Ovintiv to acquire certain Montney assets of Paramount Resources for $2.38bn.

Ovintiv, an American petroleum company, agreed to acquire certain Montney assets of Paramount Resources, a Canadian petroleum company, for $2.38bn. “We are acquiring top decile rate of return assets in the heart of the Montney oil window. This acquisition is the targeted result of our in-depth technical and commercial analysis of the basin to identify the highest value undeveloped oil resource. The acquired assets have demonstrated leading well performance and are a natural fit with our operating advantage and our existing acreage. The assets come with ample midstream capacity, unlocking optionality for mid-single digit growth in our Montney oil and condensate volumes. The Montney is the second largest undeveloped oil resource in North America, and with this acquisition, we have solidified our position as the premier operator in the play," Brendan McCracken, Ovintiv President and CEO.