Parallel Energy Trust provided a production update and reported the results of its 2013 drilling program to date. Based on field data, Parallel's average daily production rate for the second quarter of 2013 is expected to be approximately 7,400 boe/day, which represents record quarterly production for the Trust. Production in the second quarter has been positively impacted by favourable drilling results in the Carson area and the previously announced closing of the Cargray acquisition.

Parallel drilled, completed and tied-in a total of five wells in the Carson area in the second quarter of 2013. The average 30 day initial production rate for the five wells drilled in the second quarter was 70 boe/day, which was 130% higher than the Trust's expected rate of 30 boe/day. In total, the Trust has completed 11 wells in the Carson area in the first half of 2013 with an average 30 day initial production rate for all 11 wells drilled in 2013 of 40 boe/day.

This results in capital efficiencies of approximately $16,000 per flowing boe/day, on par with the Trust's expectations.