08:35 AM EDT, 09/09/2024 (MT Newswires) -- Veren ( VRN ) said Monday it signed a deal to sell its working interest in four oil battery sites in the Alberta Montney in western Canada to a Pembina (PBA) and KKR (KKR) joint venture for net cash proceeds of $400 million.

Veren ( VRN ) said it is selling its interest in the sites to Pembina Gas Infrastructure, while maintaining full operatorship.

The proceeds will be used for debt reduction, which is expected to total of $1.3 billion in 2024, Veren ( VRN ) said.

Veren ( VRN ) will also acquire full operatorship of four oil battery sites currently operated by PGI, the company said.

The agreement includes an option to design, construct and operate certain future infrastructure assets with PGI funding of up to $300 million, Veren ( VRN ) said.

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