** U.S. oil and gas producer Ovintiv's OVV.N shares rise 4.3% to $43.99
** Company to buy oil assets in Canada's Montney shale from Paramount Resources POU.TO for $2.38 bln in cash
** New assets to add 70,000 barrels of oil equivalent per day of production and nearly double Ovintiv's existing production in the shale
** "The assets come at a low entry cost, have the potential to grow oil production," Siebert Williams Shank analysts say
** Ovintiv to also sell its Uinta Basin assets in Utah to FourPoint Resources for $2 bln
** OVV to fund Montney deal with cash proceeds from Uinta sale, cash on hand and borrowings under its credit facility or temporary financing
** Ovintiv also pauses its share buyback plan
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))
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