Approach Resources $192.5 million stalking horse agreement OK’d

By Caroline Salls

Pittsburgh, Feb. 11 – Approach Resources Inc. obtained court approval to enter into a stalking horse bid agreement with Alpine Energy Acquisitions, LLC in connection with the proposed sale of substantially all of Approach’s assets, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Alpine has agreed to pay $192.5 million for the Approach assets, subject to the receipt of higher and better bids as part of a court-supervised auction process.

If Alpine Energy is not ultimately the winning bidder, Approach will pay it a $5.25 million break-up fee and reimburse up to $250,000 of its sale-related expenses.

Competing bids are due by 6 p.m. ET on Feb. 14.

An auction will be held on Feb. 26, if necessary. 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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