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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 23, 2009</B>



<P style="font-size: 24pt" align="center"><B>PARALLEL PETROLEUM
CORPORATION<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-13305</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75-1971716</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1004 N. Big Spring, Suite
400, Midland, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>79701</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(432) 684-3727</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="left">Item&nbsp;7.01. Regulation&nbsp;FD
Disclosure.

<P style="font-size: 10pt; text-indent: 4%" align="left">On February&nbsp;23,
2009, Parallel Petroleum Corporation, or &#8220;Parallel&#8221;, issued a press
release announcing its fourth quarter 2008 production, year-end 2008 proved
reserves and field operations update. Attached hereto as Exhibit&nbsp;99.1 is
the press release issued by Parallel on February&nbsp;23, 2009.

<P style="font-size: 10pt; text-indent: 4%" align="left">Parallel&#8217;s
reports on Forms 10-K, 10-Q and 8-K and other publicly available information
should be consulted for other important information about Parallel.

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to General
Instruction B.2 of Form 8-K, the information in this Current Report on Form
8-K, including the exhibit, shall not be deemed &#8220;filed&#8221; for
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, and is not
incorporated by reference into any filing of Parallel whether made before or
after the date hereof, regardless of any general incorporation language in such
filing.

<P style="font-size: 10pt" align="left">Item&nbsp;9.01 Financial Statements and
Exhibits.

<P style="font-size: 10pt; text-indent: 4%" align="left">(d)&nbsp;Exhibits.

<P style="font-size: 10pt; text-indent: 8%" align="left">Pursuant to General
Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form
8-K.
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;No.</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
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  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release issued February&nbsp;23, 2009</TD>
 </TR>
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<P style="font-size: 10pt" align="center">SIGNATURE

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.

<P style="font-size: 10pt" align="left">Dated: February&nbsp;23, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="left">PARALLEL PETROLEUM CORPORATION

<P style="font-size: 10pt; margin-left: 46%" align="left">By:<U> /s/ Larry C.
Oldham&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Larry
C. Oldham, President<BR>


<P style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="center">-3-

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<P style="font-size: 10pt" align="center">EXHIBIT INDEX
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border="0">
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  <TD width="8%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;No. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release issued February&nbsp;23, 2009</TD>
 </TR>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "PARALLEL PETROLEUM CORP", "cik": "0000750561", "assigned-sic": "1311", "irs-number": "751971716", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13305", "film-number": "09629332"}, "business-address": {"street1": "1004 N. BIG SPRING", "street2": "SUITE 400", "city": "MIDLAND", "state": "TX", "zip": "79701", "phone": "9156843727"}, "mail-address": {"street1": "1004 N. BIG SPRING", "street2": "SUITE 400", "city": "MIDLAND", "state": "TX", "zip": "79701"}, "former-company": [{"former-conformed-name": "PARALLEL PETROLEUM CORP PLLL", "date-changed": "20040408"}, {"former-conformed-name": "PARALLEL PETROLEUM CORP /DE/", "date-changed": "19920703"}]}
8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): February 23, 2009
PARALLEL PETROLEUM
CORPORATION
(Exact name of registrant as
specified in its charter)
Delaware
0-13305
75-1971716
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1004 N. Big Spring, Suite
400, Midland, Texas
79701
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(432) 684-3727
Not
Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD
Disclosure.
On February 23,
2009, Parallel Petroleum Corporation, or "Parallel", issued a press
release announcing its fourth quarter 2008 production, year-end 2008 proved
reserves and field operations update. Attached hereto as Exhibit 99.1 is
the press release issued by Parallel on February 23, 2009.
Parallel's
reports on Forms 10-K, 10-Q and 8-K and other publicly available information
should be consulted for other important information about Parallel.
Pursuant to General
Instruction B.2 of Form 8-K, the information in this Current Report on Form
8-K, including the exhibit, shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, and is not
incorporated by reference into any filing of Parallel whether made before or
after the date hereof, regardless of any general incorporation language in such
filing.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
Pursuant to General
Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form
8-K.
Exhibit No.
Description
99.1
Press Release issued February 23, 2009
-2-
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Dated: February 23, 2009
PARALLEL PETROLEUM CORPORATION
By:
/s/ Larry C.
Oldham
Larry
C. Oldham, President
-3-
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release issued February 23, 2009