{"success":true,"data":{"pressRelease":{"id":"179289","rtpr_id":"nPn5n3fBNa-20261026","ticker":"OVV","exchange":"NYSE","all_tickers":["OVV"],"title":"Ovintiv Announces Agreement to Acquire Montney Oil Producer, Logan Energy Corp.","author":"PR Newswire","published_at":"2026-10-26T10:45:00.229Z","article_body":"Ovintiv Announces Agreement to Acquire Montney Oil Producer, Logan Energy Corp.\nPR Newswire\n\nDENVER, Oct. 26, 2026\n\nTransaction Unlocks Incremental Profitability, Provides Additional Oil Growth\nOptionality, and Adds to Premium Return Drilling Inventory\n\nHighlights:\n\n * Agreement reached to acquire Logan Energy Corp. for C$1.40 per share in cash\nfor total consideration of approximately $890 million (C$1.26 billion)\nincluding the assumption of Net Debt\n * Ovintiv's shareholder returns plan is unchanged – targeting 2026 shareholder\nreturns of at least 60% of Non-GAAP Free Cash Flow\n * Acquisition is expected to add approximately 266,000 net acres and\napproximately 20 thousand barrels of oil equivalent per day (\"MBOE/d\") in the\noil-rich window of the Montney\n * Montney-only inventory additions of approximately 420 total net 10,000-foot\nequivalent oil well locations, including approximately 220 premium((1)) return\nwell locations at an average cost of $1.5 million per premium location((2))\nand approximately 200 upside locations\n * Includes ownership of two new oil batteries and interests in two natural gas\nprocessing facilities which are expected to enhance Montney margins and enable\nfuture oil growth optionality\n * Transaction is expected to be immediately and long-term accretive across all\nkey financial metrics including Non-GAAP Cash Flow per Share accretion of\napproximately 5% in 2027\n * Annual cost synergies expected to total approximately $60 million\nDENVER, Oct. 26, 2026 /PRNewswire/ -- Ovintiv Inc. (NYSE: OVV) (TSX: OVV)\n(\"Ovintiv\" or the \"Company\") and Logan Energy Corp. (\"Logan\") (TSXV: LGN)\ntoday announced that they have entered into a definitive agreement whereby\nOvintiv will acquire all of the outstanding shares of Logan in an all-cash\ntransaction that values Logan at approximately $890 million (C$1.26 billion)\nincluding expected Net Debt at closing. The acquisition is expected to add\napproximately 420 total net 10,000-foot equivalent oil well locations, and\napproximately 266,000 net acres (approximately 200,000 core acres, 80%\nundeveloped) in the Montney oil window. Current production from the acquired\nassets is approximately 20 MBOE/d (approximately 7 thousand barrels per day\n(\"Mbbls/d\") of oil and condensate, 70 million cubic feet per day (\"MMcf/d\") of\nnatural gas and 1 Mbbls/d of other NGLs (C2 to C4)). The assets are located in\nclose proximity to Ovintiv's existing Montney operations and include two new\noil batteries and additional natural gas processing capacity.\n\n\"This bolt-on transaction delivers value for our shareholders by adding high\nmargin oil and condensate production and infrastructure, utilizing our\noperational advantage to drive significant synergies, and adding to our\nalready deep drilling inventory and future growth optionality,\" said Ovintiv\nPresident and CEO, Brendan McCracken. \"The Logan assets have demonstrated\nleading oil productivity performance and will immediately compete for capital\nalongside the rest of our portfolio.\"\n\nThe transaction is expected to be funded through a combination of the\nCompany's cash on hand, borrowings under its credit facility and its\ncommercial paper program.\n 1)  Premium return well locations defined as generating a greater than 35%\n     internal rate of return at $55/bbl WTI oil and $2.75/MMBtu NYMEX natural gas\n     prices.\n 2)  Assumes PDP value of $27,500/BOE/d.\n\nTransaction Overview:\n\n * Immediately Accretive – The transaction is expected to be immediately and\nlong-term accretive across key operational and financial metrics including\nNon-GAAP Cash Flow per Share of 5%, and Non-GAAP Free Cash Flow per Share of\n3% in 2027.\n * Increases Montney Scale – The transaction is expected to add approximately\n420 total net 10,000-foot equivalent oil well locations (220 premium return\nlocations and approximately 200 upside locations, all located in the Simonette\nand Pouce Coupe areas). Ovintiv's core land position in the Montney is\nexpected to increase to approximately 720,000 net acres. Also included in the\ntransaction is approximately 60,000 net acres with exposure to the Duvernay\nshale. A map of Ovintiv's pro forma acreage is available on its website at:\nhttps://investor.ovintiv.com/image/OVV+Pro+Forma+Montney+Map.pdf\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4805956-1&h=2260563990&u=https%3A%2F%2Finvestor.ovintiv.com%2Fimage%2FOVV%2BPro%2BForma%2BMontney%2BMap.pdf&a=https%3A%2F%2Finvestor.ovintiv.com%2Fimage%2FOVV%2BPro%2BForma%2BMontney%2BMap.pdf)\n\n.\n * Significant Synergies – The transaction is expected to generate cost\nsynergies of approximately $60 million annually, comprised primarily of\ncapital savings, production cost savings and overhead cost reductions. Capital\ncost savings are estimated at more than $2 million per well across the\nacquired assets, consistent with Ovintiv's current Montney well costs.