Avenrock Acquires Parallax Energy for Western Canada Light Oil Expansion

Avenrock Energy is acquiring Parallax Energy Operating from Carnelian Energy Capital to build a new light oil exploration and production platform in Western Canada.

The deal gives Avenrock control over approximately 300,000 gross acres across Alberta's East Shale Duvernay and a significant production base focused on light oil and natural gas liquids.

Avenrock's CEO Paul Smith, who previously served as CFO of Talisman Energy and Wintershall Dea, plans to accelerate development of the acquired assets while pursuing additional opportunities in the region.