Parallel Petroleum to Present at Houston Energy Financial Forum

Parallel Petroleum Corporation (NASDAQ:PLLL) announced today that its President & CEO, Larry Oldham, will present at the Houston Energy Financial Forum hosted by PennWell Corp. and Oil & Gas Financial Journal. The conference will be held November 13-15, 2007 at the Hotel ZaZa in Houston, Texas.

Mr. Oldham’s conference presentation will be Wednesday, November 14, 2007, at 2:40 p.m. Central Time (3:40 p.m. Eastern Time). The presentation will be webcast live and will be available on the Company’s web site, http://www.plll.com, or the conference web site at http://www.iian.ibeam.com/events/penn001/24543/.

The Company

Parallel Petroleum is an independent energy company headquartered in Midland, Texas, engaged in the acquisition, exploration, development 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 Petroleum Corporation is available at http://www.plll.com.