Ovintiv to buy Montney oil assets for $2.38 billion (updated)

Paramount Resources (Pre-Merger)

14/11/2024 11:23

(Adds details from paragraph 2)
       Nov 14 (Reuters) - 
    Shale producer Ovintiv  OVV.N  said on Thursday it would
acquire certain oil assets located in Canada's Montney formation
from Paramount Resources  POU.TO  for about $2.38 billion in an
all-cash deal.
        Ovintiv also said it would sell its Uinta Basin assets,
located in Utah, to FourPoint Resources for $2 billion.
  
        The acquisition of Paramount's assets would add nearly
70,000 barrels of oil equivalent per day of production at the
Montney formation in Alberta.
  

 (Reporting by Vallari Srivastava in Bengaluru; Editing by Pooja
Desai)
 ((Srivastava.Vallari@thomsonreuters.com;))