Northern Oil & Gas Acquires 25% Stake in Parallax Energy Assets for $259M

Deal Summary

U.S. independent Northern Oil and Gas (NOG) announced the acquisition of a 25% stake in upstream assets from Parallax Energy for $259 million, marking its initial entry into Canada's Duvernay shale play. The deal underscores renewed foreign interest in Canadian oil and gas amid supportive government policies and higher crude prices. It adds to a wave of M&A activity in the Montney and Duvernay basins.