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PARALLEL PETROLEUM REPORTS ON MCNEW NO. 1-H WELL

 PARALLEL PETROLEUM REPORTS ON MCNEW NO. 1-H WELL
 MIDLAND, Texas, Jan. 21 /PRNewswire/ -- Parallel Petroleum


Corporation (NASDAQ: PLLL) announced today that its McNew No. 1-H well drilled in the Permian Basin of Howard County, Texas, has encountered the Canyon Reef formation which was the well's objective. However, definitive results from the well are not anticipated until later this month, following completion, testing and evaluation, according to Larry C. Oldham, executive vice president. Two new technologies were utilized preparatory to drilling the well -- three-dimensional seismic and the horizontal drilling technique, both developed in the late 1980s.
 The McNew No. 1-H is an 8,500-foot sidetrack of a vertical well drilled by the company in 1986 which produced less than 100,000 barrels of oil before water encroachment due to poor cement bonding. Parallel owns a 77 percent working interest (56 percent net revenue interest) in the well before 300 percent payout and a 65 percent working interest (48 percent net revenue interest) thereafter. At least two additional reefs have been identified by 3-D seismic studies on the 1,225-acre prospect. The company said future drilling will depend on definitive results from the McNew No. 1-H.
 -0- 1/21/92
 /CONTACT: Thomas R. Cambridge, chairman, 806-358-7744, or Larry C. Oldham, executive vice president, 915-684-3727, both of Parallel; or Larry Howell of Howell Communications, 214-340-9994, for Parallel/
 (PLLL) CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU:


GK -- NY085 -- 1889 01/21/92 13:17 EST
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Date:Jan 21, 1992
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