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

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.

CALGARY, Sept. 14 (Reuters) - Global investment firm Carlyle 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. Earlier this year, U.S.-based Northern Oil and Gas Inc. acquired a 25% stake in Parallax assets for about C$350 million.