New Delhi, Feb. 4 -- Reliance Marcellus is a wholly-owned subsidiary of Reliance Industries (RIL). The former will sell its stake in certain upstream assets in the Marcellus shale play of south-western Pennsylvania for $250 million. EQT Corporation and affiliates currently operate the assets. Northern Oil and Gas, a Delaware corporation, will pay a consideration of $250 million in cash for these assets. It also warrants the company to give entitlement to purchase 3.25 million common shares of Northern Oil. The former can purchase them at an exercise price of $14.00 per common share in the next seven years.

Both the companies have signed a purchase and sale agreement on February 3, 2021, for this sale. The transaction is subject to custom...