Reliance Marcellus, a part of Reliance India Limited, will relieve all their interest in particular upstream assets. They plan to attend the Marcellus shale play in south-western Pennsylvania for this purpose.
These assets are currently being handled by diverse affiliates of EQT Corporation, have come to an agreement to be sold to Northern Oil and Gas (NOG) Inc. from Delaware for $250 million cash and warrants prerogative to buy 3.25 million common shares at $14.00 per share of the NOG for another seven years.
The company said in a statement, “A Purchase and Sale Agreement has been signed between Reliance Marcellus and NOG on February 3, 2021 for this sale and the transaction is subject to customary terms and conditions of closing.”