Approach Resources cancels auction, to seek OK of $192.5 million bid

By Caroline Salls

Pittsburgh, Feb. 24 – Approach Resources Inc. cancelled the Feb. 26 auction for substantially all of its assets, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

As a result, Approach said it will ask the court to approve a sale to stalking horse bidder Alpine Energy Acquisitions, LLC.

As previously reported, Alpine has agreed to pay $192.5 million for the Approach assets.

The company said no other qualified bids were received by the bid deadline, and Approach’s lender agent did not exercise its right to submit a credit bid.

The sale hearing is scheduled for March 4.

Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18 under Chapter 11 case number 19-36444.

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