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Parallel Energy Trust Maintaining Guidance

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Parallel Energy Trust has announced its financial and operating results for the three months ended March 31, 2015.

First Quarter 2015 Financial and Operating Highlights

• Recorded average daily production of 6,684 boe/day (63 per cent natural gas liquids and condensate), consistent with production results in the first quarter of 2014 as the Trust's operating areas were impacted by severe winter weather during both periods.
• Realized an average sales price (prior to hedging) of US$22.50 .
• Reported total bank debt of US$158.6 million, representing an increase of approximately US$2.6 million during the quarter which is consistent with prior years as working capital needs are higher in the first quarter of the year. In April 2015 , Parallel's lenders renewed the Trust's credit facility until September 30, 2015 at a revised amount of US$165 million , which is above the Trust's expected usage.
• As previously disclosed, in April 2015 Parallel's Board of Directors announced the initiation of a strategic alternatives process to reduce indebtedness and maximize unitholder value.

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

Rick Alexander , Parallel's President and CEO said: "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. 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."