Carlyle Builds Scale in Canadian Energy with Parallax Acquisition

Carlyle is expanding its presence in Canada's oil patch with a new unit called Avenrock Energy. The company has agreed to buy Alberta-based Parallax, a producer of about 20,000 barrels of oil equivalent per day, for approximately C$1 billion. This marks Carlyle's second major move in the Canadian energy sector in roughly a year, following its C$1.4 billion purchase of Kiwetinohk Energy last year.

Avenrock is acquiring Parallax from Carnelian Energy Capital and plans to use it as a base for further drilling and future acquisitions. The goal is to create a larger Western Canadian light-oil business that can compete with other operators in the region.