Carlyle Group Inc (CG.US) Energy business spends big again, acquires Parallax in a CAD 1 billion blockbuster deal

Carlyle Group Inc (CG.US) said on Monday that its newly formed Canadian company Avenrock Energy has agreed to acquire Parallax Energy from Carnelian Energy Capital, establishing a significant new light crude oil platform in Western Canada. Financial terms were not disclosed, but according to people familiar with the matter, the total enterprise value of the deal is approximately CAD 1 billion, and Parallax's total production has reached 20,000 barrels of oil equivalent per day (boe/day). Parallax owns and operates a 75% working interest in its exploration and production asset portfolio in the East Shale Duvernay area of Alberta, maintaining approximately 300,000 gross acres and a large production base focused primarily on light crude oil and natural gas liquids, in addition to an extensive network of owned infrastructure. This deal is the second transaction by Carlyle Group Inc's energy business in the past year, which last year acquired Kiwetinohk Energy for approximately CAD 1.4 billion.