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PARALLEL PETROLEUM ANNOUNCES 20 PERCENT INCREASE IN VOLUME OF PROVED OIL AND GAS RESERVES

 MIDLAND, Texas, Feb. 2 /PRNewswire/ -- Parallel Petroleum Corporation (NASDAQ: PLLL) announced today that during 1992 the volume of its proved oil and gas reserves increased by 20 percent, expressed in equivalent barrels of oil (EBOs), with natural gas converted to oil on the basis of 6 Mcf per barrel. Total proved reserves increased to 4.15 million EBOs from 3.45 million at year-end 1991. Proved oil reserves increased 35 percent to 1,296,000 barrels at Dec. 31, 1992 from 962,000 barrels at year-end 1991. Proved natural gas reserves increased 15 percent to 17.1 billion cubic feet from 14.9 billion.
 In accordance with SEC guidelines, the present value of the company's total proved reserves, using a 10 percent discount rate, is estimated by independent engineers at $20.8 million, up 29 percent from year-earlier's $16.0 million. The value of proved reserves at Dec. 31, 1992 was based on an oil price of $18.50 per barrel, up slightly from $18.25 per barrel a year earlier. The natural gas price basis at year- end 1992 was $2.06 per Mcf, up 13 percent from $1.83 per Mcf a year ago.
 Thomas R. Cambridge, president, noted that Parallel achieved the increase in reserve volumes despite having produced a record 79,000 barrels of oil and 869 million cubic feet of gas during the year, net to Parallel's interest. Mr. Cambridge said the increase in reserve volumes was attributed primarily to enhancements of previously acquired properties and the completion of a successful Canyon Reef well in Howard County, Texas, through the use of three-dimensional seismic imaging. The Noret-Jones #1 well, in which Parallel owns an 80 percent working interest (62 percent net revenue interest) now accounts for approximately 11 percent of the company's proved developed reserves. No reserves have been assigned to potential undrilled locations on the company's approximately 5,000 acres of leaseholds in the area.
 -0- 2/2/93
 /CONTACT: Thomas R. Cambridge, president and chairman of the board of Parallel Petroleum Corporation, 806-358-7744; or Larry Howell of Howell Communications, 214-340-9994, for Parallel Petroleum Corporation/
 (PLLL)


CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU:

WB -- NY043 -- 1783 02/02/93 10:58 EST
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Date:Feb 2, 1993
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