Ovintiv Closes $2.3B Paramount Resources Acquisition

Ovintiv Inc., which recently closed its $2 billion Uinta Basin divestiture, said Jan. 31 that it has completed its purchase of Paramount Resources Ltd.’s Montney Shale assets in deals totaling more than $4.3 billion.

The Paramount acquisition adds approximately 70,000 boe/d, 900 net, 10,000 ft equivalent well locations and approximately 109,000 net acres of leasehold near Ovintiv’s current Montney operations.

Ovintiv said the purchase price was $2.307 billion, down from an initial $2.377 billion announced in November. The change in valuation was attributed Ovintiv currency swaps. The deal was tied to Ovintiv’s Uinta sale to FourPoint Resources for $2 billion, with those proceeds earmarked to help fund the Paramount transaction.