Parallel Energy Trust confirms that its cash distribution to be paid on February 22, 2013, in respect of the period from and including January 1, 2013 to January 31, 2013, to unitholders of record on January 31, 2013 will be $0.05 per trust unit. The ex-distribution date is January 29, 2013.

The Trust is also pleased to announce it has met its 2012 exit rate production target. Based on field data, Parallel's production averaged approximately 7,200 boe/day between late October, when normal operations resumed in the Carson area, and the end of the third week in December. Production was temporarily impacted by severe winter storms during the last week of December. Parallel can experience higher levels of downtime in December and January due to winter storms; however, this is factored into the Trust's estimated 5% annual average downtime.

During the fourth quarter of 2012, Parallel drilled, completed and placed on production seven wells in the Carson field. The average 30 day initial production rate of the seven wells was approximately 60 boe/day, twice the rate Parallel is forecasting for its 2013 drilling program. On average, the cost of the seven wells was within Parallel's budgeted amounts.

Tags: Parallel Energy Trust