Parallel Petroleum Makes Additional Oil Hedges for 2011, 2012

Parallel Petroleum Corp.

Parallel Petroleum announced that on June 11, 2009, it hedged 621,500 barrels of oil for the calendar years 2011 and 2012. Citibank, N.A. is the counterparty for these derivatives, which are West Texas Intermediate (WTI) costless collars with $70.00 floors and caps ranging from $94.25 to $101.50

Larry C. Oldham, Parallel’s President, commented, "These additional hedges bring our total oil hedges to 1,100 barrels of oil per day for 2011 and 1,000 barrels of oil per day for 2012. Our average daily oil production for the first quarter ended March 31, 2009, was approximately 2,807 barrels of oil per day, which was primarily produced from our long-life Permian Basin oil properties."