Ovintiv expands drilling inventory with $460 million in acquisitions

Ovintiv Inc. has updated its 2026 ground game acquisition program, reporting that it has entered into over 60 transactions year-to-date. These deals represent a total acquisition cost of approximately $460 million and will add roughly 41,000 net acres of land across the Permian and Montney assets.

The acquisitions will add 240 net 10,000-foot equivalent well locations to the company’s drilling inventory, consisting of 190 base locations and 50 upside locations. The assets are valued at approximately $11,000 per net acre and between $1.3 million and $1.7 million per well location, adjusted for minimal production volumes.

In the Permian Basin, specifically the Midland Basin, Ovintiv is acquiring approximately 21,000 net acres and 120 well locations for about $230 million. In the Montney region of Alberta, the company is acquiring approximately 20,000 net acres and 120 well locations for approximately $230 million. Including organic enhancements, the company has added about 500 net well locations year-to-date.