Reliance arm sheds entire stake in Pennsylvania shale assets for $250 mn

Citigroup Global Markets acted as financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel

Reliance Marcellus, a wholly owned subsidiary of Reliance Industries, will divest all of its interest in certain upstream assets in the Marcellus shale play of southwestern Pennsylvania.
 
“These assets, which are operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas (NOG), a Delaware corporation, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14.00 per common share in next seven years,” a RIL statement said.
 
A purchase and sale agreement was signed between