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Parallel Energy subsidiaries report $112.53 million January net loss
By Caroline Salls
Pittsburgh, March 1 – Parallel Energy Trust wholly owned U.S.-based subsidiaries Parallel Energy LP and Parallel Energy GP LLC reported a $112.53 million net loss for January on $1.52 million in net revenue, according to its monthly operating report filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
In comparison, Parallel posted a $2.72 million net loss for December on $1.89 million in net revenue.
The January net loss included $110.77 million in total reorganization expenses and a $108.53 million loss from the sale of equipment.
The subsidiaries had $2.7 million in cash and cash equivalents as of Jan. 31, down from $2.81 million at the end of December.
Calgary, Alta.-based Parallel Energy invests in oil and natural gas reserves and production. The subsidiaries filed for bankruptcy on Nov. 9 under Chapter 11 case number 15-12263.
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