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PARALLEL PETROLEUM ANNOUNCES CLOSING OF $3.3 MILLION PRIVATE PLACEMENT

 MIDLAND, Texas, Oct. 7 /PRNewswire/ -- Parallel Petroleum Corporation (NASDAQ Small Cap: PLLL) today announced the closing of a private placement of common stock which was commenced last July. Gross proceeds of $3.3 million were realized from the sale of 2.2 million shares. Net proceeds from the sale of the shares, approximately $3 million, were applied in partial prepayment of the outstanding principal balance of the company's revolving line of credit. After giving effect to the partial prepayment, Parallel currently has approximately $4 million of long-term bank debt outstanding and additional borrowing capacity of approximately $4.5 million under terms of the revolving credit facility.
 Parallel also announced that the second well on its 5,000-acre lease block in Howard County, Texas, has been drilled to its Canyon Reef objective and is undergoing completion. The first well on the acreage, the Noret-Jones No. 1, was completed and placed on production in October 1992. A third well on the acreage is currently drilling.
 -0- 10/7/93
 /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 of Howell Communications, Inc., 214-340-9994/
 (PLLL)


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

TW -- NY031 -- 9681 10/07/93 10:20 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:216
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