Merit Energy Company signed a definitive agreement to acquire Interests in Rangely Field and Raven Ridge Pipeline from Titan Energy, LLC (OTCPK:TTEN) for approximately $110 million on June 12, 2017. The transaction includes 25% interest in the Rangely Field located in Rio Blanco County, Colorado and 22% interest in Raven Ridge Pipeline in Rio Blanco and Moffat Counties. Buyer shall pay an escrow deposit of 10% of the purchase price which shall be applied towards the purchase Price at closing. If this agreement is terminated in breach of buyer’s obligations then seller shall be entitled to retain the escrow funds. The transaction is subject to the customary closing conditions 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. Omar Samji, Kit Rockhill and Alixandra Charles of Jones Day acted as the legal advisor to Titan and RBC Richardson Barr marketed the Rangely assets as part of this transaction. Joel Heiser acted as general counsel to Titan whereas Chris Hagge acted as legal lead on the acquisition. RBC Capital Markets acted as financial advisor to Titan Energy on the transaction. Merit Energy Company completed the acquisition of interests in Rangely Field and Raven Ridge Pipeline from Titan Energy, LLC (OTCPK:TTEN) on August 7, 2017. Titan Energy received a net cash proceeds of $103.5 million, after giving effect to customary preliminary purchase price adjustments.