Kirkland Represents Northern Oil and Gas on Strategic Entry into Canada with Acquisition of Light Oil Duvernay and 25% Undivided Stake in Assets
Kirkland & Ellis advised Northern Oil and Gas (NYSE: NOG) on its strategic entry into Canada with inventory-rich light oil acquisition in the Duvernay Shale for a CA$350 million (~US$259 million) initial unadjusted purchase price. NOG agreed to purchase an undivided 25% non-operated stake in light oil producing properties with significant undeveloped inventory in Alberta, Canada in the Duvernay East Shale Basin operated by Parallax Energy Operating Inc., a portfolio company of investment funds managed by Carnelian Energy Capital Management, L.P. The transaction is expected to close late in the second quarter of 2026. As part of the transaction, NOG has formed a wholly-owned Canadian subsidiary, NOG Energy Canada, Ltd.
Read the transaction press release
The Kirkland team 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.
