Atlas Energy Announces $1.7 Billion Marcellus Shale Joint Venture

Atlas Energy, Inc. announced its entry into a joint venture transaction this week with a wholly owned affiliate of Reliance Industries Limited to transfer an interest in its Marcellus Shale position equal to 120,000 net acres in a transaction valued at $1.7 billion.
Reliance will pay approximately $340 million in cash upon closing and an additional $1.36 billion in the form of a drilling carry.
Atlas will serve as the development operator for the joint venture. Reliance will have the option to operate in certain project areas in the coming years outside of Atlas’ core operating areas of Fayette, Greene, Washington, and Westmoreland Counties in southwestern Pennsylvania.