The American oil and gas company Ovintiv Inc. has signed an agreement to acquire the Canadian Logan Energy Corp. for $890 million, including debt obligations. This is reported in the Ovintiv press release.
The transaction will be financed by the company's funds, loans under the credit facility and the issue of shares. The transaction is expected to be completed early in the first quarter of 2027, subject to approval from Logan shareholders and regulatory authorities.
The deal provides additional opportunities to increase oil production and rig count through 420 new 10,000-foot oil wells in the Montney oil sector, in addition to assets that were purchased in 2025 from Paramount Resources Ltd for $2.3 billion.
At the same time, Ovintiv sold assets in the Uinta Basin region (Utah) to focus on two main basins in Western Canada and the Permian Basin in West Texas and New Mexico.
The Canadian energy deal market has intensified amid the government's desire to speed up the issuance of permits for major projects in order to strengthen Canada's position in the energy sector. Canada has the third largest proven oil reserves in the world, second only to Venezuela and Saudi Arabia.
Shell Plc acquired ARC Resources Ltd. for $13.6 billion to ensure supplies to Canada's first LNG Canada export terminal, in which Shell owns a 40% stake.
Ovintiv Inc. is an American oil and gas company. In 2020, the company changed jurisdiction from Canadian to American, but continues to cooperate with Mitsubishi in Canada. The headquarters is located in Denver, Colorado.
Logan Energy Corp. — Canadian energy company for the exploration and production of crude oil and natural gas. The headquarters is located in Calgary, Canada.
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