Reliance exists in the shale gas business in the United States and has signed an agreement to sell assets

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Ensign and a RIL subsidiary have agreed to sell assets in the Eagleford shale play in Texas.

REUHLP and Ensign, a Delaware limited liability company, signed an acquisition and sale agreement on November 5, according to RIL.

Reliance has unloaded all of its shale gas assets and exited the shale gas business in North America with this transaction.

With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.

Reliance Industries Ltd (RIL) said on Monday that its step-down subsidiary Reliance Eagleford Upstream Holding, LP (REUHLP) has agreed to sell its upstream assets in Texas’ Eagleford shale play to Ensign Operating III, LLC.

REUHLP and Ensign, a Delaware limited liability company, signed an acquisition and sale agreement on November 5, according to RIL.

The sale price is significantly higher than the assets’ current carrying value, according to Mukesh Ambani’s company. The transaction value, however, was not disclosed.

RIL’s financial advisor for the deal was Citigroup Global Markets, Inc., and its legal counsel was Gibson, Dunn & Crutcher LLP.

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