U.S.-based Northern Oil buys into Canada with stake in Parallax
Northern Oil and Gas Inc. has acquired a 25% stake in Parallax Energy's light oil assets in Canada's Duvernay basin for approximately $350 million. This marks Northern's entry into the Canadian market, highlighting the growing interest in the region's oil and natural gas resources. The deal includes a long-term joint development agreement, allowing Northern to benefit from the assets while maintaining flexibility in its operations.
- ▪Northern Oil and Gas Inc. purchased a 25% stake in Parallax Energy for about $350 million.
- ▪The Duvernay basin is known for its rich light oil and natural gas liquids.
- ▪Northern plans to fund the acquisition with $113 million in stock and the rest in cash.
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Open this photo in gallery:The assets in the Northern deal include roughly 30,000 hectares, with production of approximately 4,000 barrels a day.Sue Ogrocki/The Associated PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountNorthern Oil and Gas Inc. NOG-N is making its first foray into the Canadian market, buying a 25-per-cent stake in light oil assets in the Duvernay basin for roughly $350-million. Northern’s acquisition of the Calgary-based Parallax Energy Inc. sites, announced Tuesday, underscores increasing interest in Canadian basins that are rich in light oil and natural gas liquids, such as condensate.
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