Antero Resources Announces Upsizing and Pricing of Public Offering of Common Stock

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Mar 05, 2015, 09:27 ET

DENVER, March 5, 2015 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") announced today the pricing of an underwritten public offering of 13,100,000 shares of the Company's common stock (the "Offering"), resulting in gross proceeds (before underwriter's discounts and commissions and estimated offering expenses) of approximately $485 million. The offering was upsized from the previously announced offering of 11,500,000 shares of common stock. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 1,900,000 shares of common stock. The common stock is being sold in the Offering pursuant to an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "Commission"). The Offering is expected to close on March 10, 2015, subject to customary closing conditions. The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

The Company expects to use the net proceeds of the offering (including any proceeds from the exercise of the underwriter's option to purchase additional shares) to repay a portion of the outstanding borrowings under its credit facility.

Credit Suisse is acting as sole book-running manager for the Offering. The Offering is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, copies of which, when available, may be obtained from:

Credit Suisse

c/o Prospectus Department

One Madison Avenue, Level B1

New York, New York 10010

[email protected]

Toll-Free: (800) 221-1037

You may also get these documents for free by visiting the Commission's website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania.

This release includes "forward-looking statements". Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Antero's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.

Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2014.

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SOURCE Antero Resources Corporation