CALGARY, ALBERTA--(Marketwired - April 15, 2013) - Parallel Energy Trust ("Parallel" or the "Trust") (TSX:PLT.UN) confirms that its cash distribution to be paid on May 23, 2013, in respect of the period from and including April 1, 2013 to April 30, 2013, to unitholders of record on April 30, 2013 will be $0.05 per trust unit. The ex-distribution date is April 26, 2013.
The Trust also announced the resignation of Dennis Feuchuk from its Board of Directors and the appointment of Philip "Phil" Scherman, FCA as a replacement on the Board for Mr. Feuchuk. Mr. Scherman is a recently retired partner of KPMG LLP and has over 40 years of audit and accounting experience in the oil and gas industry. Mr. Scherman served on the KPMG Canada board of directors for six years and was chair of the compensation committee. Mr. Scherman has a Bachelor of Commerce from the University of Saskatchewan and is a Fellow of the Institute of Chartered Accountants of Alberta.
"I want to thank Dennis for his assistance in transitioning to our new director. It has been a pleasure working with Dennis and we wish him well in his future endeavours," said Henry Sykes, Executive Chairman of the Trust. "I also want to welcome Phil to our Board. His broad range of experience in accounting, audit and finance in the oil and gas industry make him a valuable addition to our team."
ABOUT PARALLEL ENERGY TRUST
Parallel's objectives are to create stable, consistent returns for investors through the acquisition and development of conventional oil and natural gas reserves and production with unexploited low risk potential in certain regions of the United States, and to pay out a portion of available cash to holders of trust units on a monthly basis. The trust units of Parallel are listed on the Toronto Stock Exchange ("TSX") under the symbol "PLT.UN" and the debentures are listed on the TSX under the symbol "PLT.DB".
Parallel is a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Further information relating to Parallel is set out in Parallel's annual information form dated March 25, 2013, which may be obtained on the SEDAR website at www.sedar.com under Parallel's profile.
Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Parallel, including, without limitation, those listed under "Risk Factors" in Parallel's annual information form dated March 25, 2013 (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Parallel's objectives and status as a mutual fund trust and not a SIFT trust, Parallel's expectations and estimates regarding capital expenditure plans, current and future production rates, commodity prices and foreign exchange rates, funds from operations and distributions. Parallel cautions investors in Parallel's securities about important factors that could cause Parallel's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in Parallel's final prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Parallel does not assume any obligation to update or revise them to reflect new events or circumstances.
In this news release, Parallel and its subsidiaries are referred to collectively as the "Trust" or "Parallel" for purposes of convenience.
