**[investwise]** Reliance makes another Shales purchase in the US

 

Carrizo Oil & Gas Inc. said Friday it and Avista Capital Partners will sell natural gas interests in Pennsylvania to India's Reliance Industries Ltd. Carrizo said it would sell a 20 percent stake in 52,200 acres in the Marcellus Shale to a Reliance subsidiary for $65 million, most of which will go to cover Carrizo's drilling and other costs. Reliance will own 60 percent of the new joint venture with Carrizo, which covers 104,400 acres. Carrizo said at the same time, an affiliate of its existing joint venture partner, Avista Capital, sold its entire interest in the same properties to Reliance for $327 million. Carrizo said it expected to get $44 million in cash from Avista from the sale of Avista's acres. The Carrizo-Avista Capital joint venture will continue to hold interests on 140,000 acres mostly in West Virginia and New York, the company said. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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