For unconventional shale, support from public equity is dwindling, resource plays require staggering capitalization and joint ventures are beginning to take center stage because even companies as large as Encana Corp. (NYSE: ECA) can’t go it alone.

Private equity is taking up the slack as investors back companies just long enough to highlight their proven reserves. Then, it’s time to sell to an international or one of the majors.

Speaking at DUG Canada 2013, Andy Evans, senior vice president and director, ARC Financial, talked about the influx of private equity into ...