Parallel Petroleum Announces 2Q 2008 Earnings & Operations Conference Call & Webcast

Business Wire, August 1, 2008

MIDLAND, Texas -- Parallel Petroleum Corporation (NASDAQ: PLLL) will host a conference call to discuss the Company's financial and operational results for the second quarter ended June 30, 2008, on Tuesday, August 5, 2008, at 2:00 p.m. Eastern time (1:00 p.m. Central time).

This call will be webcast by Thomson Reuters and will be accessible at Parallel's web site at www.plll.com.

The webcast will also be distributed through the Thomson Reuters' StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.earnings.com, Thomson Reuters' individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson Reuters' password-protected event management site, StreetEvents (www.streetevents.com).

Call Participation Dial-in Number & Pre-Registration Information

To participate in the conference call, dial 888-680-0894 or 617-213-4860, Participant Passcode 79648992, at least ten minutes before the scheduled start time.

Participants may pre-register for the call at Parallel's web site on the Event Details page for the webcast or at www.theconferencingservice.com/prereg/key.process?key=PJ8MXKTRG. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

Call Replay Information

A replay of the conference call will be available at the Company's web site or by calling 888-286-8010 or 617-801-6888, Passcode 73297729.

Related Press Releases

Parallel's related earnings announcement for the second quarter ended June 30, 2008, and an operations update announcement are expected to be released after the market closes on August 4, 2008.

The Company

Parallel Petroleum 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 http://www.plll.com.