as the Company’s Executive Vice President and Chief Financial Officer since joining the Company in January 2014, has been appointed Chief Executive Officer. Mr. Krylov succeeds J. Ross Craft, who has resigned from his role as the Company’s Chairman and Chief Executive Officer. Mr. Krylov will also retain his duties as Chief Financial Officer. In addition, the Company announced that Jim Crain, who has served as a director since June 2007, and also serves as Chairman of the Nominating and Corporate Governance Committee, has been appointed Chairman of the Board.
The Company remains in discussions with Qingming Yang, the Company’s President and Chief Operating Officer regarding his departure. Upon Mr. Yang’s departure, Troy Hoefer, the Company’s Senior Vice President of Engineering, who has served the Company since June 2013, will assume management of the Company’s production and drilling operations.
The Company also announced that J. Curtis Henderson, the Company’s Chief Administrative Officer and Corporate Secretary, entered into a separation agreement with the Company. Mr. Henderson will remain at the Company for up to six months, and during this time will transition his responsibilities to the new management team members. Josh Dazey, who has served the Company since January 2016 as Vice President, General Counsel and Assistant Secretary, will assume the primary responsibilities of Mr. Henderson over this period.
The combined compensation and benefits associated with Messrs. Craft, Yang and Henderson in 2018 represented approximately 19% of 2018 total corporate cash and non-cash general and administrative expenses.
About Approach Resources
Approach Resources Inc. 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.