Ovintiv Inc. OVV CA:OVV said Monday it has agreed to acquire all leaeshold and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources in a cash-and-stock deal valued at about $4.275 billion. The three companies are portfolio companies of funds managed by EnCap Investments L.P. The deal will add about 1,050 net 10,000 foot well locations to Ovintiv’s Permian inventory and approximately 65,000 net acres in the core of the Midland Basin.
The three companies are portfolio companies of funds managed by EnCap Investments L.P. The deal will add about 1,050 net 10,000 foot well locations to Ovintiv’s Permian inventory and approximately 65,000 net acres in the core of the Midland Basin. The sellers will receive about 32.6 million Ovintiv shares and $3.125 billion of cash. Ovintiv is also planning to sell all of its Bakken assets located in the Willison Basin of North Dakota to Grayson Mill Bakken LLC, for about $825 million in cash.