Ohio

A US bankruptcy court confirmed a reorganization plan for private Triad Energy Corp., clearing the way for the firm’s acquisition by Magnum Hunter Resources Corp., Houston.

By OGJ editors
HOUSTON, Jan. 29
– A US bankruptcy court confirmed a reorganization plan for private Triad Energy Corp., clearing the way for the firm’s acquisition by Magnum Hunter Resources Corp., Houston.

Magnum Hunter in late October 2009 moved to acquire Triad’s assets, including interests in 2,000 operated wells and more than 88,000 net mineral acres in Kentucky, Ohio, and West Virginia. The lands include 50,000 net mineral acres thought prospective for Marcellus shale gas. Magnum Hunter plans to drill at least two Marcellus horizontal wells by midyear 2010.

The acquisition also included a gas pipeline, three drilling rigs, workover rigs, salt water disposal facilities, and other oilfield equipment. Closing is expected by Feb. 15.

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