Join our newsletter and get a free copy of "Maximizing Your Minerals"

Discover how you can:

  • Negotiate the best lease for your minerals
  • Understand how the oil companies work
  • Prevent costly mistakes

*Your information will not be shared with others.

Pennsylvania: Reliance Buys Stake in Carrizo Property

by Kenneth E. DuBose on August 5, 2010

Reliance buys a 60% stake in Carrizo Oil’s Pennsylvania property:

Reliance Industries Ltd., India’s biggest company by market value, agreed to buy its third shale- gas asset in the U.S. this year, acquiring a 60 percent stake in acreages held by Carrizo Oil & Gas Inc. and its partner.

The company controlled by billionaire Mukesh Ambani will pay $392 million for the stake in the Marcellus shale-gas areas of central and northeast Pennsylvania, according to an e-mailed statement today. Reliance, based in Mumbai, will pay $340 million in cash and cover part of Carrizo’s drilling costs over two years.

Full Article: Reliances Buys Stake in Pennsylvania – bloomberg.com

Previous post:

Next post: