|Titan Energy Commences Operations|
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.
Certain statements contained in this press release and other written and oral statements made by the Company's representatives may be, forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based upon information presently available to the Company and assumptions that it believes to be reasonable. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, the potential adverse effects of Chapter 11 proceedings on the Company's liquidity or results of operations; the ability to operate the business following the Chapter 11 proceedings; the effects of the bankruptcy filing on the Company's business and the interests of various creditors, equity holders and other constituents; those associated with general economic and business conditions; changes in commodity prices and hedge positions; changes in the costs and results of drilling operations; uncertainties about estimates of reserves and resource potential; the impact of the Company's securities not being listed; inability to obtain capital needed for operations; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in the Company's reports filed with the SEC, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K (including those reports of ARP as the Company's predecessor). Investors are cautioned that all such statements involve risks and uncertainties. Forward-looking statements speak only as of the date hereof, and the Company assumes no obligation to update such statements, except as may be required by applicable law.