Parallel Energy U.S. subsidiaries record $399,000 net loss for April

By Caroline Salls

Pittsburgh, May 24 – Parallel Energy Trust wholly owned U.S.-based subsidiaries Parallel Energy LP and Parallel Energy GP LLC reported a $399,000 net loss for April on zero net revenue, according to their monthly operating report filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Parallel posted a $734,000 net loss for March, also on zero net revenue.

The subsidiaries had $201,000 in cash and cash equivalents as of April 30, down from $275,000 at the end of March.

Calgary, Alta.-based Parallel Energy invests in oil and natural gas reserves and production. The subsidiaries filed for bankruptcy on Nov. 9, 2015 under Chapter 11 case number 15-12263.

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