Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update
Parallel Energy Trust Meeting Production Despite Winter Woes
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Parallel Energy Trust has announced its financial and operating results for the three months ended March 31, 2014.
During the first quarter of 2014, Parallel: Recorded average daily production of 6,607 boe/day (64% natural gas liquids and condensate). Generated funds from operations of $11.5 million ($0.21 per basic unit). Drilled and completed five wells in the Carson operating area. The average 30 day initial production (IP30) rate for the wells was 50 boe/day, which results in drilling efficiencies of approximately US$14,000 per flowing boe/day. Reported bank debt of US$157.7 million drawn against the Trust's borrowing base of US$190 million as at March 31, 2014. In April 2014, the Trust's lenders completed their annual review of Parallel's credit facility and reaffirmed the Trust's…- ✓ Full news archive — U.S., Canada & international coverage
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