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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">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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 </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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  <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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 </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="font-size: 10pt" align="justify">Item&nbsp;2.02 Results of Operations
and Financial Condition.

<P style="font-size: 10pt; text-indent: 4%" align="justify">On
February&nbsp;23, 2009, Parallel Petroleum Corporation, or
&#8220;Parallel&#8221;, issued a press release announcing its fourth quarter
and year end 2008 financial results, compared to the results for the same
periods in 2007. The press release issued on February&nbsp;23, 2009 is
furnished as Exhibit&nbsp;No.&nbsp;99.1 to this Current Report on Form 8-K.

<P style="font-size: 10pt; text-indent: 4%" align="justify">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="justify">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 &#8220;filed&#8221; 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 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.

<P style="font-size: 10pt; text-indent: 8%" align="justify">Pursuant to General
Instruction B.2 of Form 8-K, the following exhibits are furnished with this
Form 8-K.
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<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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align="left">&nbsp;</TD>
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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>
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<P style="font-size: 10pt" align="center">SIGNATURE

<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 thereunto duly
authorized.

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

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

<P style="font-size: 10pt; margin-left: 46%" align="justify">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>


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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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  <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": "09629335"}, "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 2.02 Results of Operations
and Financial Condition.
On
February 23, 2009, Parallel Petroleum Corporation, or
"Parallel", issued a press release announcing its fourth quarter
and year end 2008 financial results, compared to the results for the same
periods in 2007. The press release issued on February 23, 2009 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 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