Kirkland & Ellis advised Northern Oil and Gas on its entry into the Canadian market with the acquisition of light oil assets in the Duvernay Shale, according to a May 26 announcement. The initial unadjusted purchase price for the inventory-rich properties is CA$350 million, approximately US$259 million.
Northern Oil and Gas agreed to acquire an undivided 25 percent non-operated stake in light oil producing properties located in Alberta, Canada. These assets are situated in the Duvernay East Shale Basin and are operated by Parallax Energy Operating Inc., a portfolio company of investment funds managed by Carnelian Energy Capital Management.
The transaction is expected to close late in the second quarter of 2026. As part of this deal, Northern Oil and Gas has established a wholly owned Canadian subsidiary named NOG Energy Canada, Ltd.
The Kirkland & Ellis legal team advising on this transaction included corporate lawyers Will Eiland, David Castro Jr., Matt Gibson, Alex Lippert, Jake Johnson, Lyle Paul and Braxton Iden; debt finance lawyers Mary Kogut and Grant Gannon; capital markets lawyers Ieuan List and Matt Pacey; and tax lawyer Mark Dundon.
No additional background information or further details about future plans were provided at this time.
