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Ovintiv selling portions of assets in Uinta and Bakken Basins for US$250M

CALGARY — Ovintiv Inc. has signed a pair of deals to sell portions of its assets located in the Uinta and Bakken Basins for total proceeds of approximately US$250 million.

The company says the Uinta Basin assets being sold are mature waterflood assets.

The Bakken assets include approximately 88 wells, located mainly in Richland County, Mont.

Ovintiv says the combined production volumes from the assets being sold totalled about five thousand barrels of oil equivalent per day, including 4,900 barrels per day of oil and condensate, as of April.

The sales are subject to closing conditions, regulatory approvals and other adjustments, and are expected to close in the third quarter. 

The effective date for both sales is April 1.

This report by The Canadian Press was first published July 6, 2022.

Companies in this story: (TSX:OVV)

The Canadian Press