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

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

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

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 3, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><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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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-13305</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-1971716</B></TD>
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<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>
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    <TD style="border-bottom: 1px solid #000000"><B>1004 N. Big Spring, Suite 400, Midland, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>79701</B></TD>
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<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(432) 684-3727</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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 align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</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 align="justify" style="font-size: 10pt">Item&nbsp;2.02 Results of Operations and Financial Condition.


<P align="justify" style="font-size: 10pt; text-indent: 4%">On November&nbsp;3, 2008, Parallel Petroleum Corporation, or &#147;Parallel&#148;, issued a press release announcing its
financial results for the three and nine months ended September&nbsp;30, 2008, compared to the results for the same periods
in 2007. The press release issued on November&nbsp;3, 2008 is furnished as Exhibit&nbsp;No.&nbsp;99.1 to this Current Report on Form
8-K.


<P align="justify" style="font-size: 10pt; text-indent: 4%">Parallel&#146;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 align="justify" style="font-size: 10pt; text-indent: 4%">Pursuant to General Instruction B-2 of Form 8-K, the information under this Item&nbsp;2.02 in this Current Report on
Form 8-K, including Exhibit&nbsp;No.&nbsp;99.1 hereto, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information under this Item
2.02 in this Current Report shall not be incorporated by reference into any filing of Parallel, except as shall be
expressly set forth by specific reference in such filing or document.


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


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


<P align="justify" style="font-size: 10pt; text-indent: 8%">Pursuant to General Instruction B.2 of Form 8-K, the following exhibits are 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 align="center" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued November&nbsp;3, 2008</TD>
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<P align="center" style="font-size: 10pt">SIGNATURE



<P align="justify" style="font-size: 10pt; text-indent: 4%">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 align="justify" style="font-size: 10pt">Dated: November&nbsp;3, 2008


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    <TD colspan="3" valign="top" align="left">PARALLEL PETROLEUM CORPORATION<br><br></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Larry C. Oldham</TD>
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&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Larry C. Oldham, President</TD>
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<P align="center" style="font-size: 10pt">EXHIBIT INDEX


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued November&nbsp;3, 2008</TD>
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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": "081158635"}, "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"}]}
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): November 3, 2008
PARALLEL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
000-13305
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 2.02 Results of Operations and Financial Condition.
On November 3, 2008, Parallel Petroleum Corporation, or "Parallel", issued a press release announcing its
financial results for the three and nine months ended September 30, 2008, compared to the results for the same periods
in 2007. The press release issued on November 3, 2008 is furnished as Exhibit No. 99.1 to this Current Report on Form
8-K.
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 under this Item 2.02 in this Current Report on
Form 8-K, including Exhibit No. 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information under this Item
2.02 in this Current Report shall not be incorporated by reference into any filing of Parallel, except as shall be
expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Pursuant to General Instruction B.2 of Form 8-K, the following exhibits are furnished with this Form 8-K.
Exhibit No.
Description
99.1
Press Release issued November 3, 2008
-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: November 3, 2008
PARALLEL PETROLEUM CORPORATION
By:
/s/ Larry C. Oldham
Larry C. Oldham, President
-3-
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release issued November 3, 2008