One-Page Deal Sheet
Ovintiv Acquires Encap-Backed Permian Companies For $4.2 Billion; Exit Bakken
Ovintiv Inc Black Swan Operating, LLC, PetroLegacy Energy II, LLC, Piedra Resources LLC
Announced Date
April 03,2023
Effective Date
January 01,2023
Close Date
June 12,2023
Transaction Type
Asset
Enterprise Value (EV)($MM)
4275
Asset/Basin:
["Permian", "Midland Basin"]
TargetZones:
[]
Net Acres
Net Operated Locations:
Location
Calculated Metrics( EV/Category)
Region
Permian - Midland Basin
Country
United States
State
Texas
County
Martin ,Andrews
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Transaction Details: Require Private Equity Subscription
Ovintiv said it is acquiring all leasehold interest and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources, which are portfolio companies of funds managed by EnCap Investments, in a cash and stock transaction valued at approximately $4.275 billion.
The assets includes 65,000 net acres, mostly undeveloped, which adds 1,050 net 10,000 foot well locations to the company's well permian inventory and 75 mboe/d of production, (80% liquids)
The asset are located in the core of the Midland basin.
The cash and stock deal includes $3.1 billion in cash and 32.6 million…
Permian - Midland Basin Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| Sep-02-2025 |
-  |
- |
Click here | Texas | E&P |
| Feb-26-2025 |
- |
- |
Click here | Texas | E&P |
| Feb-18-2025 |
- |
- |
Click here | Texas | E&P |
| Feb-12-2024 |
- |
- |
Click here | Texas | E&P |
| Dec-11-2023 |
- |
- |
Click here | Texas | E&P |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Feb-02-2026 | Devon Acquires Coterra Energy; Bulk Up on Permian, Adds Gas Bank | - |
- |
| Nov-03-2025 | SM Energy, Civitas Strike $12.8B All-Stock Merger | - |
- |
| Sep-02-2025 | Crescent Energy Acquires Vital | - |
- |