<p>Reliance Industries (RIL) on Friday said it has completed sale of its interest in one of the three shale gas assets in the US to BKV Chelsea for $126 million.</p>.<p class="bodytext">Reliance Marcellus II, a subsidiary of Reliance Holding USA and RIL, closed the sale of its stake in the Marcellus shale gas asset operated by Carrizo Oil and Gas, the company said in a statement.</p>.<p class="bodytext">The transaction, which was announced on October 6, will be effective April 1, 2017.</p>.<p class="bodytext">Reliance Industries held stakes in three US shale gas ventures - 45% with Pioneer Natural Resources in the Eagle Ford shale play; 40% with Chevron and 60% with Carrizo Oil & Gas in the Marcellus Shale play.</p>.<p class="bodytext">The assets, which are operated by Carrizo Oil & Gas were sold to BKV Chelsea, an affiliate of Kalnin Ventures, for $126 million.</p>.<p class="bodytext">"Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between 2018 to 2020 based on certain gas price thresholds being achieved," it said.</p>.<p class="bodytext">The deal closed on November 24 and the company received the purchase consideration subject to usual and customary purchase price adjustments, the statement added.</p>.<p class="bodytext">The assets produce mainly gas and are located in Susquehanna, Wyoming and Clearfield Counties of Pennsylvania. </p>
<p>Reliance Industries (RIL) on Friday said it has completed sale of its interest in one of the three shale gas assets in the US to BKV Chelsea for $126 million.</p>.<p class="bodytext">Reliance Marcellus II, a subsidiary of Reliance Holding USA and RIL, closed the sale of its stake in the Marcellus shale gas asset operated by Carrizo Oil and Gas, the company said in a statement.</p>.<p class="bodytext">The transaction, which was announced on October 6, will be effective April 1, 2017.</p>.<p class="bodytext">Reliance Industries held stakes in three US shale gas ventures - 45% with Pioneer Natural Resources in the Eagle Ford shale play; 40% with Chevron and 60% with Carrizo Oil & Gas in the Marcellus Shale play.</p>.<p class="bodytext">The assets, which are operated by Carrizo Oil & Gas were sold to BKV Chelsea, an affiliate of Kalnin Ventures, for $126 million.</p>.<p class="bodytext">"Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between 2018 to 2020 based on certain gas price thresholds being achieved," it said.</p>.<p class="bodytext">The deal closed on November 24 and the company received the purchase consideration subject to usual and customary purchase price adjustments, the statement added.</p>.<p class="bodytext">The assets produce mainly gas and are located in Susquehanna, Wyoming and Clearfield Counties of Pennsylvania. </p>