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Denver E&P Ovintiv Inc. said that NMB Stock Trust, a Delaware statutory trust, intends to sell 15 million shares of Ovintiv’s common stock.
The offering consists entirely of secondary shares to be sold by NMB Stock Trust which will receive all of the net proceeds. Ovintiv, formerly known as Encana Corporation, is not offering any shares of common stock and will not receive any proceeds from the NMB Stock Trust sale of shares.
Ovintiv issued the shares to NMB Stock Trust in June as part of the consideration for its acquisition of certain upstream oil and gas assets located in the Permian Basin from portfolio companies of funds managed by EnCap Investments LP.
Ovintiv also announced that it intends to repurchase 1 million of these shares at a price per share equal to the price at which the underwriter, J.P. Morgan, will purchase the shares from NMB Stock Trust.
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