Official press releases from Ovintiv or Paramount Resources, financial news outlets

Ovintiv Acquires Montney Oil Assets for $2.38 Billion, Sells 126,000 Net Acres in Uinta Basin for $2 Billion

Nov 14, 2024, 11:59 AM

Ovintiv Inc. has announced the acquisition of Montney oil assets from Paramount Resources Ltd. for $2.38 billion. This strategic move expands Ovintiv's footprint in the Montney region. To finance this acquisition, Ovintiv will sell its Uinta Basin assets to FourPoint Resources, Quantum Capital Group, and Kayne Anderson for $2 billion. The Uinta Basin assets span 126,000 net acres and produce 29,000 barrels per day.