Carlyle Expands Canadian Reach with C$1 Billion Parallax Acquisition

Global investment firm Carlyle is expanding its presence in Canada by acquiring Parallax, a privately owned Canadian oil and gas company. This marks Carlyle's second major acquisition in Canada within the past year.

The deal was struck through Avenrock Energy, a newly formed Canadian company established by Carlyle to focus on energy investments. Parallax operates primarily in Alberta, with approximately 300,000 acres of land and a substantial production base focused on light oil and natural gas liquids.

Parallax's gross production is around 20,000 boepd (barrels of oil equivalent per day), according to sources. The total enterprise value of the deal was estimated at C$1 billion. Carlyle's energy group previously acquired Kiwetinohk Energy for approximately C$1.4 billion last year.

Avenrock aims to build a significant operating presence in Western Canada, focusing on the continued development of Parallax's asset base to create a leading light oil platform.