Parallel Energy Trust Reports Audited Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2013; Maintains Production Guidance for the Full Year of 2014
For the year, the company reported revenue, net of royalties was CAD 93,430,000 against CAD 70,441,000 a year ago. Funds from operations were CAD 41,964,000 against CAD 35,049,000 a year ago. Net income was CAD 10,088,000 against net loss of CAD 69,956,000 a year ago. Capital expenditures excluding acquisitions were CAD 11,367,000 against CAD 27,119,000 a year ago.
For the quarter, the company reported production of natural gas of 14,842 mcf per day against 14,945 mcf per day a year ago. Condensate was 1,803 bbls per day against 1,821 bbls per day a year ago. Natural Gas Liquids of 2,943 bbls per day against 2,684 bbls per day a year ago. Total production was 7,220 boe per day against 6,996 boe per day a year ago.
For the year, the company reported production of natural gas of 14,594 mcf per day against 12,331 mcf per day a year ago. Condensate was 1,715 bbls per day against 1,423 bbls per day a year ago. Natural Gas Liquids of 3,000 bbls per day against 2,448 bbls per day a year ago. Total production was 7,147 boe per day against 5,926 boe per day a year ago.
The company retains its full year production guidance of 7,100 to 7,300 boe/day in 2014. The initial results indicate that the wells are achieving, on average, production levels that at least meet or exceed the company's 2014 initial production rate guidance of 35 to 40 boe/day.