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

Reliance Eagleford Upstream Holding LP (“Reliance”), a subsidiary of both Reliance Holding USA, Inc., and Reliance Industries Limited, 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 (hereinafter called as ‘Assets’) for approximate consideration of USD100 Million, subject to certain customary adjustments and closing terms and conditions. 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 Assets being sold are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and 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.

The sale is expected to close in 1QFY19 and is subject to customary closing conditions.

Sundance Energy Inc. doesn’t belong to the promoter group and the transaction does not fall within related party transactions.

About Reliance Industries Limited RIL is India’s largest private sector company, with a consolidated turnover of INR 330,180 crore ($ 50.9 billion), cash profit of INR 42,800 crore ($ 6.6 billion), and net profit of INR 29,901 crore ($ 4.6 billion) for the year ended March 31, 2017.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 203rd in terms of revenues, and 110th in terms of profits. The company stands 106th in the ‘Forbes Global 2000’ rankings for 2017 – the top-most among Indian companies. It ranks amongst LinkedIn’s ‘Top Companies Where India Wants to Work Now’ (2018). RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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