Parallel Energy Trust
TSX : PLT.UN
TSX : PLT.DB

Parallel Energy Trust

December 16, 2013 08:00 ET

Parallel Energy Trust Confirms December Distribution and Appoints Chief Operating Officer

CALGARY, ALBERTA--(Marketwired - Dec. 16, 2013) - Parallel Energy Trust (TSX:PLT.UN) (TSX:PLT.DB) ("Parallel" or the "Trust") confirms that its cash distribution to be paid on January 23, 2014, in respect of the period from and including December 1, 2013 to December 31, 2013, to unitholders of record on December 31, 2013 will be $0.05 per trust unit. The ex-distribution date is December 27, 2013.

Parallel is also pleased to announce the appointment of Tony Swindell as Chief Operating Officer ("COO") of the Trust. Tony has held the position of Vice President, Mid-Continent of Parallel since April 2012. Prior to that, Tony held several senior positions with oil and gas companies in the mid-continent U.S. Tony has over 26 years of industry experience and is currently responsible for managing Parallel's operating group based out of the Trust's U.S. office in Tulsa, Oklahoma.

"Tony's leadership and experience have been instrumental to the Trust's recent operational successes and I am happy to announce his appointment as Parallel's Chief Operating Officer," said Rick Alexander, Parallel's President and CEO. "Tony has an extensive history of managing assets in the mid-continent U.S. and he has consistently demonstrated our team's ability to achieve our production and operational goals. Tony has also played a key role in attracting and retaining our skilled group of employees in the U.S. and we congratulate him on his COO designation."

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 25, 2013, which may be obtained on the SEDAR website at www.sedar.com under Parallel's profile.

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. 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.

Contact Information

  • Parallel Energy Trust
    Curtis Pelletier
    Manager, Investor Relations
    403-781-7888 or Toll-Free: 1-855-781-7888
    investor@parallelenergy.ca