Avenrock Energy Inc., a newly formed Canadian energy company backed by global investment firm Carlyle (NASDAQ: CG), agreed to acquire Parallax Energy Operating Inc. from Carnelian Energy Capital Management, L.P., a Houston-based private equity firm. The deal was announced on September 14, 2026, in Calgary, and is subject to customary closing conditions and regulatory approvals. Parallax is a Western Canadian exploration and production company operating a 75% working interest in a portfolio of assets in Alberta's East Shale Duvernay, spanning approximately 300,000 gross acres, with production concentrated on light oil and natural gas liquids. Financial terms were not disclosed by the parties; unnamed sources cited by Bloomberg estimated the transaction's total enterprise value at approximately CA$1 billion (US$719 million). Equity for the transaction is being provided by Carlyle International Energy Partners, Carlyle's global energy-focused investment platform. Paul Smith, formerly CFO and a board director at Vesta Energy before its acquisition by Parallax, and previously CFO of Talisman Energy and Wintershall Dea, has been appointed CEO of Avenrock. This is Carlyle's second significant Canadian oil and gas investment in roughly a year, following its 2025 backing of Cygnet Energy's approximately C$1.4-billion acquisition of Kiwetinohk Energy. Torys LLP acted as legal adviser and BMO Capital Markets acted as exclusive financial adviser to Carlyle and Avenrock on the transaction.