\n * Infrastructure Ownership – Logan has 100% ownership in two new oil\nbatteries in Simonette with combined capacity of 24 Mbbls/d, the first of\nwhich came online during the third quarter of 2026, and the second is expected\nto come online by the end of the first quarter of 2027. Logan also has 50%\nownership at a natural gas processing facility in Simonette with total\ncapacity of 90 MMcf/d and 65% ownership in a natural gas processing facility\nin Pouce Coupe with total capacity of 57 MMcf/d. Ownership in these facilities\nis expected to enhance Ovintiv's Montney margins and provide future growth\noptionality.\n * Maintains Strong Balance Sheet – Following closing of the transaction early\nin the first quarter of 2027, Ovintiv expects its Net Debt to be below $4\nbillion. The Company's targeted shareholder returns remain unchanged with at\nleast 60% of 2026 Non-GAAP Free Cash Flow expected to be returned to\nshareholders via share buybacks and regular dividend payments. Beyond 2026,\nthe target range remains unchanged at 50% to 100%.\nRefer to Note 1 for information regarding Non-GAAP Measures in this release.\n\nAs part of the transaction, 100% of the shares of Logan Oil Corp., a newly\nformed wholly owned subsidiary of Logan, will be spun out to the shareholders\nof Logan and will include select Logan assets outside the Montney and Duvernay\nfairways. More details specific to Logan Oil Corp. can be found on Logan's\nwebsite.\n\nTiming and Approvals\nThe transaction has been unanimously approved by the Boards of Directors of\nboth Ovintiv and Logan and is expected to close early in the first quarter of\n2027, subject to the receipt of Logan shareholder, court and regulatory\napprovals and the satisfaction of other customary closing conditions.\n\nAdvisors\nRBC Capital Markets is serving as exclusive financial advisor to Ovintiv on\nthe transaction. Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind,\nWharton & Garrison LLP are serving as legal advisors to Ovintiv on the\ntransaction.\n\nImportant information\nUnless otherwise noted, Ovintiv reports in U.S. dollars and production and\nsales estimates are reported on an after-royalties basis. Unless otherwise\nspecified or the context otherwise requires, references to Ovintiv or to the\nCompany includes reference to subsidiaries of and partnership interests held\nby Ovintiv Inc. and its subsidiaries.\n\nNI 51-101 Exemption\nThe Canadian securities regulatory authorities have issued a decision document\n(the \"Decision\") granting Ovintiv exemptive relief from the requirements\ncontained in Canada's National Instrument 51-101 Standards of Disclosure for\nOil and Gas Activities (\"NI 51-101\"). As a result of the Decision, and\nprovided that certain conditions set out in the Decision are met on an\non-going basis, Ovintiv will not be required to comply with the Canadian\nrequirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook.\nThe Decision permits Ovintiv to provide disclosure in respect of its oil and\ngas activities in the form permitted by, and in accordance with, the legal\nrequirements imposed by the U.S. Securities and Exchange Commission (\"SEC\"),\nthe Securities Act of 1933, the Securities Exchange Act of 1934, the\nSarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also\nprovides that Ovintiv is required to file all such oil and gas disclosures\nwith the Canadian securities regulatory authorities on www.sedarplus.ca\n(http://www.sedarplus.ca) as soon as practicable after such disclosure is\nfiled with the SEC.\n\nNOTE 1: Non-GAAP Measures\nCertain measures in this news release do not have any standardized meaning as\nprescribed by U.S. GAAP and, therefore, are considered non-GAAP measures.\nThese measures may not be comparable to similar measures presented by other\ncompanies and should not be viewed as a substitute for measures reported under\nU.S. GAAP. These measures are commonly used in the oil and gas industry and/or\nby Ovintiv to provide shareholders and potential investors with additional\ninformation regarding the Company's liquidity and its ability to generate\nfunds to finance its operations. For additional information regarding non-GAAP\nmeasures, see the Company's website. This news release contains references to\nnon-GAAP measures as follows:\n\n * Non-GAAP Cash Flow and Non-GAAP Cash Flow per Share are non-GAAP measures.\nNon-GAAP Cash Flow is defined as cash from (used in) operating activities\nexcluding net change in other assets and liabilities, and net change in\nnon-cash working capital. Non-GAAP Cash Flow per Share is Non-GAAP Cash Flow\ndivided by the weighted average number of shares of common stock outstanding.\n * Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow per Share are non-GAAP\nmeasures. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess\nof capital expenditures, excluding net acquisitions and divestitures. Non-GAAP\nFree Cash Flow per Share is Non-GAAP Free Cash Flow divided by the weighted\naverage number of shares of common stock outstanding. Forecasted Non-GAAP Cash\nFlow and forecasted Non-GAAP Free Cash Flow assume strip pricing as of October\n20, 2026. Due to their forward-looking nature, management cannot reliably\npredict certain of the necessary components of the most directly comparable\nforward-looking GAAP measures, such as changes in operating assets and\nliabilities. Accordingly, Ovintiv is unable to present quantitative\nreconciliations of such forward-looking non-GAAP financial measures to their\nmost directly comparable forward-looking GAAP financial measures. Amounts\nexcluded from these non-GAAP measures in future periods could be significant.\n * Net Debt is a non-GAAP measure defined as long-term debt, including the\ncurrent portion, less cash and cash equivalents.\nADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of natural gas\nvolumes to barrels of oil equivalent (\"BOE\") is on the basis of six thousand\ncubic feet to one barrel. BOE is based on a generic energy equivalency\nconversion method primarily applicable at the burner tip and does not\nrepresent economic value equivalency at the wellhead. Readers are cautioned\nthat BOE may be misleading, particularly if used in isolation. The term\n\"liquids\" is used to represent oil, NGLs and condensate. The term \"condensate\"\nrefers to plant condensate.\n\nADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains\nforward-looking statements or information (collectively, \"forward-looking\nstatements\") within the meaning of applicable securities legislation,\nincluding Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. All statements, except\nfor statements of historical fact, that relate to the proposed transaction and\nthe anticipated future activities, plans, strategies, objectives or\nexpectations of the Company, including the timing, funding and expected\nbenefits and synergies of the acquisition, are forward-looking statements.\nWhen used in this news release, the use of words and phrases including\n\"anticipates,\" \"believes,\" \"continue,\" \"could,\" \"estimates,\" \"expects,\"\n\"focused on,\" \"forecast,\" \"guidance,\" \"intends,\" \"maintain,\" \"may,\"\n\"opportunities,\" \"outlook,\" \"plans,\" \"potential,\" \"strategy,\" \"targets,\"\n\"will,\" \"would\" and other similar terminology is intended to identify\nforward-looking statements, although not all forward-looking statements\ncontain such identifying words or phrases. Readers are cautioned against\nunduly relying on forward-looking statements, which are based on current\nexpectations and, by their nature, involve numerous assumptions that are\nsubject to both known and unknown risks and uncertainties (many of which are\nbeyond our control) that may cause such statements not to occur, or actual\nresults to differ materially and/or adversely from those expressed or implied.\nThese assumptions include, without limitation: future commodity prices and\nbasis differentials; the Company's ability to consummate any pending\nacquisition or divestment transactions (including the transaction described\nherein); the Company's ability to integrate acquired assets and businesses and\nthe timing thereof; the satisfaction of customary closing conditions and\nobtaining key regulatory, court and Logan shareholder approvals; the ability\nof the Company to access credit facilities, debt and equity markets and other\nsources of liquidity to fund operations or acquisitions and manage debt\n(including to consummate the transaction described herein) ; the availability\nof attractive commodity or financial hedges and the enforceability of risk\nmanagement programs; the Company's ability to capture and maintain gains in\nproductivity and efficiency; the ability for the Company to generate cash\nreturns and execute on its share buyback plan; expectations of plans,\nstrategies and objectives of the Company, including anticipated production\nvolumes and capital investment; the Company's ability to manage cost inflation\nand expected cost structures, including expected operating, transportation,\nprocessing and labor expenses; the outlook of the oil and natural gas industry\ngenerally, including impacts from changes to the geopolitical environment;\nexpectations and projections made in light of, and generally consistent with,\nthe Company's historical experience and its perception of historical industry\ntrends; and the other assumptions contained herein. Risks and uncertainties\nwith respect to the proposed transactions described herein include, among\nother things, the risk that the proposed transaction may not be completed in a\ntimely basis or at all, which may adversely affect the Company's and Logan's\nbusinesses and the price of their respective securities; the effect of the\nannouncement, pendency or completion of the proposed transaction on the market\nprice of the Company and Logan's stock or the ability of each of the Company\nand Logan to attract, motivate, retain and hire key personnel and maintain\nrelationships with others whom they do business; that the proposed transaction\nmay divert management's attention from each of the Company's and Logan's\nongoing business operations; the risk of any legal proceedings related to the\nproposed transaction or otherwise, including resulting expense or delay; the\noccurrence of any event, change or other circumstance that could give rise to\nthe termination of the definitive agreement for the transaction, including in\ncircumstances which would require payment of a termination fee; the risk that\nrestrictions during the pendency of the proposed transaction may impact the\nCompany's or Logan's ability to pursue certain business opportunities or\nstrategic transactions; risks associated with third party contracts containing\nconsent and/or other provisions that may be triggered by the proposed\ntransaction; the risk that the anticipated benefits and synergies of the\nproposed transaction may not be fully realized or may take longer to realize\nthan expected; and the risk that the integration of Logan's business\npost-closing may not occur as anticipated. While the Company considers these\nexpectations and assumptions to be reasonable, they are inherently subject to\nsignificant business, economic, competitive, regulatory and other risks and\nuncertainties, many of which are difficult to predict and beyond the Company's\ncontrol. Although the