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PARALLEL PETROLEUM CORPORATION ANNOUNCES REVENUES

 PARALLEL PETROLEUM CORPORATION ANNOUNCES REVENUES
 MIDLAND, Texas, July 21 /PRNewswire/ -- Parallel Petroleum


Corporation (NASDAQ: PLLL) today announced that revenues and earnings for the second quarter ended June 30, 1992, set a record for any comparable quarter in the company's history.
 For the second quarter, Parallel's revenues increased 25 percent to $910,573 from $735,321 a year ago, while net income rose to $261,987, or 2 cents per share, from $200,994, also equal to 2 cents per share. For the six months, net income totaled $441,218, or 4 cents per share, compared to $517,020, also equal to 4 cents per share, on a 5 percent increase in revenues to $1,677,194 from $1,580,874.
 Parallel's production of both oil and gas increased during the three-month and six-month periods over a year ago. Oil production during the second quarter increased by 14 percent to 27,656 barrels from 21, 600 a year ago, and natural gas production rose by 23 percent to 242,887 mcf from 196,862. Converting natural gas to oil at a ratio of 6 mcf per barrel, Parallel's production increased by 25 percent to 68,137 equivalent barrels of oil from 54,411 a year ago. For the six-month period, oil production rose 11 percent to 48,955 barrels from 44,158 a year ago. Natural gas production was up 14 percent to 453,780 mcf from 396,983 mcf. On an equivalent-barrel basis, Parallel's production increased to 124,585 barrels from 110,323 a year ago.
 Larry C. Oldham, executive vice president, attributed the improvement in results primarily to the contributions of newly acquired properties and success of the company's on-going program to enhance those properties. However, he noted, oil prices continue to trail those of a year ago despite improvement in recent months. Parallel received an average of $13.36 per equivalent barrel of oil (EBO) sold during the second quarter, down from $13.52 a year ago. For the six months, average price received was $13.46 per EBO, down from $14.33 during the same period of 1991.
 Oldham also announced that the company's Noret-Jones No. 1 well in Howard County, Texas, has successfully reached its Canyon Reef objective and that results of production testing will be available within the next 30 days. He said the well could significantly increase the Company's cash flow and proved reserves.
 PARALLEL PETROLEUM CORPORATION
 Three months ended June 30: 1992 1991
 Revenues $ 910,573 $ 735,321
 Net income 261,987 200,994
 Per share $ .02 $ .02
 Weighted average shares outstanding 11,772,388 11,772,388
 Equivalent barrels of oil sold (A) 68,137 54,411
 Average sales price per EBO $ 13.36 $ 13.52
 Net cash flow provided by operating $ 462,088 $ 326,856
 activities, before working capital
 adjustments
 Oil sold (barrels) 27,656 21,600
 Average sales price per barrel $ 18.74 $ 20.73
 Natural gas sold (mcf) 242,887 196,862
 Average sales price per mcf $ 1.61 $ 1.47
 Six months ended June 30: 1992 1991
 Revenues $1,677,194 $1,580,874
 Net income 441,218 517,020
 Per share $ .04 $ .04
 Weighted average shares outstanding 11,772,388 11,772,388
 Equivalent barrels of oil produced (A) 124,585 110,323
 Average sales price per EBO $ 13.46 $ 14.33
 Net cash flow provided by operating $ 826,428 $ 821,741
 activities, before working capital
 adjustments
 Oil sold (barrels) 48,955 44,158
 Average sales price per barrel $ 18.35 $ 21.42
 Natural gas sold (mcf) 453,780 396,983
 Average sales price per mcf $ 1.71 $ 1.60
 (A) Natural gas converted to oil at 6 mcf per barrel.
 -0- 7/21/92
 /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 of Howell Communications, Inc., 214-340-9994, for Parallel Petroleum Corporation/
 (PLLL) CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU: ERN


PS -- NY065 -- 1333 07/21/92 12:31 EDT
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Date:Jul 21, 1992
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