(Bloomberg) — Ovintiv Inc. is nearing a deal to acquire oil and gas assets in the Midland Basin from private equity firm EnCap Investments, according to people with knowledge of the matter.
An agreement could be announced as soon as Monday, said the people, who asked not to be identified because the talks are private. A final agreement hasn’t been reached and talks could still end without a deal, the people said.
Representatives at Denver-based Ovintiv and EnCap didn’t immediately respond to requests for comment.
Houston-based EnCap has been marketing its positions in the Midland Basin, which includes assets from Black Swan Oil & Gas, Piedra Resources and Petrolegacy Energy.
The Midland Basin is part of the Permian Basin of West Texas and New Mexico, the most productive oil field in the U.S.
Source: www.worldoil.com
Author: Rachel Butt and Michelle F. Davis, Bloomberg