Carlyle-backed Avenrock to Acquire Parallax Energy, Sets up leading Western Canadian light oil platform

 Avenrock Energy Inc. (“Avenrock”), a newly formed Canadian energy company backed by global investment firm Carlyle (NASDAQ: CG), today announced that it has agreed to acquire Parallax Energy Operating Inc. (“Parallax”) from Carnelian Energy Capital (“Carnelian”), establishing a significant new light oil platform in Western Canada. Parallax owns and operates a 75% working interest in a portfolio of exploration and production (“E&P”) assets in the East Shale Duvernay in Alberta. The transaction is subject to customary closing conditions and regulatory approvals.

Headquartered in Calgary, Parallax is an established Western Canadian E&P company operating in the East Shale Duvernay in Alberta, with approximately 300,000 gross acres and a substantial production base focused predominantly on light oil and natural gas liquids. The company’s operations are supported by an extensive owned infrastructure network, including oil batteries, gas processing and water disposal facilities. Parallax has an established operating track record across the East Shale Duvernay, with a portfolio of producing assets and attractive future development opportunities.

Through the acquisition, Avenrock will establish a significant operating presence in Western Canada, with a focus on the continued development of the asset base to build out a leading Western Canadian light oil platform. Avenrock will be led by Paul Smith, former CFO and Board Director at Vesta Energy prior to its acquisition by Parallax, and ex-CFO of Talisman and Wintershall Dea, who brings deep knowledge of the asset and extensive experience developing energy businesses in the region.

Equity for the transaction will come from the Carlyle International Energy Partners (“CIEP”) platform, which focuses on energy investment opportunities globally. The investment builds on CIEP’s presence in Western Canada, following its investment in Cygnet Energy to support its acquisition and delisting of Kiwetinohk Energy in 2025. Carlyle sees significant long-term potential in Western Canada, underpinned by the region’s high-quality, long-duration resource base, improving access to end markets and continued investment across the sector. 

https://www.carlyle.com/media-room/news-release-archive/carlyle-backed-avenrock-energy-acquire-parallax-energy