The joint venture deal between Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) and a subsidiary of Reliance Industries Limited has been closed.
Reliance acquired a 20 percent stake in close to 52,200 net Carrizo acres in Pennsylvania Marcellus Shale.
The overall price was $65 million, with Carrizo paying $11.4 million at close, with an additional $1.7 million to be paid later in 2010. The remaining $52 million will be paid as a share of "future drilling,
completion, and seismic costs."
Carrizo affiliate, Avista Capital Partners, simultaneously closed on the same properties with Reliance for about $327 million. Carrizo will receive $44 million in cash from their affiliate from the sale of the 52,500 acres.
The agreement between Carrizo and Reliant is effective immediately.
Showing posts with label Reliance Industries. Show all posts
Showing posts with label Reliance Industries. Show all posts
Monday, September 13, 2010
Friday, March 5, 2010
Reliance (NSE:RELIANCE) Adds Bahama Clean Storage
Reliance Clean Storage Facilities
Reliance Industries (NSE:RELIANCE) in a bid to expand its business in the United States has leased a storage facility in the Bahamas that will hold about 1.2 million barrels of clean storage. The Borco Terminal is the specific storage facility leased by the Indian company.
This is the second clean storage facility leased by the company, as they've also leased 800,000 barrels of clean storage based in the harbor of New York from the Hess Corporation (NYSE:HES).
The deal for Borco has actually been done for some time, as it was reportedly completed sometime in the second half of 2009, although just being released.
To serve the European and Mediterranean markets, last year Reliance secured a clean storage facility at Ashkelon in Israel.
Reliance Clean Storage Facilities
Reliance Industries (NSE:RELIANCE) in a bid to expand its business in the United States has leased a storage facility in the Bahamas that will hold about 1.2 million barrels of clean storage. The Borco Terminal is the specific storage facility leased by the Indian company.
This is the second clean storage facility leased by the company, as they've also leased 800,000 barrels of clean storage based in the harbor of New York from the Hess Corporation (NYSE:HES).
The deal for Borco has actually been done for some time, as it was reportedly completed sometime in the second half of 2009, although just being released.
To serve the European and Mediterranean markets, last year Reliance secured a clean storage facility at Ashkelon in Israel.
Reliance Clean Storage Facilities
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