FORT WORTH, Texas, Sept. 01, 2016 (GLOBE NEWSWIRE) — Titan Energy, LLC and its subsidiaries (“Titan”) today announced that it has commenced operations as an independent developer and producer of natural gas, crude oil and natural gas liquids with operations in basins across the United States. Atlas Energy Group, LLC (“ATLS”) (OTCQX:ATLS), a Delaware limited liability company, operates the Company through a subsidiary and holds a 2% preferred member interest. Titan’s shares are available to be traded regular way through the facilities of DTC and are expected to be quoted on the OTC markets in the near future.
Titan has a diverse portfolio of oil and gas assets, including over 14,000 gross wells across 17 states, which produced 223 MMcfe/d on average for the second quarter of 2016. As of July 1, 2016, Titan’s estimated proved reserves totaled 1,013 Bcfe, consisting of 68% gas and 71% proved developed producing. As of July 1, 2016, Titan’s reserve report estimates the present value of those reserves to be $832 million. Titan will continue to be, through its subsidiary, the leading sponsor and manager of tax-advantaged investment partnerships (“Drilling Partnerships”), through which it is able to monetize a portion of its undeveloped natural gas, crude oil, and natural gas liquids production activities.
“We are excited at what I consider to be a tremendous opportunity to grow meaningful value for all of Titan Energy’s stakeholders,” said Daniel Herz, Chief Executive Officer. “I believe Titan is well positioned to take advantage of opportunities in the current energy environment.”
Titan has assumed the business and assets of Atlas Resource Partners, L.P. (“ARP”) pursuant to ARP’s Chapter 11 restructuring process (subject to certain exceptions set forth specifically in the court approved restructuring agreement), which eventuated in the court ordered termination of ARP.