India’s Reliance Industries Ltd. has agreed to divest its entire stake in 64,000 net acres in the Appalachian Basin, continuing its exodus from unconventional oil and natural gas assets in the United States. 

Northern Oil and Gas Inc. (NOG) agreed to acquire the nonoperated stake from Reliance Marcellus LLC in exchange for $175 million and 3.25 million warrants to purchase its common stock at a price of $14.00/share.

EQT Corp., which acquired the properties in a broader deal last year when it bought Chevron Corp.’s Appalachian portfolio in Pennsylvania and West Virginia, would operate the assets. 

The assets are expected to produce 100-110 MMcfe/d this year, and consist of 102.2 net producing wells, another 22.6 wells in process and 231 net undrilled locations in the core...