Parallel Petroleum Corp. expected to Report Q3 2009 Results on November 11, 2009. This event was calculated by Capital IQ (Created on November 4, 2009).

Parallel Petroleum Corp. announced that it has commenced a change of control offer for any and all of its outstanding $150,000,000 principal amount of 10 1/4% Senior Notes due 2014. The change of control offer is being made pursuant to Parallel's obligations under the indenture governing the Notes, which requires Parallel to make an offer to purchase the Notes following a 'Change of Control'. A 'Change of Control' occurred on October 23, 2009 as a result of the purchase of more than 50% of the outstanding shares of common stock of Parallel, including the associated preferred stock purchase rights by PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for the purpose of acquiring Parallel and wholly owned subsidiaries of an affiliate of Apollo Global Management, LLC, in connection with the tender offer for all of Parallel's outstanding Shares. As required by the indenture and the Notes, the purchase price with respect to each series of Notes is equal to 101% of the principal amount of such Notes, plus accrued interest payable. The payment date will be December 2, 2009. The change of control offer will expire at 5:00 P.M., New York City time on December 1, 2009, unless extended. The terms and conditions of the change of control offer are set forth in Parallel's Change of Control Notice and Offer to Purchase dated October 30, 2009 and the Letter of Transmittal related thereto.

Parallel Petroleum Corp. announced that the defendants and the plaintiffs in the lawsuits set forth below entered into a Memorandum of Understanding providing for a settlement of each of the following lawsuits: In re Parallel Petroleum Shareholder Litigation, Consolidated Civil Action No. 4922, pending in the Chancery Court of Delaware. As part of the settlement, the Company agreed to make certain supplemental disclosures to its solicitation/recommendation statement on Schedule 14D-9, which disclosures are included in an amendment to the solicitation/recommendation statement on Schedule 14D-9 filed by the Company with the U.S. Securities and Exchange Commission. In addition, the Company, PLLL Holdings, LLC and PLLL Acquisition Co., as parties to the Agreement and Plan of Merger, dated as of September 15, 2009 (the 'Merger Agreement'), agreed to reduce the $5.5 million termination fee payable by the Company to Parent in the event of certain termination events under the Merger Agreement to $4.0 million plus the payment of certain expenses not to exceed $1,000,000 in the aggregate. Parent and Merger Subsidiary are affiliates of Apollo Global Management, LLC. In addition, the parties to the Merger Agreement agreed to decrease the period in which the Company is required to pay the termination fee to Parent if, after the termination of the Merger Agreement, the Company consummates a merger, acquisition, recapitalization or similar transaction as described in the Merger Agreement. The period has been reduced from twelve months to nine months. The Memorandum contains no admission of wrongdoing. Given the potential cost and burden of continued litigation, the Company believes the settlement is in its best interests and the best interests of its stockholders.