Approach Resources Inc. filed for bankruptcy Monday, the latest in a string of chapter 11 filings by financially distressed oil-and-gas drilling companies grappling with a decline in commodity prices, the Wall Street Journal reported. Fort Worth, Texas-based Approach said that it will explore a restructuring of its balance sheet, a going-concern sale of its business and other alternatives while under chapter 11 protection. The company has drilling operations in West Texas, having acquired oil and gas properties in the Permian Basin since 2004. More than 30 oil-and-gas producers filed for bankruptcy this year through September, according to a report by the law firm Haynes & Boone LLP, already surpassing the number of filings for each of the previous two years. Approach reported revenue of about $14.7 million and a net loss of approximately $13.6 million for the second quarter. The company reported total debt obligations of $407.2 million, according to papers filed in U.S. Bankruptcy Court in Houston. Read more. (Subscription required.)
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