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Provident Energy to be acquired by Pembina Pipeline for C$3.2 billion

January 16, 2012 Client: Provident Energy Ltd.

On January 16, 2012, Provident Energy Ltd. (TSX: PVE, NYSE: PVX), a Calgary-based corporation that owns and manages a natural gas liquids infrastructure and logistics business, announced an agreement to be acquired, by way of a plan of arrangement under the Business Corporations Act, by Pembina Pipeline Corporation (TSX: PPL), a western Canada focused crude oil and natural gas liquids transportation company.  The combined company will have a market capitalization of C$7.9 billion and total enterprise value of C$10 billion, making it one of the largest publicly traded energy infrastructure companies in Canada.

Provident is being advised in Canada by Norton Rose Canada LLP with a team led by Jack MacGillivray, with assistance from Calgary partners Justin Ferrara, Scott Negraiff, Darren Hueppelsheuser, John Carleton and Chrysten Perry, and associates Stefan Ali, Brad Schneider, Jason Giborski, Fraser Bush and Kirsty Sklar.