Indian oil firms to buy stake in Carrizo's Niobrara shale assets

11/12/2012
Oil India Ltd. (OIL) and Indian Oil Corp. (IOC) jointly agreed to acquire 30% of Carrizo Oil & Gas Inc.'s liquid-rich shale assets in the Niobrara basin in Colorado through their wholly owned US subsidiaries for $82.5 million total, marking the India parent companies' first US upstream acquisition. OIL will acquire 20% interest and IOC will acquire 10% interest in Carrizo's Niobrara holdings, which are in Weld and Adams counties in Colorado. Terms call for an upfront payment of $41.25 million and a subsequent $41.25 million carry of Carrizo's future drilling and development costs. Carrizo of Houston last year sold 20% interest of its South Texas Eagle Ford shale to GAIL India Ltd. and...
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