US-based independent Ovintiv has sold assets in the Uinta basin and the Bakken shale for about $250 million to help fund the doubling of cash returns to shareholders.

Ovintiv did not disclose the buyer of the assets, but said the company noted that the positions were non-core. In the Uinta basin, Ovintiv will relinquish control of 3000 gross vertical wells, but will retain 130,000 net contiguous acres in what it deemed “the horizontal oil-rich shale position of the play”.