Parallax Energy Operating Acquired by Northern Oil and Gas | Energy M&A Deal

Northern Oil and Gas has completed the acquisition of Parallax Energy Operating, a oilfield services business in Alberta’s Duvernay East Shale Basin, for CA$350 million. Northern Oil and Gas acquisitions expand its inventory of long-life, low-breakeven light oil assets by buying a 25% undivided non-operated interest in Duvernay formation acreage near the Duvernay play. Parallax Energy Operating continues operating substantially all assets under a long-term Joint Development Agreement and Area-of-Mutual-Interest arrangement, supporting Northern Oil and Gas production growth into 2027. The Parallax Energy Operating acquisition is an add on acquisition for a strategic buyer, with consideration split between CA$113 million in Northern Oil and Gas common stock at closing and the remainder funded by cash, free cash flow, and revolver borrowings, expected to close late in Q2 2026.