FORT WORTH, Texas, June 30, 2017 (GLOBE NEWSWIRE) — Titan Energy, LLC (OTCQX:TTEN) (“Titan”) announced today the initial closing of its previously announced divestiture of assets in Appalachia. The transaction includes the sale of approximately 8,000 oil and gas wells across Pennsylvania, Ohio, Tennessee, New York and West Virginia, along with the associated infrastructure. The proceeds from the sale will be used to repay borrowings on Titan’s first lien credit facility.
Detring Energy Advisors marketed Titan’s Appalachian assets. Jones Day advised on legal aspects of the transaction.