Reliance joins Carrizo in Marcellus shale venture

08/16/2010
Reliance Industries Ltd., Mumbai, has taken another step into US unconventional resource plays by entering a venture that envisions the drilling of 1,000 wells in the Marcellus shale fairway.A subsidary, Reliance Marcellus II LLC, entered a joint venture with Carrizo Oil & Gas Inc., Houston, through which it will acquire a 60% interest in Marcellus shale acreage now held in a 50-50 joint venture of Carrizo and ACP II Marcellus LLC, an affiliate of Avista Capital Partners.Paying a total of $392 million, Reliance will acquire 100% of Avista's interest and 20% of Carrizo's interest in the joint venture. New interests thus will be Reliance 60% and Carrizo 40%.Of the total consideration, $...
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