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As required by the indenture and the Notes, the purchase price with respect to each series of Notes is equal to 101% of the principal amount of such Notes, plus accrued interest payable. The payment date will be December 2, 2009. The change of control offer will expire at 5:00 P.M., New York City time, on December 1, 2009, unless extended. The terms and conditions of the change of control offer are set forth in Parallel's Change of Control Notice and Offer to Purchase dated October 30, 2009 and the Letter of Transmittal related thereto. Parallel has retained Wells Fargo Bank, National Association to act as Depositary and Laurel Hill Advisory Group to act as Information Agent in connection with the change of control offer. Questions regarding how to tender the Notes subject to the change of control offer and requests for the Change of Control Notice and Offer to Purchase and other documents may be made to Wells Fargo Bank, National Association by telephone at 800-344-5128 and to Laurel Hill Advisory Group by telephone at 888-742-1305. This announcement does not constitute an offer to buy, or a solicitation of an offer to sell, the Notes. No recommendation is made by Parallel as to whether or not holders of the Notes should tender their Notes pursuant to the change of control offer. The change of control offer is being made only by means of the Change of Control Notice and Offer to Purchase. About Parallel Petroleum Corporation Parallel Petroleum Corporation is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel's primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at www.plll.com. SOURCE: Parallel Petroleum Corporation Parallel Petroleum Corporation Cindy Thomason, 432-684-3727 Manager of Investor Relations cindyt@plll.com 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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