Published: June 14, 2023 |

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Ovintiv Inc. has closed on the acquisition of core Midland Basin assets, adding approximately 1,050 net 10,000 foot well locations and approximately 65,000 net acres of largely undeveloped land adjacent to Ovintiv’s existing Permian operations.

The company has acquired substantially all the leasehold interest and related assets of Black Swan Oil & Gas, PetroLegacy Energy, and Piedra Resources, which are portfolio companies of funds managed by EnCap Investments, in a cash and stock transaction valued at $4.275 billion.

The company also closed the all cash sale of its Bakken assets, located in the Williston Basin of North Dakota to Grayson Mill Bakken, a portfolio company of funds managed by EnCap for $825 million. The sale represents the entirety of Ovintiv’s Bakken position.

Ovintiv, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. It operates through USA operations, Canadian operations, and market optimization segments. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta. Its other upstream assets comprise Bakken in northwest North Dakota, and Uinta in central Utah; and Horn River in northeast British Columbia, and Wheatland in southern Alberta. The company was formerly known as Encana Corporation and changed its name to Ovintiv Inc. in January 2020. Ovintiv Inc. was incorporated in 2020 and is based in Denver, Colorado.

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