Spirit Airlines Gains Key Creditor Support for $500M Bailout Deal 
Air Liquide Q1 Revenue Misses Estimates Amid Currency and Energy Headwinds 
Seagate Stock Surges After Strong Q3 Earnings Beat and Bullish Outlook 
Brazil Pension Fund Crackdown After Banco Master Collapse Raises Investment Concerns 
SMC Corp Stock Surges as Palliser Capital Pushes for Major Share Buyback 
Kia Cuts EV Prices in Europe as Chinese Carmakers Intensify Competition 
TSMC Exits Arm Holdings with $231 Million Share Sale Amid Strategic Portfolio Shift 
Advantest Stock Falls on Weak Outlook Despite Strong AI-Driven Results 
WuXi AppTec Stock Surges on Strong Q1 Earnings and CRDMO Demand Growth 
Strait of Hormuz Shipping Crisis Deepens as Traffic Plunges Amid Iran-U.S. Tensions 
OpenAI Faces Revenue Pressure and User Growth Challenges Ahead of IPO 
T-Mobile Beats Q1 Earnings Expectations on Strong Postpaid Growth 
U.S. Demand for Alternative Satellite Providers Remains Strong Amid SpaceX Regulatory Push 
Starbucks Raises 2026 Outlook as Turnaround Strategy Boosts Sales and Earnings 
Nippon Express Stock Jumps as Elliott Investment Signals Strong Foreign Interest in Japan Logistics Sector 
Chinese Chip Stocks Surge on AI Boom and Domestic Tech Push 
FORT WORTH, Texas, May 05, 2017 -- Titan Energy, LLC (“Titan”) (OTCQX:TTEN) has entered into a definitive agreement to sell its conventional Appalachia and Marcellus assets to Diversified Gas & Oil, PLC (“Diversified”), for $84.2 million.
“This transaction continues Titan’s transformation into a growth-oriented oil and gas company focused on the development of the Eagle Ford Shale,” said CEO Daniel Herz. “We are selling these assets at an attractive multiple of future cash flows, delevering our business and improving our operational efficiency.”
The transaction includes the sale of approximately 8,400 oil and gas wells across Pennsylvania, Ohio, Tennessee, New York and West Virginia, along with the associated infrastructure (the “Appalachian Assets”). In 2016, the Appalachian Assets generated approximately 30 MMcfepd of net production (92% gas, 8% liquids). Titan will retain its Utica Shale position, Indiana assets and West Virginia CBM assets in the region.
The transaction is subject to customary closing conditions, has an effective date of April 1, 2017 and is expected to close in June 2017. The net proceeds will be used to repay a portion of outstanding borrowings under Titan’s first lien credit facility. The transaction will improve Titan’s first lien credit metrics and is expected to fulfill Titan’s borrowing base step down to $360 million, which is scheduled to occur on August 31, 2017.
Upon conclusion of the transaction, Titan will relocate its headquarters to Fort Worth, Texas.
Detring Energy Advisors marketed Titan’s Appalachian Assets. Jones Day advised on the legal aspects of the transaction.
Contact: Investor Relations (877) 280-2857 [email protected]
