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PARALLEL PETROLEUM CORPORATION ANNOUNCES RESULTS

 PARALLEL PETROLEUM CORPORATION ANNOUNCES RESULTS
 MIDLAND, Texas, May 15 /PRNewswire/ -- Parallel Petroleum


Corporation (NASDAQ: PLLL) today announced financial results for the first quarter ended March 31, 1992. Revenues were $766,621, and net income was $179,239, or $.015 per share. In the year-earlier period, revenues were $845,553, and net income was $316,024, or $.03 per share.
 The 9.3 percent decline in revenues was attributable primarily to lower prices received for oil and gas production. The company increased its production to 56,448 equivalent barrels of oil, with natural gas converted at 6 mcf per barrel, from 55,912 equivalent barrels in the year-earlier period. However, average sales prices received per equivalent barrel of oil declined 10.2 percent to $13.58 per barrel. Net cash flow before working capital adjustments declined to $364,000 from $495,000 in the first quarter of 1991.
 Three months ended March 31: 1992 1991
 Revenues $ 766,621 $ 845,553
 Net earnings 179,239 316,024
 Per share $ .015 $ .03
 Weighted average shares outstanding 11,772,388 11,772,388
 Equivalent barrels of oil produced (A) 56,448 55,912
 Average sales price per EBO $ 13.58 $ 15.12
 Oil produced (barrels) 21,299 22,558
 Average sales price per barrel $ 17.97 $ 22.10
 Natural gas produced (mcf) 210,893 200,121
 Average sales price per mcf $ 1.82 $ 1.73
 Net cash flow provided by operating $ 364,340 $ 494,886
 activities, before working capital
 adjustments
 (A) -- Natural gas converted at 6 mcf per barrel of oil.
 -0- 5/15/92
 /CONTACT: Thomas R. Cambridge, chairman of the board, 806-358-7744, or Larry C. Oldham, executive vice president, 915-684-3727, both of Parallel Petroleum Corporation, or Larry Howell, Howell Communications, Inc., 214-340-9994, for Parallel/
 (PLLL) CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU: ERN


KD -- NY044 -- 0666 05/15/92 10:45 EDT
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Date:May 15, 1992
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