Upon arriving home from Vietnam in 1966 at the ripe old age of twenty-one, Mr. Freshwater began his career in the oil boom occurring in the Walton Field in Roane County, West Virginia. It was during that time period and on a cold and rainy day that he made his first impression on a successful New York-city based art dealer turned oil and gas financier and operator named Reeves Lewenthal and his drilling contractor (Mr. Freshwater’s future business partner) Richard L. Mann. Mr. Freshwater recognized early on that Mr. Lewenthal knew the business from the ground-up and Mr. Mann knew the business from the ground-down and immediately that an opportunity had presented itself to learn from and about both . Mr. Mann and Mr. Freshwater eventually started an oil and gas well contracting firm (Petro Services) and both became partners in Mr. Lewenthal’s investment banker (Allen & Co.) backed exploration and production company, Allegheny & Western (A&W) Energy (which had its Initial Public Offering (IPO) in June 1981). A&W proved to be one of the most active drillers in Appalachian Basin in the 1980’s (drilling several hundred wells throughout the Appalachian Basin) and ultimately acquired the largest gas utility in WV (Columbia Gas of West Virginia) and changed its name to Mountaineer Gas Company.
(Left to Right) Robert Hess, Reeves Lewenthal, Herbert Allen Sr., Richard L. Mann, David A. Freshwater, Mrs. Herbert Allen Sr., Mr. and Mrs. Anthony Altman
However, as with all large companies, its strategies changed and it became more and more bureaucratically operated. Recognizing that Mr. Freshwater was bridled in a corporate setting, Mr. Lewenthal approached him to discuss an exit strategy. Ultimately, this provided him the opportunity to re-purchase nearly all of his prior Petro equipment and provide contract services to A&W via his new company, D.A. Freshwater Company (whose name was later changed to Contractor Services Inc. (CSi) of West Virginia), re-acquire his original Petro office property in Spencer, WV from A&W (where CSi’s Headquarters remain today) and begin forming new oil and gas exploration partnerships.
During a period of depressed period in oil and gas prices in the 1990’s , Mr. Freshwater’s primary focus was on the contracting company and a limited number of oil and gas ventures in central West Virgina. Anticipating the return of more favorable prices, he consolidated his prior oil and gas holdings to form Reserve Oil & Gas, Inc. with his son. J, Scott Freshwater in 1998. Today, Reserve has drilled over 149 new gas wells in central West Virginia representing a total capital investment over $50 million dollars and spun-off two additional companies (see affiliated companies).
In our now 40 years of doing business, these things remain the same – our companies will always strive to maximize the returns to its investors by sharing in the risks and rewards and to continue to follow the business practices learned from the past to prepare for the future. Armed with experience and well-seasoned employees, Reserve looks forward to the future and is prepared to continue its search for natural gas.
