Mr. Mick Dilger reports

PEMBINA PIPELINE CORPORATION ANNOUNCES CLOSING OF VANTAGE PIPELINE ACQUISITION AND INTEREST IN ASSOCIATED ASSETS

Pembina Pipeline Corp. has completed its previously announced acquisition of the Vantage pipeline system and Mistral Midstream Inc.'s interest in the Saskatchewan ethane extraction plant (SEEP) from certain entities affiliated with Riverstone Holdings LLC.

"I am very pleased to add these strategic assets to our energy infrastructure portfolio," said Mick Dilger, Pembina's president and chief executive officer. "Expanding our footprint into the prolific Bakken play and connecting it to the Alberta petrochemical market in a low-risk transaction is a logical step for us and one that is in line with our integrated strategy. We expect that future opportunities associated with both Vantage and SEEP will provide further diversification and growth for our asset base, which will ultimately translate into continued long-term value for our shareholders."

Pursuant to the transaction, Pembina has acquired all of the equity interests of Vantage Pipeline Canada ULC, Vantage Pipeline U.S. LP and Mistral, and repaid Vantage's bank indebtedness of approximately $224-million (U.S.) in a transaction valued at approximately $650-million (U.S.). Pembina paid cash of $395-million (U.S.) and $255-million (U.S.) in its common shares to finance the transaction. The company financed the cash portion of the consideration in part with proceeds from its previously announced bought-deal preferred share issuance, which closed on Sept. 11, 2014, as well as existing credit capacity. The $255-million (U.S.) common share portion of the consideration resulted in 5.61 million shares being issued to the seller. In addition, given the transaction's effective date of Aug. 1, 2014, Pembina will reimburse the seller for approximately $23-million (U.S.) that was spent to advance the construction of SEEP between the effective date and the closing date of the transaction.

Pembina is also pleased to announce that it has reached an agreement to acquire the remaining 10-per-cent interest in SEEP, which is anticipated to close shortly after the transaction, after which time Pembina will own 100 per cent of the 60-million-cubic-foor-per-day deep-cut processing facility.

For additional information on the transaction, including a description of the assets acquired, please see Pembina's website.

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