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.