Parallel Petroleum buys Southwestern Energy's interests in Diamond M properties

Thu. June 26, 2008; Posted: 02:58 PM

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NEW YORK, Jun 27, 2008 (Thomson Financial via COMTEX) -- SWN | Quote | Chart | News | PowerRating -- Parallel Petroleum Corp. Thursday said it has purchased the interests owned by Southwestern Energy Co. in Parallel's Diamond M properties in Texas for $35.5 million.

The additional interests represent current daily production of about 298 net barrels of oil equivalent and proved reserve of about 3.5 million barrels, Parallel said.

Parallel shares fell 3% to $19.77 in afternoon trading.

Christie Rizk cr/vj

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For full details on Parallel Petroleum Corp (PLLL) click here. Parallel Petroleum Corp (PLLL) has Short Term PowerRatings of 8. Details on Parallel Petroleum Corp (PLLL) Short Term PowerRatings is available at This Link.

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