Parallel Energy Trust Announces Second Quarter 2013 Financial and Operating Results; Provides a Production Update; Reiterates its 2013 Outlook and Confirms August Distribution
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/12/13 -- Parallel Energy Trust (TSX: PLT.UN) ("Parallel" or the "Trust") announces its financial and operating results for the three months ended June 30, 2013. Parallel's unaudited interim financial statements and accompanying Management's Discussion and Analysis ("MD&A") will be filed shortly on the SEDAR website at and on the Trust's website at .
Second Quarter Financial and Operating Highlights
Production Update and 2013 Outlook
Based on field data, Parallel's production to-date in the third quarter of 2013 has averaged 7,400 boe/day, consistent with production levels in the second quarter of 2013. The Trust remains on track to meet or exceed its full year production guidance of 7,000 boe/day and its exit production rate of 7,100 boe/day. Based on actual results for the second quarter of 2013 and expected production levels for the balance of 2013, the Trust reiterates its cash flow and capital expenditure forecasts for the April to December 2013 period. The Trust continues to forecast that based on the current forward strip commodity prices, the basic payout ratio will be 70% and the all-in payout ratio (defined as cash flow from operations divided by distributions and capital expenditures) will be less than 100% for this period. As previously announced, the Trust's bank debt increased during the second quarter due to the Cargray acquisition. The Trust anticipates that the bank debt will be reduced by approximately US$10 million over the remainder of 2013 as there are minimal capital expenditures planned for the second half of the year.
"In the first half of 2013 we introduced a number of changes to improve our operations and enhance our production reliability. Our entire organization pulled together during this time and we are very happy with the results of our efforts," said Rick Alexander, President and CEO of Parallel. "The achievement of record production in the second quarter of 2013 marks a milestone in Parallel's history and we are now in an excellent position to build on our success as we work towards achieving our goals. We are very excited about Parallel's future."
Distribution Confirmation
The Trust also confirms that its cash distribution to be paid on September 23, 2013, in respect of the period from and including August 1, 2013 to August 31, 2013, to unitholders of record on August 30, 2013 will be $0.05 per trust unit. The ex-distribution date is August 28, 2013.
ABOUT PARALLEL ENERGY TRUST
Parallel's objectives are to create stable, consistent returns for investors through the acquisition and development of conventional oil and natural gas reserves and production with unexploited low risk potential in certain regions of the United States, and to pay out a portion of available cash to holders of trust units on a monthly basis. The trust units of Parallel are listed on the Toronto Stock Exchange ("TSX") under the symbol "PLT.UN" and the debentures are listed on the TSX under the symbol "PLT.DB".
Parallel is a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Further information relating to Parallel is set out in Parallel's annual information form dated March 21, 2012, which may be obtained on the SEDAR website at under Parallel's profile.
ADVISORIES
Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Parallel, including, without limitation, those listed under "Risk Factors" in Parallel's annual information form dated March 25, 2013 (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Parallel's objectives and status as a mutual fund trust and not a SIFT trust and Parallel's expectations and estimates regarding current and future production rates and drilling results. Parallel cautions investors in Parallel's securities about important factors that could cause Parallel's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in Parallel's final prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Parallel does not assume any obligation to update or revise them to reflect new events or circumstances.
In this news release, Parallel and its subsidiaries are referred to collectively as the "Trust" or "Parallel" for purposes of convenience.
Non-GAAP Measures
This press release contains the term "funds from operations". This term is not a recognized measure under Canadian generally accepted accounting principles (GAAP). Parallel believes that in addition to net income, funds from operations is a useful supplemental measurement. Funds from operations provides an indication of the funds generated by the Trust's principal business activities and is defined as "cash from operating activities" prior to workovers and "change in non-cash working capital related to operating activities" in the Statement of Cash Flows.
Oil and Gas Measures and Definitions
This press release contains disclosure expressed as "boe" and "boe/day". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily.
Contacts:
Parallel Energy Trust
Curtis Pelletier
Manager, Investor Relations
403-781-7888 or Toll-Free: 1-855-781-7888
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Datum: 12.08.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 286675
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CALGARY, ALBERTA
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Oil & Gas
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