Parallel Energy Trust reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the period, the company posted revenue, net of royalties of $20,924,000 against $13,359,000 a year ago. Funds from operations were $8,589,000 against $8,144,000 a year ago. Net loss was $1,716,000 against $1,410,000 a year ago. Capital expenditure was $5,472,000 against $4,755,000 a year ago.

For the quarter, the production natural gas was 14,349 mcf/day against 8,590 mcf/day a year ago. Condensate 1,720 bbls/day against 1,027 bbls/day a year ago. Natural gas liquids was 2,692 bbls/day against 1,511 bbls/day a year ago.

Having completed the recent asset acqusition, the company plans not to drill additional wells in the Carson area this year as the Trust intends to limit its capital expenditures for the remainder of 2013 to forecasted cash flow less distributions. The Trust will continue to perform work overs for the remainder of the year, which is anticipated to reduce the decline rate of its existing assets. For 2013, the company will have drilled and completed 11 wells in the Carson area. The Trust still plans to drill and complete up to an additional two gross wells (0.4 net wells) in Garfiled county, Oklahoma during the year.

Based on actual results to date and the revised capital program, the company's full year production is now expected to average 7,000 boe/day and its 2013 exit production is expected to be 7,100 boe/day. Cash flow for the remaining three quarters of 2013 is estimated to be $36 million based on current commodity prices and production. Capital expenditures for the same period (including the $6.5 million acquisition) is estimated to be $11.5 million which results in a projected basic payout ratio of 70% and an all-in payout ratio of less than 100%.