Carlyle Backs $719 Million Deal for Parallax Energy

American private equity firm Carlyle Group Inc. is backing a deal to acquire oil and gas company Parallax Energy Operating Inc. in Canada, its second major investment into the country's oil sector in the last year.

The new company, Avenrock Energy Inc., will be headquartered in Calgary and will have around 20,000 barrels of energy production per day, according to people familiar with the agreement.

This deal values Parallax at approximately C$1 billion ($719 million) and is part of a larger trend of investment in Canada's oil sector following changes in the country's energy policies.

Carlyle has been actively investing in Western Canada, citing 'high-quality, long-duration resource base' as well as 'improving access to end markets and continued investment across the sector', according to a statement from the company.