On December 4, 2024, Parallax Energy Operating Inc., a wholly owned subsidiary of Parallax Energy, L.P. (collectively "Parallax Energy"), completed the acquisition of Vesta Energy Ltd. The transaction was financed through equity commitments from funds managed by Carnelian Energy Capital Management, L.P., and borrowings from a new reserves-based credit facility provided by a syndicate of lenders.

Parallax Energy now operates a production base exceeding 17,000 boe/d (~75% light oil) and is well-positioned for long-term growth, with decades of development opportunities across approximately 230,000 net acres in the Duvernay.

Parallax Energy is a leading exploration and production company focused on acquiring and developing high-quality assets in the Western Canadian Sedimentary Basin. Vesta Energy Ltd. is a private oil and gas company with a 239,000-acre, 100% working interest in the East Shale Basin of the Duvernay light oil window in Central Alberta.

Gowling WLG advised Parallax Energy on the financing for this transaction with a team led by Beth Burton, and including Braden Sheps, Reagan Chornoboy and Ryan Amaral.