November 28, 2011 / 11:00 PM / in 6 years

UPDATE 1-Parallel Energy Trust sees 33-39 pct rise in '12 output

Nov 28 (Reuters) - Canadian oil and gas producer Parallel Energy Trust projected a 33-39 percent increase in production for 2012 and budgeted $16.5 million in capital expenditures for drilling and infrastructure.

The company expects to produce 4,600-4,800 barrels of oil equivalent per day in 2012.

“Based on current commodity prices, cash flow after our current level of distributions is forecasted to fully fund our capital program in 2012,” Dennis Feuchuk, the Trust’s chief executive said in a statement.

Units of the company, which went public in April, closed at C$8.02 on Monday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

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