Company strengthens its position in Canada’s top shale plays while finalizing Uinta sale and planning Mid-Con divestiture.
Ovintiv Inc. is continuing to reshape its North American asset base, focusing on premium shale plays while divesting non-core holdings to enhance returns and operational efficiency. In November 2024, Ovintiv signed a definitive agreement to acquire select Montney assets from Paramount Resources Ltd., including the Karr, Wapiti, and Zama properties in Alberta and the Horn River Basin assets in British Columbia, in an all-cash transaction. As part of the deal, Ovintiv exchanged its Horn River field in British Columbia for Paramount’s Zama field in Alberta. The acquisition closed in January 2025, further consolidating Ovintiv’s position in one of North America’s most prolific resource plays.
In parallel, Ovintiv finalized the sale of nearly all its Uinta Basin assets in Utah to FourPoint Resources, LLC, as part of its strategy to divest non-core assets and concentrate investment in high-return basins.
These transactions support Ovintiv’s broader growth strategy and follow the recently announced agreement to acquire NuVista Energy Ltd., which would add high-quality Montney inventory and increase the company’s exposure to oil-weighted assets. With roughly 70% of the acquired position still undeveloped, the assets are expected to integrate well with Ovintiv’s existing acreage and infrastructure (Figure 1). NuVista has demonstrated strong well performance and secured significant processing capacity, providing optionality for future oil and condensate growth.
Figure 1. TGS Well Data Analytics dashboard displaying Ovintiv and NuVista Energy Canada assets, overlaying with existing pipeline data sourced by MAPSearch™.
The company emphasized that the announced transaction is expected to enhance free cash flow per share by adding top-tier, high-return assets in the heart of the Montney oil window at an attractive valuation. The NuVista assets were selected through a detailed technical and commercial analysis aimed at identifying North America’s highest-value undeveloped oil resources. Using TGS Well Data Analytics (Figure 2), we evaluated adjacent wells from Ovintiv and NuVista to compare productivity through production type curves, grouped by operator, and results show NuVista wells have strong productivity relative to Ovintiv’s existing assets, supporting the strategic rationale for the deal.
Figure 2. Comparison of Ovintiv and NuVista Energy well type curves using TGS Well Data Analytics.
Together with bolt-on acquisitions in the Permian Basin, Ovintiv has positioned its investors within top-tier resources offering attractive full-cycle returns. The company’s planned sale of its Mid-Continent (Mid-Con) assets, primarily in the Anadarko Basin (Figure 3), represents the final step in transforming Ovintiv into a focused two-basin producer centered on the Montney and Permian plays.
Figure 3. Dashboard from TGS Well Data Analytics highlighting Ovintiv assets across the Permian and Anadarko basins.
Ovintiv’s expanding footprint within these high-value regions, combined with its disciplined approach to divesting non-core assets like Uinta and Mid-Con, reflects a clear strategic pivot toward premium-return, long-life inventory. With integrated data from TGS Well Data Analytics, operators can benchmark well performance, forecast production trends, and identify high-return opportunities across Canada’s leading unconventional plays.
For more information about TGS Well Data Analytics or to schedule a demo, please contact us at WDPSales@tgs.com.
