Approach Resources’ $115.5 Million Bankruptcy Sale Approved

Approach Resources Inc. won court approval to sell its oil and gas business out of bankruptcy to an affiliate of Zarvona Energy LLC for $115.5 million, overcoming the sting of watching a prior deal fall apart near the finish line.

Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas approved the Chapter 11 sale during a telephonic hearing Friday, finding it was fairly negotiated in the wake of Alpine Energy LLC’s decision to back away from a $192 million deal.

“This is a business judgment question,” said Isgur. “This case needs to come to an ...