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Reliance agrees to sell assets in western portion of Eagle Ford for $100M

Reliance Eagleford Upstream Holding LP signed a purchase and sale agreement with Sundance Energy Inc. to divest its interest in certain acreage, producing wells and related assets in the western portion of the Eagle Ford Shale for $100 million.

The deal is scheduled to close in the first quarter of 2019.

Pioneer Natural Resources Co. and Newpek LLC, the remaining interest holders in the joint development, had already agreed to divest their stake in the assets located in the Texas counties of Atascosa, La Salle, Live Oak and McMullen as the venture moves to become a Permian-only producer.

The assets being sold are not part of the joint development's near-term development plan, and Reliance Eagleford Upstream will keep its interest in the rest of the Eagle Ford assets that are included in the development priorities.

Reliance Eagleford is a subsidiary of India-based energy company Reliance Industries Ltd.