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Reliance Forms $1.7-billion Marcellus Shale JV
8:58 AM MDT | April 9, 2010 | Lindsey Bewley and Deepti Ramesh
Reliance Industries says its has entered into a $1.7-billion joint venture with Atlas Energy (Moon Township, PA) to develop the company’s Marcellus Shale gas operations, confirming earlier reports. Reliance Marcellus, a subsidiary of Reliance, will acquire a 40% interest in Atlas’ Marcellus Shale acreage position. Reliance will pay about $339 million in cash upon closing and an additional $1.36 billion, under a carry arrangement for 75% of Atlas’s capital costs over a seven and a half year development program. The transaction is expected to...
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