Parallel Petroleum Announces Third Quarter 2002 Financial Results.

Business Editors/Energy Writers

MIDLAND, Texas--(BUSINESS WIRE)--Nov. 7, 2002

Parallel Petroleum Corporation (Nasdaq:PLLL) reported financial results for the third quarter of 2002.

Third Quarter Results

Parallel Petroleum reported a net loss of $397,916, or a loss of $.03 per diluted share, for the third quarter of 2002. Third quarter results included a noncash recognized loss of $928,540 from the sale of 492,400 shares of Energen stock. Cash proceeds realized from the sale of Energen stock were $12,563,220. To the extent Parallel sells Energen stock, gain or loss will be recognized equal to the difference between $27.40 (the closing price of the stock on April 8, 2002, the closing date of the First Permian LP property sale) and the sales price.

The Company also recognized a noncash loss of $99,928 for its share of ongoing general and administrative and wind-down costs of First Permian ...

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