Zarvona III-A, L.P. entered into an asset purchase agreement to acquire Substantially All Assets of Approach Resources Inc and Its Subsidiaries from Approach Resources, Inc. (OTCPK:AREX.Q), Approach Oil and Gas Inc., Approach Resources I, LP, Approach Operating, LLC and Approach Services, LLC for approximately $120 million.

Zarvona III-A, L.P. entered into an asset purchase agreement to acquire Substantially All Assets of Approach Resources Inc and Its Subsidiaries from Approach Resources, Inc. (OTCPK:AREX.Q), Approach Oil and Gas Inc., Approach Resources I, LP, Approach Operating, LLC and Approach Services, LLC for approximately $120 million on September 3, 2020. The consideration will be fully paid in cash and subject to certain customary purchase price adjustments. Simultaneously with the execution of the asset purchase agreement (APA), Zarvona deposited $11.55 million into escrow, and upon the closing of the transactions contemplated by the APA, such deposit will be released to the sellers and credited against the purchase price. The APA is subject to Court approval. Approach Resources Inc obtained Bankruptcy Court approval to sell its assets to Zarvona III-A, L.P. Thompson & Knight, LLP served as legal advisor to the sellers.