Barrier Advisors, a Dallas-based financial advisory and restructuring firm, announced its engagement to manage the Section 363 sales of assets in connection with the Chapter 11 bankruptcy proceedings of Triad Resources Inc.
Based in Marietta, Ohio, Triad Resources filed for Chapter 11 protection on December 31, 2008. The company has developed oil & gas properties in the Appalachian Basin for more than 22 years and is a pioneer in the Marcellus Shale play.
Triad Resources has developed and owns an estimated 37.4 Bcfe of proven oil and natural gas reserves in the Appalachian Basin as well as the Permian Basin in West Texas and New Mexico. In addition, the company owns an Appalachian pipeline, 150 miles of associated rights of way, numerous drilling rigs and miscellaneous service equipment.
"Triad Resources has a varied and appealing collection of assets that goes well beyond just production and reserves. The company's operating staff, for example, has over 85 years of combined oilfield expertise in the Appalachian Basin," said Jeff Jones, Managing Director of Barrier Advisors.
"Barrier's deep expertise in restructurings and bankruptcies, combined with our experience in the oil and gas industry is why Triad selected Barrier Advisors to assist them. We are delighted to be part of Triad's advisory team," he added.
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