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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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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): December 19, 2008</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>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <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>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <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>

</TABLE>


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

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <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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style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
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style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify">Item&nbsp;5.02. Departure of Directors or
Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.

<P style="font-size: 10pt; text-indent: 4%" align="justify">In order to comply
with the requirements of Section&nbsp;409A of the Internal Revenue Code of
1986, as amended, on December&nbsp;19, 2008, the Board of Directors of Parallel
Petroleum Corporation approved an amendment to each of the following stock
option plans (individually a &#8220;Plan&#8221;):

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Parallel Petroleum Corporation 1998 Stock
Option Plan;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan; and</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Parallel Petroleum Corporation Employee Stock
Option Plan.</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 4%" align="justify">The amendments add
a sentence to the end of Article 7(c) or Section 7(c) of each Plan, as
applicable, which provides that the fair value of options granted under the
Plan shall be adjusted, where necessary, so that the fair value of the option
immediately after specified events or transactions is equal to the fair value
of the option immediately prior to such events or transactions by adjusting
(i)&nbsp;the number and type of shares of stock which are subject to the
option; and/or (ii)&nbsp;the purchase price per share of stock which are
subject to the option; and/or (iii) making such other adjustments as may be
appropriate, in order to comply with the requirements of Section&nbsp;409A of
the Internal Revenue Code of 1986, as amended, and final regulations and other
guidance issued thereunder.

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

<P style="font-size: 10pt; text-indent: 4%" align="justify">(d)&nbsp;Exhibits.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Exhibit
No.</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center">Description</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation 1998 Stock
Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.3 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.4 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation Employee Stock
Option Plan</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">-2-

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

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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

<P style="font-size: 10pt; text-indent: 4%" align="justify">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 hereunto duly
authorized.

<P style="font-size: 10pt; margin-left: 49%" align="justify">PARALLEL PETROLEUM
CORPORATION

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="46%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">By: <U><B>/</B>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Larry C. Oldham,
President<BR>and Chief Executive Officer</DIV>
</TD>
 </TR>

</TABLE>




<P style="font-size: 10pt" align="justify">Dated: December&nbsp;23, 2008

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

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

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

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<DIV
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<P style="font-size: 10pt" align="center">EXHIBIT INDEX
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Exhibit
No.</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center">Description</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation 1998 Stock
Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.3 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.4 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Parallel Petroleum Corporation Employee Stock
Option Plan</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">4
</DIV>
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Filed by Bowne Pure Compliance
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): December 19, 2008
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 5.02. Departure of Directors or
Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
In order to comply
with the requirements of Section 409A of the Internal Revenue Code of
1986, as amended, on December 19, 2008, the Board of Directors of Parallel
Petroleum Corporation approved an amendment to each of the following stock
option plans (individually a "Plan"):
•
Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan;
•
Parallel Petroleum Corporation 1998 Stock
Option Plan;
•
Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan; and
•
Parallel Petroleum Corporation Employee Stock
Option Plan.
The amendments add
a sentence to the end of Article 7(c) or Section 7(c) of each Plan, as
applicable, which provides that the fair value of options granted under the
Plan shall be adjusted, where necessary, so that the fair value of the option
immediately after specified events or transactions is equal to the fair value
of the option immediately prior to such events or transactions by adjusting
(i) the number and type of shares of stock which are subject to the
option; and/or (ii) the purchase price per share of stock which are
subject to the option; and/or (iii) making such other adjustments as may be
appropriate, in order to comply with the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended, and final regulations and other
guidance issued thereunder.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit
No.
Description
10.1
Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan
10.2
Parallel Petroleum Corporation 1998 Stock
Option Plan
10.3
Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan
10.4
Parallel Petroleum Corporation Employee Stock
Option Plan
-2-
SIGNATURES
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 hereunto duly
authorized.
PARALLEL PETROLEUM
CORPORATION
By:
/
s/ Larry C.
Oldham
Larry C. Oldham,
President
and Chief Executive Officer
Dated: December 23, 2008
-3-
EXHIBIT INDEX
Exhibit
No.
Description
10.1
Parallel Petroleum Corporation Non-Employee
Directors Stock Option Plan
10.2
Parallel Petroleum Corporation 1998 Stock
Option Plan
10.3
Parallel Petroleum Corporation 2001
Non-Employee Directors Stock Option Plan
10.4
Parallel Petroleum Corporation Employee Stock
Option Plan