22 Dec 2009listing compliance notice▼ BadMajor
PARALLEL PETROLEUM CORP deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Dec 2009listing compliance notice▼ BadMajor
PARALLEL PETROLEUM CORP deregistered its securities, ending its obligation to file reports with the SEC.
25 Nov 2009listing compliance notice● NeutralMajor
PARALLEL PETROLEUM CORP's exchange filed to remove a class of its securities from listing.
24 Feb 2009resource reserve update▼ BadMajor
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.
1 Aug 2007debt financing● NeutralMajor
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.
28 Feb 2007production update● Neutral
Fourth-quarter 2006 production averaged 6,124 barrels of oil equivalent a day - 26% above the year before but 8% below the September quarter, as declines in the Barnett Shale and south Texas gas outweighed a gain in the New Mexico Wolfcamp. Growth by acquisition and drilling was starting to be offset by decline in the existing base.
12 Oct 2006joint venture update▲ GoodMajor
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.