Reliance Industries Ltd.

Reliance Industries (RIL) and Reliance Marcellus II, LLC, a subsidiary of Reliance Holding USA, Inc. (Reliance) have signed agreements to divest all of its interest in certain upstream assets in north-eastern and central Pennsylvania. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, subject to customary closing terms and conditions. Additionally, Reliance could receive contingent payments of up to $11.25 million in aggregate based on natural gas prices exceeding certain thresholds over the next three years. The assets produce mainly gas and are located in Susquehanna, Wyoming and Clearfield Counties of Pennsylvania.

Reliance Industries (RIL) is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.