Approach Resources Inc., Fort Worth, (Nasdaq: AREX) has closed its IPO of 8.8 million shares at $12 each for a total raise of $105.8 million on Nasdaq as AREX. J.P. Morgan Securities Inc. is book-running manager, Wachovia Capital Markets LLC is joint lead manager and KeyBanc Capital Markets Inc. and Tudor, Pickering & Co. Securities Inc. are co-managers. The shares are currently trading at $12.63 each.

Approach sold 5.6 million shares plus 993,195 shares as overallotment and the selling shareholder, Neo Canyon Exploration LP, sold 2.1 million shares plus 156,805 as overallotment. The company plans to use the net proceeds to pay debt, buy back shares held by the selling stockholder and for general corporate purposes.

Approach, which was formed in 2002 and has private-equity backing of Yorktown Partners LLC, has working interest in 241 gross producing wells (226 net) on approximately 67,000 gross acres (52,000 net) of leasehold in Ozona Northeast Field in West Texas and the nearby Cinco Terry project. Year-end 2006 net production was 22 million cu. ft. of gas equivalent per day. Proved reserves at year-end were 149 billion cu. ft. equivalent (94% gas, 51% proved developed).

Approach is operator of substantially all of its proved reserves. At year-end, it had identified a total of 795 drilling locations: 668 in Ozona Northeast and 127 in its Cinco Terry project.

It also holds leases in tight-gas and shale basins: 74,000 gross (44,000 net) acres in western Kentucky and 90,000 gross (81,000 net) acres in northern New Mexico. In total, Approach has 231,000 gross (177,000 net) acres in three operating areas: West Texas (Wolfcamp, Canyon Sands and Ellenburger), western Kentucky (New Albany shale) and northern New Mexico (Mancos shale).

J. Ross Craft is president and chief executive. He co-founded Athanor Resources Inc., which operated in the U.S. and Tunisia, and was sold in 2002 to Nuevo Energy Co. Steven P. Smart is treasurer and was previously with Prize Energy Corp., Arthur Andersen, Magnum Hunter Resources Inc. and Saxon Oil Co.

Curtis Henderson is executive vice president and was previously with Coterie Capital Partners Ltd., a private-equity partnership in Dallas. Glenn W. Reed, senior vice president, operations, was with Athanor. Ralph P. Manoushagian is senior vice president, land, and was previously with Hudco Fuels, a privately owned fuel distributorship, and a landman and oil and gas operator for 30 years.