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Reliance Eagleford Upstream Holding LP, a unit of Reliance Industries Ltd, has agreed to sell its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position to Sundance Energy Inc for about $100 million.
The sale – subject to certain customary adjustments and closing terms and conditions — is in conjunction with the divestments made by Pioneer Natural Resources USA Inc and Newpek LLC, 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.
The sale is expected to close in Q1FY-19, the company said in a statement.
Sundance Energy Inc. does not belong to the promoter group and the transaction does not fall within related party transactions, it added.
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