Carlyle-Backed Avenrock Acquires Parallax Energy to Build Western Canadian Oil Platform

Avenrock Energy has announced its plan to acquire Parallax Energy Operating from Carnelian Energy Capital. This acquisition will establish Avenrock as a new light oil exploration and production platform in Western Canada.

The transaction involves Avenrock purchasing a 75% working interest in Parallax's exploration and production assets across Alberta's East Shale Duvernay. These assets are supported by owned infrastructure, including oil batteries, gas processing facilities, and water disposal infrastructure.

Avenrock plans to accelerate development of these assets while pursuing additional opportunities to increase the scale of its Western Canadian light oil platform.