Global investment firm Carlyle extends reach in Canada; purchases oil and gas firm Parallax

Global investment firm Carlyle CG.O is expanding its reach in Canada through the acquisition of the privately owned Canadian oil and gas company Parallax.

• The acquisition is the second in 12 months by Carlyle's energy group, which last year acquired Kiwetinohk Energy for approximately C$1.4 billion.
• Carlyle has established a newly formed Canadian company called Avenrock Energy, which has reached a deal to acquire Parallax from Carnelian Energy Capital.
• Financial terms of the deal were not disclosed. Sources pegged the total enterprise value of the deal at approximately C$1 billion and said Parallax's gross production is 20,000 boepd.
• Parallax is an established Western Canadian company operating in the East Shale Duvernay in Alberta, with approximately 300,000 acres and a substantial production base focused predominantly on light oil and natural gas liquids.
• Avenrock aims to establish a significant operating presence in Western Canada, with a focus on the continued development of the Parallax asset base to build out a leading Western Canadian light oil platform, according to a release.