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PARALLEL PETROLEUM COMPLETES 1ST DISCOVERY IN FUSSELMAN FORMATION USING 3-D SEISMIC

 MIDLAND, Texas, Jan. 11 /PRNewswire/ -- Parallel Petroleum Corporation (NASDAQ: PLLL) today announced it has completed its first Fusselman formation discovery well assisted by three-dimensional seismic imaging technology in the Permian Basin of West Texas. The Hamlin No. 16-1, in Howard County, Texas, was completed at a depth of 10,341 feet. After production testing for three days at various rates using various choke sizes, the well flowed at a rate of 577 barrels of oil and 81 Mcf of natural gas per day on a 12/64-inch choke with flowing tubing pressure of 720 pounds per square inch (psi). Based on these test results and production rules established by the Texas Railroad Commission, the Company intends to produce the well at approximately 165 barrels of oil per day plus associated gas (estimated at 25 Mcf per day) on an 8/64-inch choke with flowing tubing pressure of 950 psi.
 Parallel owns an 80 percent working interest (62 percent net revenue interest) in the Hamlin No. 16-1. The Company also owns interests ranging from 60 percent to 80 percent in approximately 5,000 acres in Howard County on which the Company has drilled four discovery wells to date. 3DX Technologies Inc. of Houston provided the 3-D imaging, including the selection of the drilling locations, for these discovery wells.
 -0- 1/11/94
 /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, 214-340-9994/
 (PLLL)


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

LG -- NY019 -- 0881 01/11/94 09:33 EST
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Publication:PR Newswire
Date:Jan 11, 1994
Words:268
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