Reliance Completes Sale of US Shale Gas Asset for $126 Million
Reliance Marcellus II LLC (Reliance) a subsidiary of Reliance Holding USA Inc and Reliance Industries Limited (RIL) has completed the sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.
In a transaction was announced on October 2017, in which Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for a purchase consideration of $126 million. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.
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