Having thrown its first stalking horse bidder, bankrupt Permian operator Approach Resources Inc. appears to be headed toward a sale again—albeit for less than two-thirds of the original sales price.

Affiliates of Zarvona Energy LLC entered an agreement to purchase essentially all of the assets of Fort Worth, Texas-based Approach Resources for $115.5 million, according to court documents. Approach Resources holds about 113,000 net acres in the southern Midland Basin as well as gas and water infrastructure. 

Previously, Approach had agreed to sell its assets in what had been the largest first-quarter deal to an affiliate of Alpine Energy Capital for $192.5 million.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access