Company believes the expectations represented by its\nforward-looking statements are reasonable based on the information available\nto it as of the date such statements are made, forward-looking statements are\nonly predictions and statements of our current beliefs and there can be no\nassurance that such expectations will prove to be correct. Unless otherwise\nstated herein, all statements, including forward looking statements, contained\nin this news release are made as of the date of this news release and, except\nas required by law, the Company undertakes no obligation to update publicly,\nrevise or keep current any such statements The forward-looking statements\ncontained in this news release and all subsequent forward-looking statements\nattributable to the Company, whether written or oral, are expressly qualified\nby these cautionary statements.\n\nThe reader should carefully read the risk factors described in Item 1A \"Risk\nFactors\" and \"Management's Discussion and Analysis of Financial Condition and\nResults of Operations\" sections of the Company's most recent Annual Report on\nForm 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or\nCanadian securities regulators, for a description of certain risks that could,\namong other things, cause actual results to differ from these forward-looking\nstatements. Other unpredictable or unknown factors not discussed in this news\nrelease could also have material adverse effects on forward-looking\nstatements.\n\nFurther information on Ovintiv Inc. is available on the Company's website,\nwww.ovintiv.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4805956-1&h=1235376479&u=http%3A%2F%2Fwww.ovintiv.com%2F&a=www.ovintiv.com)\n, or by contacting:\n\nInvestor contact:\n(888) 525-0304\ninvestor.relations@ovintiv.com (mailto:investor.relations@ovintiv.com)\n\nMedia Contact:\n(403) 645-2252\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/ovintiv-announces-agreement-to-acquire-montney-oil-producer-logan-energy-corp-302918951.html\n(https://www.prnewswire.com/news-releases/ovintiv-announces-agreement-to-acquire-montney-oil-producer-logan-energy-corp-302918951.html)\n\nSOURCE Ovintiv Inc.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn5n3fBNa-20261026","title":"Ovintiv Announces Agreement to Acquire Montney Oil Producer, Logan Energy Corp.","author":"PR Newswire","ticker":"OVV","created":"2026-10-26T10:45:00.229Z","tickers":["OVV"],"exchange":"NYSE","article_body":"Ovintiv Announces Agreement to Acquire Montney Oil Producer, Logan Energy Corp.\nPR Newswire\n\nDENVER, Oct. 26, 2026\n\nTransaction Unlocks Incremental Profitability, Provides Additional Oil Growth\nOptionality, and Adds to Premium Return Drilling Inventory\n\nHighlights:\n\n * Agreement reached to acquire Logan Energy Corp. for C$1.40 per share in cash\nfor total consideration of approximately $890 million (C$1.26 billion)\nincluding the assumption of Net Debt\n * Ovintiv's shareholder returns plan is unchanged – targeting 2026 shareholder\nreturns of at least 60% of Non-GAAP Free Cash Flow\n * Acquisition is expected to add approximately 266,000 net acres and\napproximately 20 thousand barrels of oil equivalent per day (\"MBOE/d\") in the\noil-rich window of the Montney\n * Montney-only inventory additions of approximately 420 total net 10,000-foot\nequivalent oil well locations, including approximately 220 premium((1)) return\nwell locations at an average cost of $1.5 million per premium location((2))\nand approximately 200 upside locations\n * Includes ownership of two new oil batteries and interests in two natural gas\nprocessing facilities which are expected to enhance Montney margins and enable\nfuture oil growth optionality\n * Transaction is expected to be immediately and long-term accretive across all\nkey financial metrics including Non-GAAP Cash Flow per Share accretion of\napproximately 5% in 2027\n * Annual cost synergies expected to total approximately $60 million\nDENVER, Oct. 26, 2026 /PRNewswire/ -- Ovintiv Inc. (NYSE: OVV) (TSX: OVV)\n(\"Ovintiv\" or the \"Company\") and Logan Energy Corp. (\"Logan\") (TSXV: LGN)\ntoday announced that they have entered into a definitive agreement whereby\nOvintiv will acquire all of the outstanding shares of Logan in an all-cash\ntransaction that values Logan at approximately $890 million (C$1.26 billion)\nincluding expected Net Debt at closing. The acquisition is expected to add\napproximately 420 total net 10,000-foot equivalent oil well locations, and\napproximately 266,000 net acres (approximately 200,000 core acres, 80%\nundeveloped) in the Montney oil window. Current production from the acquired\nassets is approximately 20 MBOE/d (approximately 7 thousand barrels per day\n(\"Mbbls/d\") of oil and condensate, 70 million cubic feet per day (\"MMcf/d\") of\nnatural gas and 1 Mbbls/d of other NGLs (C2 to C4)). The assets are located in\nclose proximity to Ovintiv's existing Montney operations and include two new\noil batteries and additional natural gas processing capacity.\n\n\"This bolt-on transaction delivers value for our shareholders by adding high\nmargin oil and condensate production and infrastructure, utilizing our\noperational advantage to drive significant synergies, and adding to our\nalready deep drilling inventory and future growth optionality,\" said Ovintiv\nPresident and CEO, Brendan McCracken. \"The Logan assets have demonstrated\nleading oil productivity performance and will immediately compete for capital\nalongside the rest of our portfolio.