Carlyle-Backed Avenrock Acquires Parallax Energy to Dominate Western Canada's Light Oil Market

Avenrock Energy, backed by global investment firm Carlyle, has agreed to acquire Parallax Energy Operating Inc. in a move that establishes Avenrock as a significant player in Western Canada's light oil market.

The deal sees Avenrock take control of a 75% working interest in a portfolio of exploration and production assets in the East Shale Duvernay in Alberta, with Parallax owning approximately 300,000 gross acres and a substantial production base focused on light oil and natural gas liquids.

Avenrock will be led by Paul Smith, a seasoned energy executive with over 30 years of experience, who brings deep knowledge of the asset and extensive experience developing energy businesses in the region.