Parallel Energy Trust Announces Third Quarter 2013 Financial and Operating Results and Provides Production and Financial Updates
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/11/13 -- Parallel Energy Trust (TSX: PLT.UN) ("Parallel" or the "Trust") announces its financial and operating results for the three months ended September 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 .
Third Quarter & Year-to-Date Financial and Operating Highlights
During the third quarter of 2013, Parallel:
Summary of Third Quarter 2013 Financial and Operating Results
Production and Financial Update
Based on field data, Parallel's average daily production to date in the fourth quarter is approximately 7,400 boe/day. Based on these results, the Trust maintains its full year average daily production guidance of 7,000 boe/day and its previously increased exit rate production guidance of 7,300 boe/day. The Trust's full year production guidance includes a three to five per cent annual contingency for downtime due to third-party disruptions and weather-related incidents, which historically occur more frequently during winter months.
During October 2013, the Trust further reduced its bank debt by approximately US$1.4 million and expects to continue to reduce its debt in the fourth quarter.
"Our team did an excellent job of improving our production reliability in the third quarter of 2013 and I am pleased that we were able to meet our quarterly production guidance as a result of their hard work. We are experiencing strong operational performance in the fourth quarter, supported by the success of our ongoing workover program. Based on our results to date, we feel confident that we can achieve our full year and exit rate production targets," said Rick Alexander, President and CEO of Parallel. "Further information related to our 2014 capital program and production guidance will be announced in late November."
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: 11.11.2013 - 13:00 Uhr
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News-ID 314871
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Oil & Gas
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