Carlyle-backed Avenrock Energy has agreed to acquire Parallax Energy Operating from Carnelian Energy Capital, establishing a new light oil exploration and production platform in Western Canada.
Parallax owns and operates a 75% working interest in exploration and production assets across Alberta’s East Shale Duvernay.
The transaction remains subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed.
Parallax controls approximately 300,000 gross acres and has a substantial production base concentrated in light oil and natural gas liquids.
Its assets are supported by owned infrastructure including oil batteries, gas processing facilities and water disposal infrastructure, providing Avenrock with an operating base as it expands in the region.
Avenrock has appointed veteran energy executive Paul Smith CEO.
Smith previously served as CFO and a board director at Vesta Energy before its acquisition by Parallax and later held senior positions including CFO of Talisman Energy and Wintershall Dea.
Carlyle plans to fund the equity investment through its Carlyle International Energy Partners platform.
The transaction builds on CIEP’s existing Western Canadian activity, including its investment in Cygnet Energy to support the acquisition and delisting of Kiwetinohk Energy in 2025.
Avenrock intends to accelerate development of the East Shale Duvernay assets while pursuing additional opportunities that can increase the scale of its Western Canadian light oil platform.
Carlyle manages approximately $485 billion across Global Private Equity, Global Credit and Carlyle AlpInvest.
KEY QUOTES:
“Significant progress has been made across the asset base and we see considerable potential to accelerate development and build a significant light oil business.”
Paul Smith, CEO of Avenrock Energy
“Western Canada continues to offer compelling opportunities to invest behind high-quality energy businesses with significant long-term potential.”
Parminder Singh, Managing Director of Carlyle International Energy Partners
