PGI, a Western Canadian focused gas processing entity jointly owned by Pembina and KKR, has entered into agreements with Veren Inc. and certain affiliates thereof that include the acquisition of Veren's Gold Creek and Karr area oil batteries and support for future infrastructure development. The net purchase price related to the acquisition of the batteries is C$400 million (C$240 million, net to Pembina).
PGI will acquire four batteries in the Gold Creek and Karr areas, which include natural gas handling capacity of 320 million cubic feet per day and liquids handling capacity of 53,000 barrels per day.
Natural gas from the batteries is processed at PGI's Patterson Creek Gas Plant and both the batteries and the Patterson Creek Gas Plant are connected to Pembina's Peace Pipeline system.