<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<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): April 29, 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>
<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>



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

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->
 <TR valign="top">
  <TD width="9%">Item&nbsp;5.02.</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="90%">Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers</TD>
 </TR>
</TABLE>
</DIV>



<P style="font-size: 10pt; text-indent: 4%" align="justify">As part of an
overall general and administrative expense budget reduction in the annualized
amount of approximately $1.5&nbsp;million, upon recommendation made by
management of Parallel Petroleum Corporation, or &#8220;Parallel&#8221;, on
April&nbsp;29, 2009, the Compensation Committee of the Board of Directors of
Parallel Petroleum Corporation approved 10% reductions in the annual base
salaries of all of Parallel&#8217;s executive officers. Upon the effective date
of the salary reductions, June&nbsp;1, 2009, the annual base salaries of
Parallel&#8217;s executive officers will be reduced as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->
 <TR valign="bottom">
  <TD width="49%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="46%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Name and
Position</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Annual Base
Salary</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Larry C. Oldham <BR>President and
Chief Executive Officer </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">From $364,000 to $327,600 </TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Donald L. Tiffin <BR>Chief
Operating Officer </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">From $312,000 to $280,800 </TD>
 </TR>


<TR><TD>&nbsp;</TD></TR>


 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Steven D. Foster <BR>Chief
Financial Officer </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">From $260,000 to $234,000 </TD>
 </TR>


<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">John S. Rutherford <BR>
Vice
President of Land and Administration </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">From $197,600 to $177,840 </TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Eric A. Bayley <BR>Vice President
of Corporate Engineering </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">From $197,600 to $177,840 </TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt; text-indent: 4%" align="justify">In addition to the
salary reductions, Mr.&nbsp;Oldham&#8217;s membership in two clubs was
voluntarily relinquished; Mr. Foster&#8217;s membership in one club was
voluntarily relinquished; and Mr.&nbsp;Rutherford&#8217;s membership in one
club was voluntarily relinquished.

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<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.

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

<TR>
<TD width="48%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD align="left" colspan="2">PARALLEL PETROLEUM CORPORATION</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR>
<TD>&nbsp;</TD>
<TD align="left">By: </TD>
<TD align="left" colspan="2" style="border-bottom: 1px solid #000000">/s/ Larry C. Oldham </TD>
</TR>

<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">Larry C. Oldham, <BR>
President and Chief Executive Officer</TD>
</TR>
</TABLE>
</DIV>
<P style="font-size: 10pt" align="justify">Dated: May&nbsp;4, 2009

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

<P style="font-size: 10pt" align="center">&nbsp;
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c84717e8vk.htm", "description": "8-K", "secsgml_size_bytes": 8925}]
{"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": "09792998"}, "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): April 29, 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 5.02.
Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
As part of an
overall general and administrative expense budget reduction in the annualized
amount of approximately $1.5 million, upon recommendation made by
management of Parallel Petroleum Corporation, or "Parallel", on
April 29, 2009, the Compensation Committee of the Board of Directors of
Parallel Petroleum Corporation approved 10% reductions in the annual base
salaries of all of Parallel's executive officers. Upon the effective date
of the salary reductions, June 1, 2009, the annual base salaries of
Parallel's executive officers will be reduced as follows:
Name and
Position
Annual Base
Salary
Larry C. Oldham
President and
Chief Executive Officer
From $364,000 to $327,600
Donald L. Tiffin
Chief
Operating Officer
From $312,000 to $280,800
Steven D. Foster
Chief
Financial Officer
From $260,000 to $234,000
John S. Rutherford
Vice
President of Land and Administration
From $197,600 to $177,840
Eric A. Bayley
Vice President
of Corporate Engineering
From $197,600 to $177,840
In addition to the
salary reductions, Mr. Oldham's membership in two clubs was
voluntarily relinquished; Mr. Foster's membership in one club was
voluntarily relinquished; and Mr. Rutherford's membership in one
club was voluntarily relinquished.
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: May 4, 2009