CALGARY, ALBERTA--(Marketwire - Oct. 31, 2012) -
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Parallel Energy Trust ("Parallel" or the "Trust") (TSX:PLT.UN) is pleased to announce that it has obtained access to sufficient pipeline capacity to resume the sale of all of its natural gas production from the Carson field and is no longer flaring any natural gas. As previously announced, Parallel was flaring a portion of the natural gas from the Carson field due to the curtailment of all gas plants that produce into certain segments of the third party owned and operated pipeline. Natural gas sales from the plant are no longer restricted, enabling Parallel to resume full sales of natural gas from the field. Production for the past 2 weeks has averaged over 7000 boes/day.
Parallel also announced that its lending syndicate has completed their regularly scheduled mid-year review of the bank facility. The lending syndicate has confirmed that as a result of the review, the borrowing base of the bank facility will remain unchanged at US$175 million. At September 30, 2012, there was approximately US$138 million drawn under the facility.
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 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 www.sedar.com under Parallel's profile.
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 21, 2012 (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 production levels from the Carson field. 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 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.