Reliance Marcellus II LLC, a subsidiary of Reliance Holding USA Inc. (Reliance), and Reliance Industries Limited (RIL), has signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania.
The assets, which are currently operated by Carrizo Oil & Gas Inc were sold to BKV Chelsea LLC an affiliate of Kalnin Ventures LLC, for consideration of $126 million.
In addition, Reliance could receive contingent payments of up to $11.25 million in aggregate based on natural gas prices exceeding certain thresholds over the next three years.
The assets produce mainly gas and are located in Susquehanna, Wyoming and Clearfield Counties of Pennsylvania.
The deal is anticipated to close by the end of the third quarter of FY2018.
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