Ovintiv to buy Canadian upstream company Logan Energy for $890m

US-based Ovintiv has agreed to acquire Canadian exploration and production company Logan Energy in a deal worth around C$1.26bn ($890m), including assumed net debt.

Logan has assets in the Montney formation across the Canadian provinces of Alberta and British Columbia, as well as assets in the Kaybob Duvernay oil play. Ovintiv operates in the US Permian Basin and the Montney region.

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As per the terms of the deal, Logan shareholders will receive C$1.40 in cash plus a spin-out of Logan Oil, a new entity holding certain assets outside the Montney and Duvernay fairways.

This story was originally published by Offshore Technology. Read the full story at Offshore Technology →