March 17, 2016 / 10:45 PM / a year ago

BRIEF-Paramount resources enters agreement with unit of Pembina Pipeline for sale of its Musreau Complex and related midstream assets

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March 17 (Reuters) - Paramount Resources Ltd

* Paramount will receive $556 million in cash at closing, plus a $35 million capital commitment

* Paramount will receive $556 million in cash at closing, plus a $35 million capital commitment

* RBC capital markets is acting as financial advisor to Paramount on midstream transaction

* Paramount announces the sale of its musreau complex for cash and other considerations in excess of $600 million and releases its 2015 annual results

* Entered agreement with unit of Pembina Pipeline for sale of its Musreau Complex and related midstream assets

* As part of midstream transaction, co and Pembina have entered into midstream service agreement which includes a 20-year arrangement

* Upon closing, proceeds from midstream transaction will be used to pay down company's bank credit facility Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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