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(RTTNews) - Pembina Pipeline Corporation (PPL.TO, PBA) said Pembina Gas Infrastructure Inc., a gas processing entity in Western Canada jointly owned by Pembina and KKR, has entered into a purchase and sale agreement with Whitecap Resources to acquire a 50 percent working interest in Whitecap's 15-07 Kaybob Complex as well as executed an agreement to support the future infrastructure development for Whitecap's Lator growth area. Gross proceeds are $420 million. Whitecap will retain operatorship of the assets.

Whitecap is a Western Canadian Montney and Duvernay producer. The deal will initially be funded using PGI's existing credit facility.

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