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4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Titan Energy LLC    TTEN

TITAN ENERGY LLC (TTEN)
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TITAN ENERGY, LLC : Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-K)

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08/11/2017 | 11:33pm CET

Item 2.01 Completion of Acquisition or Disposition of Assets

On June 12, 2017, ARP Rangely Production, LLC, a wholly owned subsidiary of Titan Energy, LLC (the "Company"), entered into a purchase and sale agreement with MMGJ Colorado, LLC, an affiliate of Merit Energy Company, LLC (the "Agreement"). Pursuant to the Agreement, the Company agreed to sell its 25% interest in the Rangely Field, a CO2 flood located in Rio Blanco County, Colorado and operated by Chevron, as well as its 22% interest in Raven Ridge Pipeline, a CO2 transportation line, and surrounding acreage in Rio Blanco and Moffat Counties, Colorado (collectively, the "Rangely Assets"). The Agreement provided for aggregate consideration of $105 million. On August 7, 2017, the Company completed the sale of the Rangely Assets for net cash proceeds of $103.5 million, after giving effect to customary preliminary purchase price adjustments.

The foregoing summary of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement, which is filed as Exhibit 2.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits

(b) Pro Forma Financial Information

The unaudited pro forma consolidated balance sheet of the Company as of March 31, 2017, and the related pro forma consolidated statements of operations for the three months ended March 31, 2017 and the years ended December 31, 2016, 2015 and 2014 are filed as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated by reference herein.

(d) Exhibits



Exhibit
Number                                    Description

 2.1         Purchase and Sale Agreement by and between ARP Rangely Production, LLC
             and MMGJ Colorado, LLC, dated June 12, 2017.*

99.1         Unaudited pro forma financial information.



* The registrant has omitted certain immaterial schedules and exhibits to this

exhibit pursuant to the provisions of Regulation S-K, Item 601(b)(2). The

registrant will furnish a copy of any of the omitted schedules and exhibits to

the Securities and Exchange Commission upon request.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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