January 24, 2012 / 10:54 PM / in 6 years

UPDATE 1-Parallel Energy Trust cuts 2012 production forecast

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Jan 24 (Reuters) - Canadian oil and gas producer Parallel Energy Trust cut its 2012 production outlook due to weak drilling results.

Parallel now expects production for 2012 to average between 4,200 and 4,500 barrels of oil equivalent per day (boe/day) from its prior forecast of 4,600-4,800 boe/day.

However, the company said average production for the fourth-quarter rose 4 percent sequentially to 3,800 boe/day.

Units of the company, which went public in April, closed at C$7.99 on Tuesday on the Toronto stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Roshni Menon)

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