Magnum Hunter Resources Corp has signed a definitive agreement to acquire substantially all of the oil and gas exploration and production operating assets of Triad Energy Corp and affiliates in the Appalachian Basin for an aggregate purchase price of approximately USD81m. This definitive agreement was executed with Triad upon the effectiveness of its reorganisation plan under Chapter 11 of the United States Bankruptcy Code.

The assets of Triad along with certain affiliates will be acquired by a wholly-owned subsidiary of Magnum Hunter under the proposed plan of reorganisation. A In addition, Triad's 100% ownership interests in certain oilfield service related drilling, pipeline and salt water disposal assets are being acquired pursuant to the agreement.

Triad Energy Corp is an oil and natural gas exploration and production company focused exclusively in the Appalachian Basin.

Tags: Magnum Hunter Resources Corporation