\"\n\nThe transaction is expected to be funded through a combination of the\nCompany's cash on hand, borrowings under its credit facility and its\ncommercial paper program.\n 1)  Premium return well locations defined as generating a greater than 35%\n     internal rate of return at $55/bbl WTI oil and $2.75/MMBtu NYMEX natural gas\n     prices.\n 2)  Assumes PDP value of $27,500/BOE/d.\n\nTransaction Overview:\n\n * Immediately Accretive – The transaction is expected to be immediately and\nlong-term accretive across key operational and financial metrics including\nNon-GAAP Cash Flow per Share of 5%, and Non-GAAP Free Cash Flow per Share of\n3% in 2027.\n * Increases Montney Scale – The transaction is expected to add approximately\n420 total net 10,000-foot equivalent oil well locations (220 premium return\nlocations and approximately 200 upside locations, all located in the Simonette\nand Pouce Coupe areas). Ovintiv's core land position in the Montney is\nexpected to increase to approximately 720,000 net acres. Also included in the\ntransaction is approximately 60,000 net acres with exposure to the Duvernay\nshale. A map of Ovintiv's pro forma acreage is available on its website at:\nhttps://investor.ovintiv.com/image/OVV+Pro+Forma+Montney+Map.pdf\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4805956-1&h=2260563990&u=https%3A%2F%2Finvestor.ovintiv.com%2Fimage%2FOVV%2BPro%2BForma%2BMontney%2BMap.pdf&a=https%3A%2F%2Finvestor.ovintiv.com%2Fimage%2FOVV%2BPro%2BForma%2BMontney%2BMap.pdf)\n\n.\n * Significant Synergies – The transaction is expected to generate cost\nsynergies of approximately $60 million annually, comprised primarily of\ncapital savings, production cost savings and overhead cost reductions. Capital\ncost savings are estimated at more than $2 million per well across the\nacquired assets, consistent with Ovintiv's current Montney well costs.\n * Infrastructure Ownership – Logan has 100% ownership in two new oil\nbatteries in Simonette with combined capacity of 24 Mbbls/d, the first of\nwhich came online during the third quarter of 2026, and the second is expected\nto come online by the end of the first quarter of 2027. Logan also has 50%\nownership at a natural gas processing facility in Simonette with total\ncapacity of 90 MMcf/d and 65% ownership in a natural gas processing facility\nin Pouce Coupe with total capacity of 57 MMcf/d. Ownership in these facilities\nis expected to enhance Ovintiv's Montney margins and provide future growth\noptionality.\n * Maintains Strong Balance Sheet – Following closing of the transaction early\nin the first quarter of 2027, Ovintiv expects its Net Debt to be below $4\nbillion. The Company's targeted shareholder returns remain unchanged with at\nleast 60% of 2026 Non-GAAP Free Cash Flow expected to be returned to\nshareholders via share buybacks and regular dividend payments. Beyond 2026,\nthe target range remains unchanged at 50% to 100%.\nRefer to Note 1 for information regarding Non-GAAP Measures in this release.\n\nAs part of the transaction, 100% of the shares of Logan Oil Corp., a newly\nformed wholly owned subsidiary of Logan, will be spun out to the shareholders\nof Logan and will include select Logan assets outside the Montney and Duvernay\nfairways. More details specific to Logan Oil Corp. can be found on Logan's\nwebsite.\n\nTiming and Approvals\nThe transaction has been unanimously approved by the Boards of Directors of\nboth Ovintiv and Logan and is expected to close early in the first quarter of\n2027, subject to the receipt of Logan shareholder, court and regulatory\napprovals and the satisfaction of other customary closing conditions.\n\nAdvisors\nRBC Capital Markets is serving as exclusive financial advisor to Ovintiv on\nthe transaction. Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind,\nWharton & Garrison LLP are serving as legal advisors to Ovintiv on the\ntransaction.\n\nImportant information\nUnless otherwise noted, Ovintiv reports in U.S. dollars and production and\nsales estimates are reported on an after-royalties basis. Unless otherwise\nspecified or the context otherwise requires, references to Ovintiv or to the\nCompany includes reference to subsidiaries of and partnership interests held\nby Ovintiv Inc. and its subsidiaries.\n\nNI 51-101 Exemption\nThe Canadian securities regulatory authorities have issued a decision document\n(the \"Decision\") granting Ovintiv exemptive relief from the requirements\ncontained in Canada's National Instrument 51-101 Standards of Disclosure for\nOil and Gas Activities (\"NI 51-101\"). As a result of the Decision, and\nprovided that certain conditions set out in the Decision are met on an\non-going basis, Ovintiv will not be required to comply with the Canadian\nrequirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook.\nThe Decision permits Ovintiv to provide disclosure in respect of its oil and\ngas activities in the form permitted by, and in accordance with, the legal\nrequirements imposed by the U.S. Securities and Exchange Commission (\"SEC\"),\nthe Securities Act of 1933, the Securities Exchange Act of 1934, the\nSarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also\nprovides that Ovintiv is required to file all such oil and gas disclosures\nwith the Canadian securities regulatory authorities on www.sedarplus.ca\n(http://www.sedarplus.ca) as soon as practicable after such disclosure is\nfiled with the SEC.\n\nNOTE 1: Non-GAAP Measures\nCertain measures in this news release do not have any standardized meaning as\nprescribed by U.S. GAAP and, therefore, are considered non-GAAP measures.