Parallel Energy U.S. subsidiaries report $550,000 February net loss

By Caroline Salls

Pittsburgh, April 4 – Parallel Energy Trust wholly owned U.S.-based subsidiaries Parallel Energy LP and Parallel Energy GP LLC reported a $550,000 net loss for February on zero net revenue, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Parallel posted a $112.53 million net loss for January on $1.52 million in net revenue.

As previously reported, the January net loss included $110.77 million in total reorganization expenses and a $108.53 million loss from the sale of equipment.

The subsidiaries had $181,000 in cash and cash equivalents as of Feb. 29, down from $2.7 million at the end of January.

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

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