Parallel Energy Trust seeks creditor protection

Parallel Energy Trust, Calgary, a Canadian income trust with oil and gas producing interests in the US Midcontinent, is seeking protection from creditors under Canada’s Companies’ Creditors Arrangement Act.

Its US subsidiaries, Parallel Energy LP and Parallel Energy GP LLC, have filed for Chapter 11 bankruptcy.

Parallel’s production rates in the second quarter averaged 13.764 MMcfd of natural gas, 1,637 b/d of condensate, and 2,778 b/d of oil.

The trust operates in Carson, Hutchinson, Moore, Potter, Clay, and Roberts counties, Tex., and has a 30% nonoperated interest in a Mississippi Lime play in Garfield County, Okla.

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