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RELIANCE MARCELLUS LLC SIGNS AGREEMENT FOR SALE OF ITS ASSETS

RELIANCE MARCELLUS LLC SIGNS AGREEMENT FOR THE SALE OF ITS ASSETS IN THE MARCELLUS SHALE PLAY OF SOUTH-WESTERN PENNSYLVANIA

RELIANCE MARCELLUS LLC SIGNS AGREEMENT FOR THE SALE OF ITS ASSETS IN THE MARCELLUS SHALE PLAY OF SOUTH-WESTERN PENNSYLVANIA

MUMBAI, February 04, 2021: Reliance Marcellus, LLC (“RMLLC”) a wholly-owned
a subsidiary of Reliance Industries Limited (“RIL”), announced the signing of agreements to invest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania.

These assets, which are currently operated by various affiliates of EQT Corporation (“EQT”), have been agreed to be sold to Northern Oil and Gas, Inc (“NOG”), a Delaware corporation, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of
$14.00 per common share in next seven years. A Purchase and Sale Agreement (“PSA”)
has been signed between RMLLC and NOG on February 3, 2021, for this sale and the
the transaction is subject to customary terms and conditions of closing.

Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn &
Crutcher LLP served as its legal counsel.

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