Parallax acquires Vesta Energy, gains holdings in Duvernay light oil window

Parallax Energy Operating Inc., a subsidiary of Parallax Energy LP, Calgary, closed the acquisition of Vesta Energy Ltd., Calgary, a private producer with landholdings in the East Shale basin of the Duvernay light oil window in central Alberta, Canada. Financial details were not disclosed. 

In a September 2024 investor presentation, Vesta Energy noted production of 15,500 boe/d from 184 producing wells on 239,000 net acres in in the high-pressure oil window of the Duvernay with formation depths of 2,200-2,800 m allowing for monobore well design. In this year’s second quarter, the company drilled 5 wells; completed 8 wells; placed 6 wells on-stream; and held one drilled but uncompleted (DUC) well at the quarter’s end. 

Parallax Energy is an exploration and production company formed early this year in partnership with Carnelian Energy Capital to pursue acquisition opportunities across the Western Canadian Sedimentary Basin. 

At the time, Dillon MacDonald, a Carnelian principal, commented on the Canadian exploration and production sector, saying the space “offers opportunities to capture and optimize assets amidst a still fragmented and under-capitalized landscape.”

Parallax now operates a production base of over 17,000 boe/d (75% light oil) with “decades of future development inventory” across 230,000 net acres in the Duvernay, the company said in a release Dec. 4.