PARALLEL PETROLEUM CORP
6 story beats from 2006 to 2009
The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
2009
- 22 Dec
PARALLEL PETROLEUM CORP deregistered its securities, ending its obligation to file reports with the SEC.
listing compliance notice
- 22 Dec
PARALLEL PETROLEUM CORP deregistered its securities, ending its obligation to file reports with the SEC.
listing compliance notice
- 25 Nov
PARALLEL PETROLEUM CORP's exchange filed to remove a class of its securities from listing.
listing compliance notice
- 24 Feb
Production held up in late 2008 at 7,641 barrels of oil equivalent a day, but reserves did not: proved reserves fell 13% to 33.2 million barrels of oil equivalent after an 8.2 million barrel downward revision driven purely by the price collapse, oil having gone from $96 to $45. The value of those reserves halved, to about $308 million.
resource reserve update
2007
- 1 Aug
Parallel Petroleum sold $150 million of seven-year unsecured notes at a 10.25% coupon. That rate is what the bond market charged a small West Texas producer for money that could not be called back by a bank.
debt financing
2006
- 12 Oct
Chesapeake Energy took over as operator of Parallel's West Fork Barnett Shale project after buying the roughly 61% working interest previously held by Dale Gas Partners. Parallel keeps its stake but the drilling pace is now set by a company many times its size.
joint venture update