Reliance Marcellus, LLC (RMLLC), a wholly-owned subsidiary of Reliance Industries (RIL), signed 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 (EQT), have been agreed to be sold to Northern Oil and Gas, Inc (NOG), a Delaware corporation, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14 per common share in next seven years.
A Purchase and Sale Agreement (PSA) has been signed between RMLLC and NOG on 3 February 2021 for this sale and the transaction is subject to customary terms and conditions of closing.
Reliance Marcellus to sell its upstream assets in Pennsylvania
By IANS |
Published on
Thu, Feb 4 2021 10:06 IST |
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Reliance Marcellus to sell its upstream assets in Pennsylvania. Image Source: IANS News
Mumbai, Feb 4 : Reliance Marcellus, LLC, a wholly owned subsidiary of Reliance Industries Limited on Thursday 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 $ 250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14 per common share in next seven years.
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Reliance Marcellus LLC Signs Agreement for the Sale of its Assets in the Marcellus shale play of South-Western Pennsylvania
édité le 04/02/2021 - Plus de news de Reliance - Voir la fiche entreprise de Reliance
Reliance Marcellus, LLC (RMLLC) a wholly owned subsidiary of Reliance Industries Limited (RIL), announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of southwestern Pennsylvania.
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 $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14.00 per common share in next seven years.