Energy Investment firm Kalnin Ventures LLC has agreed to buy more Marcellus Shale assets in central and northeast Pennsylvania from Carrizo Oil & Gas Inc. and an affiliate of India’s Reliance Industries Ltd. in transactions valued at $210 million.

The separate agreements mark the fifth acquisition for Kalnin in the last two years on behalf of its sole client Thailand coal producer, Banpu pcl.

Kalnin agreed to pay Carrizo $84 million and make contingent payments of up to $7.5 million based on natural gas prices over the next three years. Net production from the assets averaged more than 40 MMcf/d through the first nine months of this year. Reliance is to receive $126 million and contingent payments of up to $11.25 million over the three-year period.

Both deals are expected to close in November. For Kalnin, which has completed deals in northeast Pennsylvania for nonoperated assets with Chief Oil & Gas LLC, Range Resources Corp., Zena Energy LLC and an affiliate of Tug Hill Inc. in the last two years, its latest acquisition transforms it into an operator. In all, the purchase includes an interest in 112 wells, including 98 that are producing, 11 that are drilled but uncompleted and three that have been abandoned.

“The deal is unique from our previous four in that it provides us the opportunity to naturally expand into an operator position while also acquiring additional midstream assets,” said Managing Director Christopher Kalnin. The firm has previously said that as more acreage is consolidated by large operators that it would opportunistically search out positions to eventually monetize.

The assets being acquired are in Susquehanna, Wyoming and Clearfield counties. If the transactions are completed, Kalnin would have an interest in 355 active wells and production of 160 MMcf/d in the Marcellus.

For Carrizo, the sale means an exit from the Appalachian Basin. The company reached an agreement last month with an undisclosed buyer to sell for $62 million all of its Utica Shale assets in Guernsey County, OH. Reliance bought into Carrizo’s Marcellus assets in 2010.

Carrizo has turned its focus to Texas where it works the Permian Basin and Eagle Ford Shale. The company is also marketing assets in the Denver-Julesburg Basin, with a potential sale expected by the end of the year.