|Triad, a Marietta oil and gas company, which had been in bankruptcy, is now under new ownership.|
Magnum Hunter resources has purchased Triad Resources, based in Reno Ohio, and will operate the local company as Triad Hunter.
Triad's Calhoun operation is located at Richardson.
"There's no question that a lot of new companies have moved into the area," says CEO Gary Evans.
"There really isn't a better place to be in North America for natural gas, because you're close to the market. Therefore, you do receive a higher price," he said.
Triad's bankruptcy reorganization was approved by a federal court.
Evans says Morgan Hunter plans to keep Triad's 115 employees.
Kean Weaver, former CEO of Triad, was a well-known oil and gas producer, whose company has interests in Calhoun, Roane, Wirt, Gilmer, Clay, Ritchie and several other regional counties.
Washington County, Ohio Sheriff Larry Mincks reported that Weaver of Reno, Ohio died in 2008 of a self-inflicted gunshot wound.
The company was reported to be having major financial problems.
Triad owned and operated most of the historic oil and gas fields in the region, Richardson, Wallback, Rock Creek, and Tariff among several others.