\nThese measures may not be comparable to similar measures presented by other\ncompanies and should not be viewed as a substitute for measures reported under\nU.S. GAAP. These measures are commonly used in the oil and gas industry and/or\nby Ovintiv to provide shareholders and potential investors with additional\ninformation regarding the Company's liquidity and its ability to generate\nfunds to finance its operations. For additional information regarding non-GAAP\nmeasures, see the Company's website. This news release contains references to\nnon-GAAP measures as follows:\n\n * Non-GAAP Cash Flow and Non-GAAP Cash Flow per Share are non-GAAP measures.\nNon-GAAP Cash Flow is defined as cash from (used in) operating activities\nexcluding net change in other assets and liabilities, and net change in\nnon-cash working capital. Non-GAAP Cash Flow per Share is Non-GAAP Cash Flow\ndivided by the weighted average number of shares of common stock outstanding.\n * Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow per Share are non-GAAP\nmeasures. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess\nof capital expenditures, excluding net acquisitions and divestitures. Non-GAAP\nFree Cash Flow per Share is Non-GAAP Free Cash Flow divided by the weighted\naverage number of shares of common stock outstanding. Forecasted Non-GAAP Cash\nFlow and forecasted Non-GAAP Free Cash Flow assume strip pricing as of October\n20, 2026. Due to their forward-looking nature, management cannot reliably\npredict certain of the necessary components of the most directly comparable\nforward-looking GAAP measures, such as changes in operating assets and\nliabilities. Accordingly, Ovintiv is unable to present quantitative\nreconciliations of such forward-looking non-GAAP financial measures to their\nmost directly comparable forward-looking GAAP financial measures. Amounts\nexcluded from these non-GAAP measures in future periods could be significant.\n * Net Debt is a non-GAAP measure defined as long-term debt, including the\ncurrent portion, less cash and cash equivalents.\nADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of natural gas\nvolumes to barrels of oil equivalent (\"BOE\") is on the basis of six thousand\ncubic feet to one barrel. BOE is based on a generic energy equivalency\nconversion method primarily applicable at the burner tip and does not\nrepresent economic value equivalency at the wellhead. Readers are cautioned\nthat BOE may be misleading, particularly if used in isolation. The term\n\"liquids\" is used to represent oil, NGLs and condensate. The term \"condensate\"\nrefers to plant condensate.\n\nADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains\nforward-looking statements or information (collectively, \"forward-looking\nstatements\") within the meaning of applicable securities legislation,\nincluding Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. All statements, except\nfor statements of historical fact, that relate to the proposed transaction and\nthe anticipated future activities, plans, strategies, objectives or\nexpectations of the Company, including the timing, funding and expected\nbenefits and synergies of the acquisition, are forward-looking statements.\nWhen used in this news release, the use of words and phrases including\n\"anticipates,\" \"believes,\" \"continue,\" \"could,\" \"estimates,\" \"expects,\"\n\"focused on,\" \"forecast,\" \"guidance,\" \"intends,\" \"maintain,\" \"may,\"\n\"opportunities,\" \"outlook,\" \"plans,\" \"potential,\" \"strategy,\" \"targets,\"\n\"will,\" \"would\" and other similar terminology is intended to identify\nforward-looking statements, although not all forward-looking statements\ncontain such identifying words or phrases. Readers are cautioned against\nunduly relying on forward-looking statements, which are based on current\nexpectations and, by their nature, involve numerous assumptions that are\nsubject to both known and unknown risks and uncertainties (many of which are\nbeyond our control) that may cause such statements not to occur, or actual\nresults to differ materially and/or adversely from those expressed or implied.\nThese assumptions include, without limitation: future commodity prices and\nbasis differentials; the Company's ability to consummate any pending\nacquisition or divestment transactions (including the transaction described\nherein); the Company's ability to integrate acquired assets and businesses and\nthe timing thereof; the satisfaction of customary closing conditions and\nobtaining key regulatory, court and Logan shareholder approvals; the ability\nof the Company to access credit facilities, debt and equity markets and other\nsources of liquidity to fund operations or acquisitions and manage debt\n(including to consummate the transaction described herein) ; the availability\nof attractive commodity or financial hedges and the enforceability of risk\nmanagement programs; the Company's ability to capture and maintain gains in\nproductivity and efficiency; the ability for the Company to generate cash\nreturns and execute on its share buyback plan; expectations of plans,\nstrategies and objectives of the Company, including anticipated production\nvolumes and capital investment; the Company's ability to manage cost inflation\nand expected cost structures, including expected operating, transportation,\nprocessing and labor expenses; the outlook of the oil and natural gas industry\ngenerally, including impacts from changes to the geopolitical environment;\nexpectations and projections made in