Parallel Energy Trust reported audited earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue, net of royalties was $15,559,000 against $25,274,000 a year ago. Funds from operations were $8,391,000 against $11,306,000 a year ago. Net loss was $182,856,000 against net income of $9,912,000 a year ago. Distributions were $6,925,000 against $8,028,000 a year ago. Capital expenditures excluding acquisitions were $1,717,000 against $729,000 a year ago.

For the year, the company reported revenue, net of royalties was $102,230,000 against $93,430,000 a year ago. Funds from operations were $43,521,000 against $41,964,000 a year ago. Net loss was $175,155,000 against net income of $10,088,000 a year ago. Distributions were $31,309,000 against $31,862,000 a year ago. Capital expenditures excluding acquisitions were $17,437,000 against $11,367,000 a year ago.

For the quarter, the company reported production of natural gas of 14,174 mcf per day against 14,842 mcf per day a year ago. Condensate was 1,760 bbls per day against 1,803 bbls per day a year ago. Natural Gas Liquids of 2,988 bbls per day against 2,943 bbls per day a year ago. Total production was 7,110 boe per day against 7,220 boe per day a year ago.

For the year, the company reported production of natural gas of 14,577 mcf per day against 14,594 mcf per day a year ago. Condensate was 1,673 bbls per day against 1,715 bbls per day a year ago. Natural Gas Liquids of 2,980 bbls per day against 3,000 bbls per day a year ago. Total production was 7,083 boe per day against 7,147 boe per day a year ago.

For 2015, based on field data, the company production results for January and February of 2015 averaged 6,600 boe/day, which was below the Trust's expectations due to several winter storms experienced during the period. Now experiencing normal weather conditions and average production has increased to a level that is consistent with the Trust's production capacity of over 7,000 boe/day. Despite the lower than expected production results to date, the Trust retains its 2015 estimated annual average daily production rate of 6,800 boe/day, which assumes that no drilling is completed during the year.

For the quarter, the company recorded a net impairment of $185.2 million on company oil and gas assets which was solely due to lower forecasted commodity prices and an increase in the discount rate used to calculate the amount of impairment to 12%, compared to 10% in 2013.