CALGARY, May 11, 2015 /CNW/ - Parallel Energy Trust ("Parallel" or the "Trust") is pleased to announce its financial and operating results for the three months ended March 31, 2015. Parallel's unaudited first quarter financial statements and accompanying Management's Discussion and Analysis ("MD&A") will be filed shortly on the SEDAR website at www.sedar.com and on the Trust's website at www.parallelenergy.ca.
Summary of First Quarter 2015 Financial and Operating Results
($000s, except where indicated) |
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
Production |
||||
Natural gas (mcf/day) |
14,936 |
14,174 |
14,316 |
|
Condensate (bbls/day) |
1,659 |
1,760 |
1,669 |
|
Natural Gas Liquids (bbls/day) |
2,536 |
2,988 |
2,552 |
|
Total (@6:1) (boe/day) |
6,684 |
7,110 |
6,607 |
|
Average sales price (US$ per boe) |
22.50 |
33.61 |
53.71 |
|
Revenue, net of royalties |
13,606 |
20,239 |
28,974 |
|
Funds from operations(1) |
4,057 |
8,931 |
11,492 |
|
Net income (loss) |
(6,182) |
(182,856) |
731 |
|
Distributions |
1,675 |
6,925 |
8,078 |
|
Capital expenditures excluding acquisitions |
2,014 |
1,717 |
6,325 |
|
Bank debt outstanding (US$) |
158,600 |
156,000 |
157,700 |
|
Convertible debentures (CAD$) |
63,000 |
63,000 |
63,000 |
|
Unitholder's equity |
126,164 |
117,465 |
294,447 |
(1) Non-GAAP measure. Readers are referred to Advisories at the end of the press release for additional information. |
First Quarter 2015 Financial and Operating Highlights
Production Update
Based on field data, Parallel recorded average daily production of approximately 6,900 boe/day in April 2015. In addition, normal operating conditions are prevailing to date in the second quarter of 2015 and the Trust is reconfirming its full year production guidance of 6,800 boe/day.
President's Message
"I am very pleased with the performance of our operating team as they continue to efficiently manage our operations and optimize our production results despite experiencing another period of challenging weather conditions in the first quarter of 2015. It is even more impressive that our team is achieving these results while managing a reduced capital budget and limiting operating expenses in accordance with our corporate goal to lower operating costs during the year," said Rick Alexander, Parallel's President and CEO. "Due to the resiliency of our asset base, and thanks to our team's efforts, we remain confident that we will achieve our full year production guidance of 6,800 boe/day."
ABOUT PARALLEL ENERGY TRUST
Parallel's assets and operations are located in the Mid-Continent Region of the United States and its portfolio consists of mature, liquids-rich natural gas assets. Parallel's common units are traded on the Toronto Stock Exchange ("TSX") under the symbol "PLT.UN" and the Trust's debentures are traded on the TSX under the symbol "PLT.DB".
Additional information about Parallel can be found on the Trust's website at www.parallelenergy.ca or in Parallel's annual information form, available on SEDAR at www.sedar.com.
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 19, 2015 (the "AIF"). Parallel cautions investors in Parallel's securities that the assumptions used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and important factors could cause Parallel's actual results, performance or achievements to differ materially from those projected in any forward-looking statements. As such, undue reliance should not be placed on the forward-looking statements. No assurance can be given that the expectations set out in this news release will transpire in the manner expressed in, or implied by, these forward-looking statements or if any of them do transpire, what benefits Parallel or its securityholders will derive therefrom. Unless required by law, Parallel does not assume any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or circumstances or otherwise. The forward-looking statements are expressly qualified by these cautionary statements.
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.
SOURCE Parallel Energy Trust
PDF available at: http://stream1.newswire.ca/media/2015/05/11/20150511_C6897_PDF_EN_16467.pdf
PDF available at: http://stream1.newswire.ca/media/2015/05/11/20150511_C6897_PDF_EN_16468.pdf
PDF available at: http://stream1.newswire.ca/media/2015/05/11/20150511_C6897_PDF_EN_16469.pdf
Curtis Pelletier, Manager, Investor Relations, 403-781-7888 or Toll-Free: 1-855-781-7888, [email protected]
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