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Reliance Marcellus to sell its assets in Marcellus shale play of south-western Pennsylvania
Mumbai, February 4, 2021
Reliance Marcellus, LLC (RMLL) a wholly owned subsidiary of the Mukesh Ambani-led Reliance Industries Limited (RIL), today signed it had 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 $14.00 per common share in the next seven years, a press release from Reliance said.
"A Purchase and Sale Agreement (PSA) has been signed between RMLLC and NOG on February 3, 2021 for this sale and the transaction is subject to customary terms and conditions of closing," the release added.
Citigroup Global Markets, Inc. acted as financial adviser to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.