Reliance Industries logo
Reliance Industries logo

Reliance Industries’ (RIL) wholly-owned subsidiary Reliance Marcellus will sell its entire stake in certain upstream assets in the Marcellus shale play of south-western Pennsylvania.

These assets are being sold for $250 million to Northern Oil and Gas (NOG). This is subject to customary terms and conditions of closing.

RIL said, “These assets, which are currently operated by various affiliates of EQT Corporation (EQT), have been agreed to be sold to Northern Oil and Gas, Inc (NOG), a Delaware corporation, for a consideration of USD 250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of USD 14.00 per common share in next seven years.”

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