Parallel Energy Trust Announces Unaudited Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Operating Results for the Month and Year to Date Ended July 2015; Provides Operating Guidance for the Full Year of 2015; Reports Impairment Charges for the Second Quarter of 2015
For the quarter the company reported revenue, net of royalties was $13,366,000 against $26,820,000 a year ago. Funds from operations were $2,356,000 against $10,659,000 a year ago. Net loss was $102,163,000 against income of $849,000 a year ago. Capital expenditures excluding acquisitions was $1,003,000 against $5,539,000 a year ago.
Based on field data, the company recorded average daily production of approximately 6,900 boe/day in July of 2015.
The company's year-to-date average daily production is approximately 6,700 boe/day, slightly below the Trust's full year production guidance.
Based on expected production levels in the second half of 2015, the company is reconfirming its full year production guidance of 6,800 boe/day.
Recorded a net impairment of $94.1 million on the company's oil and gas assets as a result of impairment tests performed in the second quarter of 2015.