Titan Energy, LLC (OTCMKTS:TTEN) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01
On June12, 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”). to the Agreement, the Company agreed to sell its 25% interest in the Rangely Field, a CO flood located in Rio Blanco County, Colorado and operated by Chevron, as well as its 22% interest in Raven Ridge Pipeline, a CO transportation line, and surrounding acreage in Rio Blanco and Moffat Counties, Colorado (collectively, the “Rangely Assets”). The Agreement provided for aggregate consideration of $105million. On August7, 2017, the Company completed the sale of the Rangely Assets for net cash proceeds of $103.5million, 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 2.01 | Financial Statements and Exhibits |
(b) Pro Forma Financial Information
The unaudited pro forma consolidated balance sheet of the Company as of March31, 2017, and the related pro forma consolidated statements of operations for the three months ended March31, 2017 and the years ended December31, 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 June12, 2017.* |
| 99.1 | Unaudited pro forma financial information. |
| * | The registrant has omitted certain immaterial schedules and exhibits to this exhibit 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. |
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: August11, 2017 | TITAN ENERGY, LLC |
| By: |
/s/ Jeffrey M. Slotterback |
| Name: | Jeffrey M. Slotterback |
| Title: | Chief Financial Officer |
EXHIBIT INDEX
|
Exhibit Number |
Description |
| 2.1 | Purchase and Sale Agreement by and between ARP Rangely Production, LLC and MMGJ Colorado, LLC, dated June12, 2017.* |
| 99.1 | Unaudited pro forma financial information. |
| * | The registrant has omitted certain immaterial schedules and exhibits to this exhibit Titan Energy, LLC ExhibitEX-2.1 2 d433303dex21.htm EX-2.1 EX-2.1 Exhibit 2.1 Execution Version PURCHASE AND SALE AGREEMENT ARP RANGELY PRODUCTION,…To view the full exhibit click here
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