RIL sells south western Pennsylvania shale gas assets for $250 million to Northern Oil and Gas

Mumbai: Reliance Industries NSE -0.01 %’ arm Reliance Marcellus has signed an agreement with Delaware-based Northern Oil and Gas for sale of shale gas assets in south western Pennsylvania for a consideration of $250 million cash and warrants, the Mukesh Ambani-led company said Thursday.

The deal includes an unadjusted cash purchase price of $175 million plus equity warrants that will be issued to RIL upon closing of the transaction. The deal is expected to be closed in April 2021, subject to customary purchase conditions, Northern Oil and Gas said.