Ovintiv Inc. has agreed to acquire Logan Energy Corp. for $890 million. The deal includes a $1.40 per share cash payment and the spin-out of Logan Oil Corp. The acquisition aims to expand Ovintiv's position in the Montney oil field. A new growth-oriented oil company, Logan Oil Corp., will be created as part of the transaction. This acquisition is set to enhance Ovintiv's presence in the Montney play. The deal features a cash payment of $1.40 per share and the formation of Logan Oil Corp. Logan Oil Corp. will focus on expanding its operations. The acquisition is part of Ovintiv's strategy to increase its market share in the oil industry. The spin-out of Logan Oil Corp. is a significant aspect of the deal. This new company will be specialized in growth and development within the Montney oil field.