Titan Energy LLC is offering for sale nearly 500,000 net acres in the Appalachian Basin throughout the eastern U.S.
The properties consist of a large, operated low-decline production base within proven oil and gas development, according to Detring Energy Advisors, which is the company's exclusive adviser for the sale.
The assets are located in New York, Pennsylvania, West Virginia, Ohio, Indiana, Kentucky and Tennessee. Upside includes Marcellus and Utica deep rights and Upper Devonian potential as well as deep rights to the New Albany and Chattanooga shale plays, Detring said.
Highlights:
- 45 million cubic feet equivalent per day of net production;
- About 10% annual decline;
- $37 million operating cash flow (next 12 months);
- 95% operated;
- 494,229 net acres;
- About 100% HBP;
- 218 billion cubic feet equivalent of net proved developed producing reserves;
- 95% gas;
- About $210 million PV-10 value;
- Roughly 7,900 active wellbores;
- Average 82% working interest and 88% lease net revenue interest; and
- Large behind-pipe opportunity, Detring said.
Titan Energy was formerly known as Atlas Resource Partners LP before it exited Chapter 11 bankruptcy in September, according to the Fort Worth, Texas-based company’s website.
The virtual data room opens Feb. 6. Data room presentations will be available on request.
Bids are due March 1. For information visit detring.com or contact Melinda Faust, Detring director, at 713-907-2003.
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