Deals this week: Titan Energy, Petroleos del Peru, Bellatrix Exploration

Titan Energy has agreed to dispose its 25% stake in the Rangely oil field located in Rio Blanco County, Colorado, US, for $105m. The sale also includes 22% stake in Raven Ridge pipeline and acreage in Rio Blanco and Moffat counties in Colorado.

The field is estimated to hold net proven reserves of 162 billion cubic feet equivalent (bcfe) and produces at a rate of approximately 2,500 barrels of oil equivalent a day (boed).

RBC Richardson Barr is the financial advisor, while Jones Day is the legal advisor to Titan Energy for the transaction.

The net proceeds from the divestiture are intended to be used by the company to make partial repayment of outstanding borrowings under its first lien credit facility.

The transaction is scheduled for completion in August.

Petroperu (Petroleos del Peru) intends to raise $1bn through the issue of 4.75% bonds, due 19 June 2032, in a public offering.

Bank of America Merrill Lynch, Goldman Sachs & Co and HSBC Holdings have been appointed as joint book-runners for the offering, which is scheduled for completion on 19 June.

Bellatrix Exploration has agreed to sell non-core oil and gas assets located in the Strachan area of Alberta, Canada, for a cash consideration of $26m.

The average production from the oil and gas assets is estimated to be approximately 1,750boed.

The divestiture forms part of Bellatrix Exploration’s strategy to hold a focused and concentrated asset base while strengthening the balance sheet.

The company intends to invest part of the proceeds from the sale into its Spirit River natural gas play to maintain current production volume and the remaining to reduce its outstanding debt.

Covenant Testing Technologies, an affiliate of Catapult Energy Services Group, has completed the acquisition of frac stack and well-testing assets from Key Energy Services.

The deal involved a purchase consideration $23.7m, which was funded by the company through a combination of cash and convertible preferred equity security interest in Covenant Testing.

Simmons & Company International was the financial advisor to Covenant Testing for the transaction.

The deal allows Covenant Testing to expand its fleet of flow-back and well-testing equipment.

Navitas Petroleum plans to raise approximately $100m through the issue of shares in an initial public offering (IPO).

The company intends to list its shares in the Tel Aviv Stock Exchange.