Reliance Eagleford Upstream Holding, a subsidiary of both Reliance Holding USA and Reliance Industries, announced the signing of a purchase and sale agreement with Sundance Energy to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for approximate consideration of $100 million, subject to certain customary adjustments and closing terms and conditions. This transaction is in conjunction with sales made by Pioneer Natural Resources and Newpek, the other working interest owners in the joint development with Reliance.
The assets being sold are located in Atascosa, La Salle, Live Oak and McMullen Counties, in Texas and were not part of the near-term development plan of the joint development. Reliance continues to retain its interest in its remaining Eagle Ford assets that are core to its development priorities.
The sale is expected to close in Q1 2019 and is subject to customary closing conditions.
Sundance Energy doesn’t belong to the promoter group, and the transaction does not fall within related party transactions.