Ovintiv Expands in Canada’s Montney Shale With $2.4 Billion Deal

The oil and gas industry’s mergers and acquisitions continue to expand to Canada, with Ovintiv agreeing to buy assets of Paramount Resources in the Montney shale play for US$2.37 billion (C$3.325 billion). Under the terms of the deal announced on Thursday, Paramount Resources will sell to Ovintiv its Karr, Wapiti, and Zama properties in the Montney shale play for US$2.37 billion (C$3.325 billion) in cash plus certain properties of Ovintiv in the Horn River Basin, a major shale gas play in British Columbia. The assets Paramount Resources is…