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Reliance Marcellus LLC, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has entered into agreements to sell all of its interest in certain upstream assets in the Marcellus shale play to Northern Oil and Gas Inc (NOG) for $250 million in cash.
The deal also entitles RIL to purchase 3.25 million common shares of NOG at an exercise price of $14 per common share in next seven years. The assets are currently operated by various affiliates of EQT Corporation, RIL said in a statement.
The Marcellus shale play assets are based in the south-western Pennsylvania in the US. Citigroup Global Markets was the financial advisor to RIL and Gibson, Dunn & Crutcher LLP served was its legal counsel.
A purchase and sale agreement was signed between Reliance Marcellus and NOG on February 3, RIL said, adding, the transaction is subject to customary closing conditions.
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