The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, subject to customary closing terms and conditions.
Additionally, Reliance could receive contingent payments of up to $11.25 million in aggregate based on natural gas prices exceeding certain thresholds over the next three years.
The sale of the assets will be consummated in accordance with the terms of a purchase and sale agreement, dated October 5, 2017, by and between Reliance and the buyer. The transaction is anticipated to close by the end of the third quarter of FY2018, with an April 1, 2017 effective date.
The stock of RIL ended up by 1.53% at Rs 836 per share on BSE on Friday.
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