RIL sells few assets in Eagle Ford Shale in US for $100 million

Mukesh Ambani, Reliance Industries on Tuesday, announced an agreement to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for a consideration of $100 Million.

“Reliance Eagleford Upstream Holding LP, a subsidiary of both Reliance Holding USA, Inc., and Reliance Industries, announced the signing of a purchase and sale agreement with Sundance Energy Inc. to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for approximate consideration of $100 Million, subject to certain customary adjustments and closing terms and conditions,” the company said in its statement. The sale is expected to close in the first quarter of the next financial year, subject to customary closing conditions.

The transaction, the company added, is in conjunction with sales made by Pioneer Natural Resources USA Inc and Newpek LLC, the other working interest owners in the Joint Development with Reliance.

The assets being sold, the company said, were not part of near term development plan of the Joint Development. “Reliance continues to retain its interest in the remaining Eagle Ford assets that are core to its development priorities,” it further added in the statement.