The deal includes 250 billion cubic feet of natural gas equivalent (bcfe) of proved reserves, including 43 producing wells on 16,000 net acres and about 700 Bcfe of proved, probable and possible reserves in the Barnett Shale.
The transaction, expected to close in July 2012, marks ARP’s second acquisition in the Barnett Shale in the past two months, increasing its proved reserves to 530 Bcfe.
Atlas Resource Partners chief executive officer Edward E. Cohen said, "This transaction continues to solidify our position in the Barnett Shale through opportunistic purchases of ongoing production and associated assets."
ARP expects nearly 335 potential undeveloped drilling locations on the new acreage with proved reserves at 84% natural gas and 34% proved developed.
Current production at Titan’s properties is about 24 million cubic feet equivalent per day, including about 370 barrels per day of natural gas liquids.
