Reliance sells certain assets in the Eagle Ford Shale Play area to Sundance Energy but retains the remaining assets as part of its future development plans.
Mumbai/India – Reliance Eagleford Upstream Holding (Reliance), a subsidiary of both Reliance Holding USA and Reliance Industries, has recently announced the signing of a purchase and sale agreement with Sundance Energy. With this deal, Reliance intends 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 100 million dollars, subject to certain customary adjustments and closing terms and conditions.
This transaction is in conjunction with sales made by Pioneer Natural Resources USA and Newpek, 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.