RIL sells US shale asset for $250 mn

MUMBAI: Reliance Industries Ltd has sold its stake in the shale g as asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said.

"Reliance Mar cellus, L LC (RMLLC) a w holly-owned subsidiary of R eliance Industries Limited (RIL), announced the signing of agreements to di vest all of its inter est i n cer tain upstream assets in the Mar cellus shale pla y of southwestern Pennsylvania," a company statement said.

These assets ha ve been agreed to be sol d to N orthern Oil and Ga s, Inc ,a Delaware cor poration, f or USD 250 million cash and warrants that gi ve entitlement to pur chase 3.25 million common shar es of Northern Oil and Gas (NOG) at an ex ercise price of USD 14.00 per common shar e in next seven years.