light of, and generally consistent with,\nthe Company's historical experience and its perception of historical industry\ntrends; and the other assumptions contained herein. Risks and uncertainties\nwith respect to the proposed transactions described herein include, among\nother things, the risk that the proposed transaction may not be completed in a\ntimely basis or at all, which may adversely affect the Company's and Logan's\nbusinesses and the price of their respective securities; the effect of the\nannouncement, pendency or completion of the proposed transaction on the market\nprice of the Company and Logan's stock or the ability of each of the Company\nand Logan to attract, motivate, retain and hire key personnel and maintain\nrelationships with others whom they do business; that the proposed transaction\nmay divert management's attention from each of the Company's and Logan's\nongoing business operations; the risk of any legal proceedings related to the\nproposed transaction or otherwise, including resulting expense or delay; the\noccurrence of any event, change or other circumstance that could give rise to\nthe termination of the definitive agreement for the transaction, including in\ncircumstances which would require payment of a termination fee; the risk that\nrestrictions during the pendency of the proposed transaction may impact the\nCompany's or Logan's ability to pursue certain business opportunities or\nstrategic transactions; risks associated with third party contracts containing\nconsent and/or other provisions that may be triggered by the proposed\ntransaction; the risk that the anticipated benefits and synergies of the\nproposed transaction may not be fully realized or may take longer to realize\nthan expected; and the risk that the integration of Logan's business\npost-closing may not occur as anticipated. While the Company considers these\nexpectations and assumptions to be reasonable, they are inherently subject to\nsignificant business, economic, competitive, regulatory and other risks and\nuncertainties, many of which are difficult to predict and beyond the Company's\ncontrol. Although the Company believes the expectations represented by its\nforward-looking statements are reasonable based on the information available\nto it as of the date such statements are made, forward-looking statements are\nonly predictions and statements of our current beliefs and there can be no\nassurance that such expectations will prove to be correct. Unless otherwise\nstated herein, all statements, including forward looking statements, contained\nin this news release are made as of the date of this news release and, except\nas required by law, the Company undertakes no obligation to update publicly,\nrevise or keep current any such statements The forward-looking statements\ncontained in this news release and all subsequent forward-looking statements\nattributable to the Company, whether written or oral, are expressly qualified\nby these cautionary statements.\n\nThe reader should carefully read the risk factors described in Item 1A \"Risk\nFactors\" and \"Management's Discussion and Analysis of Financial Condition and\nResults of Operations\" sections of the Company's most recent Annual Report on\nForm 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or\nCanadian securities regulators, for a description of certain risks that could,\namong other things, cause actual results to differ from these forward-looking\nstatements. Other unpredictable or unknown factors not discussed in this news\nrelease could also have material adverse effects on forward-looking\nstatements.\n\nFurther information on Ovintiv Inc. is available on the Company's website,\nwww.ovintiv.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4805956-1&h=1235376479&u=http%3A%2F%2Fwww.ovintiv.com%2F&a=www.ovintiv.com)\n, or by contacting:\n\nInvestor contact:\n(888) 525-0304\ninvestor.relations@ovintiv.com (mailto:investor.relations@ovintiv.com)\n\nMedia Contact:\n(403) 645-2252\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/ovintiv-announces-agreement-to-acquire-montney-oil-producer-logan-energy-corp-302918951.html\n(https://www.prnewswire.com/news-releases/ovintiv-announces-agreement-to-acquire-montney-oil-producer-logan-energy-corp-302918951.html)\n\nSOURCE Ovintiv Inc.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-26T10:45:00.268992261Z","server_sent_at_ms":1793011500268},"received_at":"2026-10-26T10:45:00.376Z","source_url":"https://www.prnewswire.com/news-releases/ovintiv-announces-agreement-to-acquire-montney-oil-producer-logan-energy-corp-302918951.html"},"analysis":{"id":"167182","press_release_id":"179289","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["all-cash deal partially funded with borrowings and commercial paper — increases leverage into closing","closing contingent on Logan shareholder, court and regulatory approvals"],"eventType":"m_and_a","narrative":"Ovintiv agreed to acquire Montney oil producer Logan Energy Corp. for C$1.40 per share in cash, valuing Logan at approximately $890 million (C$1.26 billion) including net debt.\n\nThe deal adds roughly 266,000 net acres, ~420 net 10,000-foot equivalent oil well locations (220 premium return), and ~20 MBOE/d of production in the oil-rich Montney, plus owned oil batteries and gas processing interests.\n\nManagement expects the transaction to be immediately accretive — ~5% to 2027 Non-GAAP Cash Flow per Share and ~3% to Free Cash Flow per Share — with ~$60 million in annual synergies, funded via cash, credit facility and commercial paper.