Parallel Energy U.S. subsidiaries record $734,000 net loss for March

By Caroline Salls

Pittsburgh, April 28 – Parallel Energy Trust wholly owned U.S.-based subsidiaries Parallel Energy LP and Parallel Energy GP LLC reported a $734,000 net loss for March on zero net revenue, according to their monthly operating report filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Parallel posted a $550,000 net loss for February, also on zero net revenue.

The subsidiaries had $275,000 in cash and cash equivalents as of March 31, up from $181,000 at the end of February.

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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