Exploration & Production | Production
Parallel Energy Trust Plans 14 Wells for 2014 in Texas
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Parallel Energy Trust has announced its estimated production results for the fourth quarter and full year 2013, the commencement of its 2014 drilling program and its estimated year-end debt.
During the fourth quarter of 2013, Parallel recorded average daily production of approximately 7,250 boe/day based on field data. This results in 2013 estimated average daily production of approximately 7,150 boe/day, an increase of over 20% compared to the Trust's average daily production in 2012.
Parallel's estimated fourth quarter and annual production levels both exceeded the Trust's 2013 average daily production guidance of 7,000 boe/day. The Trust also achieved its recently increased 2013 exit rate production guidance of 7,300 boe/day.
The oil and gas industry in Texas was negatively impacted…
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