\n\nClosing is expected early in Q1 2027, subject to Logan shareholder, court and regulatory approvals; Logan shareholders also receive shares of a spinco (Logan Oil Corp.) holding select non-core assets.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Ovintiv bolts on ~$890M of Montney oil inventory at ~$1.5M per premium location, immediately accretive with $60M synergies while keeping the shareholder-returns plan unchanged."},"keyFigures":{"dealValueUsd":890000000,"customDimensions":{"deal_value_cad":"C$1.26 billion","net_acres_added":266000,"per_share_price":"C$1.40","pro_forma_net_debt":"below $4 billion","cfps_accretion_2027":"5%","annual_synergies_usd":60000000,"fcfps_accretion_2027":"3%","well_locations_added":420,"premium_well_locations":220,"acquired_production_mboe_d":20000}},"quotedText":"This bolt-on transaction delivers value for our shareholders by adding high margin oil and condensate production and infrastructure, utilizing our operational advantage to drive significant synergies, and adding to our already deep drilling inventory and future growth optionality","namedEntities":{"people":[{"name":"Brendan McCracken","role":"President and CEO of Ovintiv"}],"products":["Logan Oil Corp. (spinco)"],"companies":[{"name":"Ovintiv Inc.","ticker":"OVV","relationship":"acquirer"},{"name":"Logan Energy Corp.","ticker":"LGN","relationship":"target"},{"name":"RBC Capital Markets","relationship":"financial advisor to Ovintiv"},{"name":"Blake, Cassels & Graydon LLP","relationship":"legal advisor to Ovintiv"},{"name":"Paul, Weiss, Rifkind, Wharton & Garrison LLP","relationship":"legal advisor to Ovintiv"}],"dollarAmounts":[{"amount":"$890 million","context":"total transaction consideration including net debt"},{"amount":"C$1.26 billion","context":"total transaction consideration in CAD"},{"amount":"C$1.40","context":"per-share cash consideration to Logan shareholders"},{"amount":"$60 million","context":"expected annual cost synergies"},{"amount":"$1.5 million","context":"average cost per premium return well location"},{"amount":"$4 billion","context":"expected post-closing Net Debt ceiling"},{"amount":"$2 million","context":"estimated capital cost savings per well"}]},"materialImpact":{"score":5,"reasoning":"Definitive agreement for Ovintiv to acquire Logan Energy for approximately $890 million (C$1.26 billion) including net debt. A ~$1B all-cash acquisition expanding core Montney position, guided as immediately accretive with ~$60M annual synergies."},"tickerRelevance":{"others":[{"ticker":"LGN","relevance":"target"}],"primary":"OVV"},"globalImportance":45,"audienceRelevance":40,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap E&P, S&P 500-adjacent","dealSizeUsd":890000000,"eventGravity":"mid-cap M&A ~$890M","sectorWeight":"energy consolidation in Montney"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":5,"narrative":"Ovintiv agreed to acquire Montney oil producer Logan Energy Corp. for C$1.40 per share in cash, valuing Logan at approximately $890 million (C$1.26 billion) including net debt.\n\nThe deal adds roughly 266,000 net acres, ~420 net 10,000-foot equivalent oil well locations (220 premium return), and ~20 MBOE/d of production in the oil-rich Montney, plus owned oil batteries and gas processing interests.\n\nManagement expects the transaction to be immediately accretive — ~5% to 2027 Non-GAAP Cash Flow per Share and ~3% to Free Cash Flow per Share — with ~$60 million in annual synergies, funded via cash, credit facility and commercial paper.\n\nClosing is expected early in Q1 2027, subject to Logan shareholder, court and regulatory approvals; Logan shareholders also receive shares of a spinco (Logan Oil Corp.) holding select non-core assets.","key_figures":{"dealValueUsd":890000000,"customDimensions":{"deal_value_cad":"C$1.26 billion","net_acres_added":266000,"per_share_price":"C$1.40","pro_forma_net_debt":"below $4 billion","cfps_accretion_2027":"5%","annual_synergies_usd":60000000,"fcfps_accretion_2027":"3%","well_locations_added":420,"premium_well_locations":220,"acquired_production_mboe_d":20000}},"named_entities":{"people":[{"name":"Brendan McCracken","role":"President and CEO of Ovintiv"}],"products":["Logan Oil Corp. (spinco)"],"companies":[{"name":"Ovintiv Inc.","ticker":"OVV","relationship":"acquirer"},{"name":"Logan Energy Corp.","ticker":"LGN","relationship":"target"},{"name":"RBC Capital Markets","relationship":"financial advisor to Ovintiv"},{"name":"Blake, Cassels & Graydon LLP","relationship":"legal advisor to Ovintiv"},{"name":"Paul, Weiss, Rifkind, Wharton & Garrison LLP","relationship":"legal advisor to Ovintiv"}],"dollarAmounts":[{"amount":"$890 million","context":"total transaction consideration including net debt"},{"amount":"C$1.26 billion","context":"total transaction consideration in CAD"},{"amount":"C$1.40","context":"per-share cash consideration to Logan shareholders"},{"amount":"$60 million","context":"expected annual cost synergies"},{"amount":"$1.5 million","context":"average cost per premium return well location"},{"amount":"$4 billion","context":"expected post-closing Net Debt ceiling"},{"amount":"$2 million","context":"estimated capital cost savings per well"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-26T10:45:10.411Z","global_importance":45,"audience_relevance":40,"importance_components":{"tickerTier":"mid-cap E&P, S&P 500-adjacent","dealSizeUsd":890000000,"eventGravity":"mid-cap M&A ~$890M","sectorWeight":"energy consolidation in Montney"}},"durationMs":7778,"modelName":"glm-5.3-flashx"}}