Ovintiv has entered into a definitive purchase agreement to acquire substantially all leasehold interest and related assets of certain portfolio companies of funds managed by EnCap Investments, in a cash and stock transaction valued at approx. $4.275 billion. Upon closing, the acquisition will add approx. 1,050 net 10,000 foot well locations to Ovintiv s Permian inventory and approx. 65,000 net acres in the core of the Midland Basin.
The move is part of Ovintiv’s efforts to expand its operations in the Permian basin, where the company has already committed to undertaking additional drilling work
Ovintiv Inc. (OVV), a hydrocarbon exploration and production firm, said on Monday that it has inked a deal to acquire substantially all leasehold interest and related assets of the portfolio companies of funds managed by EnCap Investments L.