Antero Resources Announces Convertible Debt Refinancing Transaction

Antero Resources Corporation (NYSE: AR) ("Antero Resources") announced today the pricing of a registered direct offering of 31.4 million shares of its common stock at a price of $6.35 per share to certain holders of its 4.25% Convertible Senior Notes due 2026.  Antero Resources plans to use the proceeds from the share offering and approximately $63 million of borrowings under its revolving credit facility to repurchase from such holders $150 million aggregate principal amount of its Convertible Notes in privately negotiated transactions.

On a net basis, Antero Resources will not receive any proceeds from these transactions. Following the note repurchase, $137.5 million aggregate principal amount of the Convertible Notes will be outstanding.

Based on conversations with the holders of the Convertible Notes purchasing shares in the share offering, Antero Resources believes certain holders have open short positions in Antero Resources' common stock, which serve as hedges against their Convertible Note holdings, and will use the shares being purchased to close out and cover a portion or all of their short positions.

The share offering is expected to close on January 12, 2021, subject to customary closing conditions. The note repurchases are expected to close promptly following the closing of the share offering, subject to customary closing conditions.

The shares were offered pursuant to an effective shelf registration statement that Antero Resources filed with the Securities and Exchange Commission ("SEC"). The share offering was made only by means of a prospectus supplement, including the base prospectus forming a part of the registration statement. Copies of the prospectus supplement and base prospectus may be obtained free of charge on the SEC's website at www.sec.gov.

This press release is neither an offer to sell nor a solicitation of an offer to buy the convertible notes, the shares, or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, these securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S.