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Ovintiv to Acquire Core Midland Basin Assets

Vinson & Elkins advised EnCap Investments L.P. (“EnCap”) in the $4.275 billion sale of substantially 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, to Ovintiv Inc.

Upon closing, the acquisition will add approximately 1,050 net 10,000 foot well locations to Ovintiv’s Permian inventory and approximately 65,000 net acres in the core of the Midland Basin, strategically located in close proximity to Ovintiv’s current Permian operations.

The Vinson & Elkins team advising EnCap was led by partner Bryan Loocke, with assistance from counsel Megan Menniti and Joclynn Marsh, senior associate Caroline Kuehn and associates Bradley Oster, Kene Obi, Ben Zeter and Hunter Albritton. Other key team members include partners John Lynch and Todd Way and associates Dan Henderson, Ryan Dolmanet and Sarah Coe; partners Jackson O’Maley, Mike Marek, Doug McWilliams and Matt Strock, senior associates David Lassetter and Alex Turner and associates Houston Morgan, Rivers Stephens, Terrence Ogren and Mimi Nguyen; partners James Longhofer and Guy Gribov; partner Matt Dobbins and associate Kelly Rondinelli; partners Shane Tucker and David D’Alessandro and associates Cassandra Zarate, Maddison Riddick and Mary Daniel Morgan; and partner Becky Baker.

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