Billionaire Mukesh Ambani’s Reliance Industries Ltd has sold its stake in the shale gas asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said on Thursday.
“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,” a company statement said.
These assets, which are currently operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas, Inc, a Delaware corporation, for USD 250 million cash and warrants that give entitlement to purchase 3.25 million common shares of Northern Oil and Gas (NOG) at an exercise price of USD 14.00 per common share in next seven years.