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PARALLEL PETROLEUM'S NET INCOME MORE THAN DOUBLES IN THIRD QUARTER

 PARALLEL PETROLEUM'S NET INCOME MORE THAN DOUBLES IN THIRD QUARTER
 MIDLAND, Texas, Oct. 29 /PRNewswire/ -- Parallel Petroleum Corporation (NASDAQ: PLLL) today announced that net income of $263,521, or 2 cents per share, for the third quarter ended Sept. 30, 1992, more than doubled the $123,412, or 1 cent per share, achieved in the same quarter last year.
 Revenues increased 38 percent to $833,640 from $602,694 in the year- earlier quarter.
 For the nine months ended Sept. 30, 1992, revenues were $2,510,834, up 15 percent from $2,183,568 the same period of 1991. Net income was $704,748, or 6 cents per share, compared to $640,430, or 5 cents per share, for the same period a year earlier.
 Thomas R. Cambridge, President, attributed the increase in revenues and earnings for the quarter and nine-month periods primarily to increased production of both oil and gas and year-to-year increases in prices received for natural gas. Average sales prices received for natural gas in the most recent quarter increased nearly 30 percent to $1.85 from $1.43 in the year-earlier quarter, while production increased to 209 million cubic feet from 173 million. Oil production increased 26 percent to 22,000 barrels from 17,000, while average sales prices received were relatively flat from a year ago.
 Cambridge added that, barring a major decline in oil and gas prices, continuing increases in production resulting from its enhancement of previously acquired fields should enable the Company to report continued profits in the fourth quarter. Additionally, he said, production from the company's Canyon Reef discovery well, the Noret-Jones No. 1, will contribute to fourth-quarter results. Parallel owns an 80 percent working interest (62 percent net revenue interest) in the well, which was drilled utilizing new three-dimensional seismic imaging technology. The company owns a similar interest in 5,000 adjacent acres. Parallel has identified five additional reefs on the original 1,546 acres and is preparing to shoot 3-D seismic on the remaining acreage.
 PARALLEL PETROLEUM CORPORATION
 Three months ended Sept. 30: 1992 1991
 Revenues $ 833,640 $ 602,694
 Net earnings $ 263,521 $ 123,412
 Per share $ .02 $ .01
 Weighted average shares outstanding 11,772,388 11,772,388
 Equivalent barrels of oil produced (A) 56,625 46,136
 Average sales price per EBO $ 14.71 $ 13.07
 Net cash flow provided by operating $ 421,623 $ 249,274
 activities, before working capital
 adjustments
 Oil sold (barrels) 21,776 17,223
 Average sales price per barrel $ 20.55 $ 20.61
 Natural gas sold (mcf) 209,090 173,479
 Average sales price per mcf $ 1.85 $ 1.43
 Nine months ended Sept. 30: 1992 1991
 Revenues $2,510,834 $2,183,568
 Net earnings $ 704,748 $ 640,430
 Per share $ .06 $ .05
 Weighted average shares outstanding 11,772,388 11,775,388
 Equivalent barrels of oil produced (A) 181,210 156,458
 Average sales price per EBO $ 13.86 $ 13.96
 Net cash flow provided by operating $1,248,052 $1,071,016
 activities, before working capital
 adjustments
 Oil sold (barrels) 70,732 61,381
 Average sales price per barrel $ 19.11 $ 21.20
 Natural gas sold (mcf) 662,870 570,462
 Average sales price per mcf $ 1.75 $ 1.55
 (A) Natural gas converted to oil at 6 mcf per barrel.
 -0- 10/29/92
 /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; or Larry Howell of Howell Communications, Inc., 214-340-9994, for Parallel Petroleum/
 (PLLL) CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU: ERN


SH -- NY047 -- 6554 10/29/92 12:00 EST
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Date:Oct 29, 1992
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