Parallel Energy subsidiaries report $2.72 million December net loss

By Caroline Salls

Pittsburgh, Feb. 8 – Parallel Energy Trust wholly owned U.S.-based subsidiaries Parallel Energy LP and Parallel Energy GP LLC reported a $2.72 million net loss for December on $1.89 million in net revenue, according to its monthly operating report filed Feb. 5 with the U.S. Bankruptcy Court for the District of Delaware.

The subsidiaries had $2.81 million in cash and cash equivalents as of Dec. 31.

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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