Approach Resources Getting $22 Million in Settlement With Alpine

Alpine Energy Acquisitions LLC has agreed to pay more than $22 million to back out of a $192 million acquisition of bankrupt Approach Resources Inc., ending a months-long fight over the disputed transaction.

Approach on Tuesday asked the U.S. Bankruptcy Court for the Southern District of Texas to approve the settlement, which the oil and gas company said was reached “after extensive, arms’ length negotiations.”

Under the deal, Alpine will cover the escrowed purchase amount of $19.25 million and an additional settlement amount of $2.88 million. The parties have agreed to drop all related claims and terminate the deal.

Alpine, ...