Northern Oil and Gas, an independent energy company, completed the acquisition of Marcellus shale from Reliance Industries, an Indian multinational conglomerate company, for $250m. The assets, currently operated by affiliates of EQT, will be sold for the cash consideration and warrants, that will allow for the purchase of 3.25m common shares of NOG at an exercise price of $14 per common share over the next seven years. “We are pleased to have closed this transformational acquisition, which enhances our high-return national non-operated business model with a key move into the Marcellus. Furthermore, this transaction and our recent balance sheet advancements have positioned Northern as the natural consolidator of non-operated assets. With the Board and Management’s substantial ownership of Northern’s equity, we will only entertain transactions that clearly add immediate shareholder value and are accretive to our free cash flow and future dividend potential," Nick O’Grady, Northern Oil & Gas CEO.