Ovintiv (OVV) said Thursday that it has agreed to acquire certain assets in Alberta Montney from Paramount Resources in an all-cash transaction of $2.38 billion.

The assets are located near the company's current operations and will add about 70,000 barrels of oil equivalent per day of production upon closing.

Ovintiv said it has also agreed to sell substantially all its Uinta Basin assets in Utah to FourPoint Resources for $2 billion in cash.

The company said it expects to fund the acquisition through a combination of cash proceeds from the pending sale of the Uinta assets, cash on hand, as well as borrowings under its credit facility or temporary financing.

The acquisition of the Montney assets and the Uinta disposition are both expected to be completed by the end of Q1.