Reliance Marcellus II, LLC (“Reliance”) a subsidiary of Reliance Holding USA, Inc., and Reliance Industries Limited (“RIL”), announced the closing of recently announced sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas, Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.

In a transaction announced on October 06, 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of April 01, 2017. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.

The transaction closed on November 21, 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments.

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 10th in LinkedIn’s ‘Top Companies Where India Wants to Work Now’ (2017). RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.