Carlyle-backed Avenrock Energy acquires Parallax Energy
Torys acted as counsel to Carlyle with a team that included Janan Paskaran, Zehra Sheerazi, Carleigh Kennedy, Charlotte-Hardwicke-Brown and Abigail Pierman (corporate/M&A), Kevin Fougere, Tyrel Henderson and Kevin Seo (lending), Tom Stevenson and Parker Baglole (employment), Jeremy Barreto and Cindy Chen (regulatory), Larissa Svelka and Alina Kaiser (real estate), Omar Wakil and Ian Li (competition), Craig Maurice and Neil Burnside (tax).
On October 7, 2026, Avenrock Energy Inc. (“Avenrock”), a newly formed Canadian energy company backed by global investment firm The Carlyle Group Inc. (“Carlyle”), completed the previously announced acquisition of Parallax Energy Operating Inc. (“Parallax”) from Carnelian Energy Capital (“Carnelian”).
Parallax owned and operated a 75% working interest in a portfolio of exploration and production assets in Alberta's East Shale Duvernay region, holding approximately 300,000 gross acres and a substantial production base focused predominantly on light oil and natural gas liquids. Its operations were supported by an extensive owned infrastructure network, including oil batteries, gas processing and water disposal facilities.
Through the acquisition, Avenrock will establish a significant operating presence in Western Canada, with a focus on the continued development of the asset base to build out a leading Western Canadian light oil platform.
Equity for the transaction came from the Carlyle International Energy Partners (“CIEP”) platform, which focuses on energy investment opportunities globally.
Further information can be found on Carlyle’s website.
Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, its purpose is to connect people, ideas and capital to fuel growth for companies and performance for investors.
Parallax Energy is an exploration & production company based in Calgary, formed in partnership with Carnelian Energy Capital. It has significant experience acquiring and operating assets throughout western Canada and places a strong emphasis on sustainable practices, integrating advanced technology to enhance both the efficiency and profitability of operations.