Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset Sale
Highlights:
DENVER, Nov. 14, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced it has entered into a definitive purchase agreement to acquire certain Montney assets (the "assets") from Paramount Resources Ltd. ("Paramount"), in an all-cash transaction valued at approximately $2.377 billion (C$3.325 billion). Upon closing, the acquisition will add approximately 70 MBOE/d of production (approximately 25 Mbbls/d of oil and condensate), 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres (approximately 80% undeveloped), in the core of the oil-rich Alberta Montney. The assets are strategically located near the Company's current operations and have access to midstream infrastructure with available capacity. The transaction has been unanimously approved by Ovintiv's Board of Directors.
Read more at newswire.ca