FORT WORTH, Texas, Aug. 07, 2017 (GLOBE NEWSWIRE) -- Titan Energy, LLC (OTCQX:TTEN) (“Titan”) announced today the closing of its previously announced divestiture of its 25% non-operated interest in the Rangely Field (“Rangely”) for $105 million subject to customary closing adjustments. Rangely is a CO2 flood located in Rio Blanco County, Colorado, and operated by Chevron. The proceeds from the sale will be used to repay borrowings on Titan’s first lien credit facility.
RBC Richardson Barr marketed Titan’s Rangely assets. Jones Day advised on legal aspects of the transaction.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Titan cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, resource potential, Titan’s plans, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; Titan’s ability to close its pending acquisitions; changes in commodity prices; changes in the costs and results of drilling operations; uncertainties about estimates of reserves and resource potential; inability to obtain capital needed for operations; Titan’s level of indebtedness; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in Titan’s reports filed with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Forward-looking statements speak only as of the date hereof, and Titan assumes no obligation to update such statements, except as may be required by applicable law.
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Source:Titan Energy, LLC.