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Reliance to sell assets in Eagle Ford Shale Play for USD100 Million

Nikita Singh
/ Categories: Trending, Markets
Reliance Eagleford Upstream Holding LP, a subsidiary of Reliance Holding USA and Reliance Industries Limited, announced on Tuesday that the company will be divesting its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position.
 
The company will be divesting through a purchase and sale agreement with Sundance Energy Inc for a sum of nearly USD100 Million, subject to certain customary adjustments and closing terms and conditions.  
     
The transaction will be 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 that are being sold by the company are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and were not part of the company’s near term development plan of the Joint Development. The sale is likely to conclude in 1QFY19 and will be subject to customary closing conditions. 

RIL is India’s largest private sector company, with a consolidated turnover of Rs. 330,180 crore, cash profit of Rs. 42,800 crore and net profit of Rs. 29,901 crore for the fiscal year 2017. The company had also posted a 25 per cent hike in its net profit in Q3FY18. 

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