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 –

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