According to the subsidiary of both Reliance Holding USA Inc. and Mumbai-headquartered Reliance Industries Ltd, the 'purchase and sale' agreement with Sundance Energy Inc was to divest its interest in certain acreage, producing wells and related assets for an approximate consideration of $100 million.
"This transaction is in conjunction with sales made by Pioneer Natural Resources USA Inc and Newpek LLC, the other working interest owners in the Joint Development with Reliance," the company said in a statement.
"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."
As per the statement, the sale is expected to close in "1QFY19 and is subject to customary closing conditions".
"Sundance Energy Inc doesn't belong to the promoter group and the transaction does not fall within related party transactions," the statement added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
