Approach Resources Inc (fka AREXQ)

[RAND]

8k, On September 3, 2020, the Company and certain of the Filing Subsidiaries entered into an asset purchase agreement (the “APA”) with Zarvona III-A, L.P., a Delaware limited partnership (“Zarvona”) and an affiliate of Zarvona Energy LLC. Pursuant to the terms of the APA, the Company has agreed to sell substantially all of the Debtors’ assets, (the “Assets,” and such sale, the “Asset Sale”) for $115.5 million, subject to certain customary purchase price adjustments as set forth in the APA (the “Purchase Price”). Simultaneously with the execution of the 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 Seller and credited against the Purchase Price. The APA is subject to Court approval.