parallax energy CLOSES acquisition of vesta energy ltd.
CALGARY, ALBERTA, December 4, 2024 – Parallax Energy Operating Inc., a wholly owned subsidiary of Parallax Energy, L.P. (collectively “Parallax”), today closed the acquisition of Vesta Energy Ltd. (the “Acquisition”), a private producer with a significant land position in the East Shale Basin of the Duvernay light oil window in Central Alberta. Parallax now operates an established production base of over 17,000 boe/d (~75% light oil) and is well-positioned for long-term organic growth, with decades of future development inventory across approximately 230,000 net acres in the Duvernay. “We are excited to close the acquisition of Vesta. We now control among the largest inventories of low-breakeven Duvernay oil locations, with recent completion advancements underpinning some of the highest returns in the WCSB,” said Dustin Hoffman, Parallax’s Chief Executive Officer. “With a fully capitalized and growth driven mindset, we look to pair an accelerated organic development program with a runway of strategic … Read more
PARALLAX ENERGY ANNOUNCES COMMITMENT FROM CARNELIAN ENERGY CAPITAL
CALGARY (January 9, 2024) – Parallax Energy, L.P. (“Parallax”) today announced the closing of an equity commitment from investment funds managed by Carnelian Energy Capital Management, L.P. (“Carnelian”). Headquartered in Calgary, Parallax is pursuing an acquisition and development strategy in Canada. Parallax is led by Dustin Hoffman and Dan van Kessel, who most recently led Pipestone Energy (TSX: PIPE) until its merger with Strathcona Resources. Prior to Pipestone, Hoffman held senior roles at Ovintiv (TSX/NYSE: OVV), where he managed assets across Western Canada. “We are excited to grow our presence in Canada by partnering with Dustin and Dan,” said Dillon MacDonald, a Carnelian Principal. “The Canadian E&P sector offers opportunities to capture and optimize assets amidst a still fragmented and under-capitalized landscape. The Parallax team has the right combination of operational and business development capabilities to execute on this strategy.” “We look forward to building Parallax with Carnelian,” said Dustin … Read more