Atlas Energy (ATLS) said that it entered into a joint venture in the Marcellus Shale with Reliance Industries Limited, a private company headquartered in India.
Atlas Energy agreed to transfer a 40% interest in its 300,000 acre Marcellus Shale position in return for $1.7 billion. Reliance Industries Limited will pay $340 million up front, and $1.36 billion in future drilling costs. Atlas Energy will remain as operator of the acreage in the Marcellus Shale.
Atlas Energy and Reliance Industries Limited also announced a five year development program in the Marcellus Shale consisting of drilling horizontal wells as follows:
2010 - 45 wells
2011 - 108 wells
2012 – 178 wells
2013 – 300 wells
2014 – 300 wells