Reliance completes sale of interest in assets Marcellus Shale Play of Pennsylvania

To BKV Chelsea LLC, an affiliate of Kalnin Ventures

Reliance Marcellus II, LLC (Reliance) a subsidiary of Reliance Holding USA, Inc., and Reliance Industries (RIL), announced the closing of recently announced 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 announced on October 06, 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of April 01, 2017. 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.

The transaction closed on 21 November 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments.

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