Reliance Marcellus, LLC (RMLLC) a wholly owned subsidiary of Reliance Industries (RIL), announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania.

These assets, which are currently operated by various affiliates of EQT Corporation (EQT), have been agreed to be sold to Northern Oil and Gas, Inc (NOG), a Delaware corporation, for a consideration of USD 250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of USD 14 per common share in next seven years.

A Purchase and Sale Agreement (PSA) has been signed between RMLLC and NOG on February 3, 2021 for this sale and the transaction is subject to customary terms and conditions of closing.

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

Shares of the company gained Rs 0.35, or 0.02%, to trade at  Rs 1,930.65.  The total volume of shares traded  was  1,381,402 at the BSE (11.14 a.m., Thursday).