Reliance Industries to sell part of Eagle Ford shale assets for $100 million

Reliance Industries Ltd (RIL) Tuesday said it has agreed to sell some of its assets in Eagle Ford shale position in the US to Sundance Energy Inc. for $100 million.

The sale involves “certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position”, an RIL note said.

Reliance will continue to retain its interest in the remaining Eagle Ford assets.

The assets are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and are not part of near-term development plan of the joint development. “This transaction 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 sale is expected to close in 1QFY19 and is subject to customary closing conditions,” RIL said.

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.

Refrences

Pillay, A. (2018). RIL sells few assets in Eagle Ford Shale in US for $100 million. [online]

Oglinks.news. (2018). Reliance sells select shale assets in US for $100 million. [online]

Pathak, K. (2018). Reliance Industries to sell part of Eagle Ford shale assets for $100 million. [online]

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