FORT WORTH, Texas, June 12, 2017 (GLOBE NEWSWIRE) — Titan Energy, LLC (“Titan”) (OTCQX:TTEN) has entered into a definitive agreement to sell its 25% interest in Rangely Field (“Rangely”) for $105 million. Rangely is a CO2 flood located in Rio Blanco County, Colorado, and operated by Chevron.
“Titan continues to de-lever its business through credit-accretive asset sales. This transaction, along with the previously announced sale of Appalachia, reduces Titan’s debt by $189 million and allows the Company to focus on development of the Eagle Ford Shale, where well results continue to exceed type curve expectations,” said CEO Daniel Herz.
The transaction includes the sale of Titan’s interest in Rangely, its 22% interest in Raven Ridge Pipeline, a CO2 transportation line, as well as surrounding acreage in Rio Blanco and Moffat Counties, Colorado (the “Rangely Assets”). In Q1 2017, the Rangely Assets generated approximately 2,500 boepd of net production (90% oil, 10% liquids).
The transaction is subject to customary closing conditions, has an effective date of May 1, 2017 and is expected to close in August 2017. The net proceeds will be used to repay a portion of outstanding borrowings under Titan’s first lien credit facility.
RBC Richardson Barr marketed Titan’s Rangely Assets. Jones Day advised on the legal aspects of the transaction.
SOURCE: Titan Energy, LLC
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