CALGARY, April 27, 2015 /CNW/ - Parallel Energy Trust ("Parallel" or the "Trust") (TSX: PLT.UN, PLT.DB) today announces that the revolving period of its credit facility will be renewed until September 30, 2015 at a revised amount of US$165 million, which is above the expected usage of the credit facility providing the Trust with sufficient liquidity to fund its operations. In addition to the reduction in the credit facility amount, Parallel's interest rate will be increased by two per cent per annum and the Trust will be restricted from making cash distributions to unitholders until further notice.
ABOUT PARALLEL ENERGY TRUST
Parallel's assets and operations are located in the Mid-Continent Region of the United States and its portfolio consists of mature, liquids-rich natural gas assets. Parallel's common units are traded on the Toronto Stock Exchange ("TSX") under the symbol "PLT.UN" and the Trust's debentures are traded on the TSX under the symbol "PLT.DB".
This news release contains forward-looking information made as of April 27, 2015 that includes, but is not limited to, the amount of Parallel's credit facility, the expected usage of the credit facility and the ability to fund operations (the "forward-looking statements"). The forward looking statements are based on assumptions as of the date of this news release regarding the Trust's assets and operations, including the level of planned operations and the general economic environment in the energy industry. By their nature, forward-looking statements involve substantial known and unknown risks and uncertainties, most of which are beyond the control of Parallel, including, without limitation, the commodity prices in the energy industry as well as the ongoing performance of the Trust which are subject to those ongoing risks listed under "Risk Factors" in Parallel's annual information form dated March 19, 2015 (the "AIF"). Parallel cautions investors in Parallel's securities that the assumptions used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and important factors could cause Parallel's actual results, performance or achievements to differ materially from those reflected in the forward-looking statements. As such, undue reliance should not be placed on the forward-looking statements. No assurance can be given that the amount of Parallel's credit facility set out in this news release will remain consistent or that the expectations set out in this news release will transpire in the manner expressed in, or implied by, these forward-looking statements or if any of them do transpire, what benefits Parallel or its securityholders will derive therefrom. Unless required by law, Parallel does not assume any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or circumstances or otherwise. The forward-looking statements are expressly qualified by these cautionary statements.
In this news release, Parallel and its subsidiaries are referred to collectively as the "Trust" or "Parallel" for purposes of convenience.
SOURCE Parallel Energy Trust
For further information: Curtis Pelletier, Manager, Investor Relations, 403-781-7888 or Toll-Free: 1-855-781-7888, [email protected]