Ovintiv completes $4.2 billion acquisition of holdings in Permian Basin

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Ovintiv Inc., the company with a history of large producing oil wells in Kingfisher County, announced this week the completion of its $4.2 billion acquisition of core Midland Basin assets in West Texas.

The Permian deal involved its purchase of assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources. The acquisition was formally closed on June 12 and added more than 1,000 well locations and nearly 65,000 net acres of largely undeveloped land adjacent to Ovintiv’s existing Permian operations.

Ovintiv also closed on its previously announced all cash sale of its Bakken assets located in the Williston Basin of North Dakota to Grayson Mill Bakken, LLC, a portfolio company of funds managed by EnCap for $825 million. The sale means Ovintiv no longer has any Bakken holdings.