Apollo Successfully Completes Acquisition of Parallel Petroleum

Parallel Petroleum Corporation and PLLL Holdings, LLC, an entity formed for the purpose of acquiring Parallel Petroleum Corporation,  announced the successful completion of the merger of PLLL Acquisition Co. with and into Parallel, with Parallel surviving the merger.

On September 15, 2009, Parallel announced that it had entered into a definitive agreement to be acquired by an affiliate of Apollo Global Management, LLC, a leading global alternative asset manager. The aggregate value of the transaction is approximately $483 million.

At the time of the merger, all outstanding shares of Parallel’s common stock not validly tendered and accepted for payment in the previously completed tender offer were converted, subject to appraisal rights, into the right to receive $3.15 in cash per share, net to the holder in cash, without interest and less any applicable withholding taxes (the same price as was paid in the tender offer). Remaining former stockholders of Parallel will be mailed materials necessary to exchange their former Parallel shares of common stock for such payment.

Parallel's common stock will cease trading on the NASDAQ Global Select Market at market close on November 25, 2009 and will no longer be listed.