Parallel Petroleum Announces Annual Meeting Webcast

Business Wire, May 21, 2008

MIDLAND, Texas -- Parallel Petroleum Corporation (NASDAQ: PLLL) today announced that it will webcast its 2008 Annual Meeting of Stockholders live on Wednesday, May 28, 2008, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

This webcast will be hosted 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).

Additional information

Parallel's 2008 Proxy Statement, 2008 Proxy Card, and 2007 Annual Report are available at the Company's web site at www.plll.com.

The Annual Meeting will be held at The Petroleum Club, 501 West Wall Street, Midland, Texas on Wednesday, May 28, 2008, at 10:00 a.m. Central Time.

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 www.plll.com.