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Titan Energy Closes USD 105m Sale of Rangely Field Stake
Friday 11 August 2017

11 August 2017 - Australian oil and gas exploration and production company Titan Energy, LLC (ASX: TTE) (OTCQX: TTEN) has closed the divestiture of its 25% non-operated interest in the Colorado, US-based Rangely Field for USD 105m subject to customary closing adjustments.

This deal was announced in June.

Rangely is a CO2 flood located in Rio Blanco County, Colorado, and operated by Chevron.

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.

In 1Q17, the Rangely assets generated approximately 2,500 boepd of net production (90% oil, 10% liquids), Tital said.

The proceeds from the sale will be used to repay borrowings on Titan's first lien credit facility.

Titan Energy has current oil production from the Allen Dome oilfield in Texas. 

RBC Richardson Barr marketed Titan's Rangely assets. Jones Day advised on legal aspects of the transaction.
Details
Date Published: 11/08/2017
Target: Rangely Field/25% non-operated interest
Country: USA
Deal Size: 105m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Divestment
Financing: Cash
Status: Closed
Vendor: Titan Energy
Buyer:
Comment:


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