Approach Resources Inc. entered bankruptcy on Nov. 18 after over a year of being battered by weak natural gas prices in the Permian Basin, where the Fort Worth, Texas-based independent’s operations are focused.

As part of the voluntary Chapter 11 filing in the United States Bankruptcy Court for the Southern District of Texas (Houston Division), Approach said it will begin to explore strategic alternatives that include either a restructuring of its balance sheet or the sale of its business as a going concern.

In the meantime, the company has received a commitment from its pre-petition lenders for $16.5 million as part of a “debtor-in-possession” (DIP) financing, subject to court approval and customary closing conditions.

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