Reliance Industries’ subsidiary to promote Marcellus Shale Assets

Reliance Industries’ subsidiary to promote Marcellus Shale Assets

by admin- Thursday, February 4th, 2021 04:06:21 PM

Reliance Marcellus, a wholly-owned subsidiary of Reliance Industries (RIL), will promote its complete stake in positive upstream property within the Marcellus shale play of south-western Pennsylvania for $250 million.

These belongings, which can be presently operated via numerous associates of EQT Corporation, had been sold to Northern Oil and Gas, a Delaware corporation, for a attention of $250 million coins and warrants that supply entitlement to purchase 3.25 million common stocks of Northern Oil at an exercise rate of $14.00 per common percentage in next seven years.

A buy and sale agreement changed into signed among Reliance Marcellus and Northern Oil on February three, 2021 for this sale and the transaction is difficulty to customary phrases and conditions of last.

News Updates