Company Profile For Parallel Petroleum Corporation

Parallel Petroleum Corporation (PLLL.O) (Nasdaq)

sector: Energy · industry: Oil & Gas Exploration & Production ·

As of 25 Nov 2009

3.14USD

Price Change

+0.00

Percent Change

+0.00%

Analyst Recommendations

Overview

Uinta Parallel Petroleum Corporation (Parallel), is engaged in the acquisition, development and exploitation of long lived oil and natural gas reserves and, to a lesser extent, the exploration for new oil and natural gas reserves. Majority of the Company's producing properties are in the Permian Basin of west Texas and New Mexico, Fort Worth Basin of North Texas and the onshore Gulf Coast area of South Texas. As of December 31, 2008, the total proved reserves attributable to all of its oil and natural gas properties were approximately 21.2 million barrels of oil or other liquid hydrocarbons (MMBbls) of oil and approximately 71.8 billion cubic feet of natural gas (Bcf). In June 2008, the Company purchased additional interests in its operated Diamond M properties in Scurry County, Texas.

Quick Financial Synopsis

BRIEF: For the six months ended 30 June 2009, Parallel Petroleum Corporation's revenues decreased 62% to $38.1M. Net loss decreased 6% to $30M. Revenues reflect decreased income from oil & natural gas due to a fall in crude oil price. Net loss reflects a decrease in lease operating expenses, lower production taxes, decreased depreciation, depletion & amortization and also lower loss on derivatives not classified as hedges.