Ovintiv Update -- Divests All Of Its Bakken Assets -- $18K / Acre -- $22K / Flowing BOEPD -- Buyer Is Grayson Mill — June 3, 2023

Locator: 44834B.

Ovintiv: to be added to S&P indices. Reminder: EnCana.

Ovintiv's 1Q23 earnings presentation mentions the Permian but that's about it. Its overview includes the Montney, but I didn't see references to the Bakken although I did not spend much time at the site. 

Note: I completely missed this or completely forgot all about it. Don't remember. But April 3, 2023 -- Ovintiv divests all of its Bakken assets. Link here. Also here. Finally, the specifics here:

Ovintiv also said Monday as it announced the acquisition from EnCap Investments that it is selling its Bakken assets of 46,000 net acres in the Williston Basin of North Dakota to Grayson Mill Bakken, another portfolio company of funds managed by EnCap, for $825 million cash.  Estimated 1Q Bakken production is 37,000 boed (60 percent oil).

Back-of-the-envelope:

• $825 million / 37,000 boed = $22,300 per flowing boepd
• $825 million / 46,000 net acres = $18,000 / acre

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Ovintiv Activity In The Bakken

Random look at activity eleven miles east of Alexander, ND.

Ovintiv wells.