The Business Bytes
TBB BUREAU
MUMBAI, FEB 4, 2021
Reliance Marcellus, LLC, a wholly owned subsidiary of Reliance Industries Limited toay announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania.
These assets, which are currently operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas (NOG), Inc, a Delaware corporation, for a consideration of USD250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of USD14 per common share in next seven years.
A Purchase and Sale Agreement has been signed between Reliance Marcellus and NOG on February 3, 2021 for this sale and the transaction is subject to customary terms and conditions of closing.
