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(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. 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.
Reporting by Amanda Stephenson in Calgary; Editing by Will Dunham Editing by Nick Zieminski
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