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Press release from Marketwire

Parallel Energy Trust Confirms June Distribution and Provides Operational Update

Tuesday, June 14, 2011

Parallel Energy Trust Confirms June Distribution and Provides Operational Update16:05 EDT Tuesday, June 14, 2011CALGARY, ALBERTA--(Marketwire - June 14, 2011) -THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWSWIRE SERVICES OR OTHERWISE FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS.Parallel Energy Trust ("Parallel" or the "Trust") (TSX:PLT.UN) confirms that its cash distribution to be paid on July 15, 2011, in respect of the period from and including June 1, 2011 to June 30, 2011, to unitholders of record on June 30, 2011 will be $0.075 per trust unit. The ex-distribution date is June 28, 2011. Parallel also announced that production from its 59% interest in its liquids rich natural gas property located in the West Panhandle Field in Texas averaged approximately 3,200 boe/day from April 1, 2011 (the effective date of the acquisition of its 59% interest in the asset) to May 31, 2011. During that period, the gas plant that processes approximately 65% of the Trust's production was offline for several days due to a plant turnaround and repairs. Without that outage, production would have averaged approximately 3,700 boe/day during the two month period. The Trust will provide a more extensive operational update with the filing of its financial results for the quarter ended June 30, 2011.ABOUT PARALLEL ENERGY TRUSTParallel's objectives are to create stable, consistent returns for investors through the acquisition and development of conventional oil and natural gas reserves and production with unexploited low risk potential in certain regions of the United States, and to pay out a portion of available cash to holders of trust units on a monthly basis. The trust units of Parallel are listed on the Toronto Stock Exchange under the symbol "PLT.UN".Parallel is a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Further information relating to Parallel and the trust units is set out in Parallel's final prospectus. FORWARD-LOOKING STATEMENTSThis news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Parallel, including, without limitation, those listed under "Risk Factors" and "Notice to Investors-Forward-Looking Statements" in Parallel's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Parallel's objectives and status as a mutual fund trust and not a SIFT trust, Parallel's expectations and estimates regarding the payment of distributions to unitholders and Parallel's estimates of production levels. Parallel cautions investors in Parallel's securities about important factors that could cause Parallel's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in Parallel's final prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Parallel does not assume any obligation to update or revise them to reflect new events or circumstances.FOR FURTHER INFORMATION PLEASE CONTACT: Dennis FeuchukParallel Energy TrustPresident and CEO403-781-7888 or Toll Free: 1-855-781-7888ORRick MillerParallel Energy TrustChief Financial Officer403-781-7888 or Toll Free: 1-855-781-7888investor@parallelenergy.ca