Magnum Hunter Emerges From Bankruptcy
WHEELING – When Marcellus and Utica shale driller Magnum Hunter Resources filed for bankruptcy protection in December, Chairman and CEO Gary C. Evans said the road to recovery should be “quick.”
This week, the Irving, Texas-based company emerged from the U.S. Bankruptcy Court for the District of Delaware without $1 billion in debt – and without Evans, who left to start a new venture.
Magnum Hunter’s drilling subsidiary is Triad Hunter, which maintains operations in Monroe, Belmont, Wetzel and Tyler counties. Magnum now features co-CEOs in Joseph C. Daches and Rick S. Farrell.
“Magnum Hunter has worked successfully to fulfill the pre-negotiated restructuring support agreement milestones with the objective of achieving the best possible solution for all of our stakeholders.
Without the cooperation of our dedicated employees and the strength of our relationships with royalty owners, vendors, suppliers and capital providers, this would not have been possible,” Daches and Farrell said in a joint statement.
“Under the direction of our new board of directors, we look forward to growing our company strategically and profitably,” they added.
As for Evans, published reports indicate he is working to buy two tracts of land for new exploration and production in Texas.
Evans also had served as chairman and CEO of a separate firm, GreenHunter Resources, which attempted to open a frack water recycling facility in the Warwood section of Wheeling before public opposition and zoning requirements led officials to abandon the project.