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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
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<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): March 6, 2009</B>

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<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)
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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>0-13305</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-1971716</B></TD>
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    <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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    <TD>(Address of Principal Executive Offices)</TD>
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    <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>(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:

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<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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    <TD width="3%" nowrap align="left">Item&nbsp;8.01</TD>
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    <TD><DIV style="text-align: justify">Other Events.</DIV></TD>
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<P align="justify" style="font-size: 10pt; text-indent: 4%">The 2009 annual meeting of stockholders of Parallel Petroleum Corporation has been scheduled to be held at the
Midland Petroleum Club, 501 W. Wall, Midland, Texas 79701, at 10:00&nbsp;a.m. on Wednesday, May&nbsp;20, 2009.

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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: March&nbsp;6, 2009


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


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


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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": "09662284"}, "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"}]}
Form 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): March 6, 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 8.01
Other Events.
The 2009 annual meeting of stockholders of Parallel Petroleum Corporation has been scheduled to be held at the
Midland Petroleum Club, 501 W. Wall, Midland, Texas 79701, at 10:00 a.m. on Wednesday, May 20, 2009.
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: March 6, 2009
PARALLEL PETROLEUM CORPORATION
By:
/
s/ Larry C. Oldham
Larry C. Oldham, President