Item 7.01. Regulation FD Disclosure.

On February 12, 2009, Parallel Petroleum Corporation, or "Parallel", issued a press release announcing that it had entered into a farmout agreement with Chesapeake Energy Corporation, the operator of Parallel's Barnett Shale gas project in Tarrant County, Texas. Also, included in this press release is a discussion of Parallel's work-in-progress as of December 31, 2008 and its revised 2009 capital investment (CAPEX) budget. Attached hereto as Exhibit 99.1 is the press release issued by Parallel on February 12, 2009.

Parallel's reports on Forms 10-K, 10-Q and 8-K and other publicly available information should be consulted for other important information about Parallel.

Pursuant to General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into any filing of Parallel whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

Exhibit No. Description

99.1 Press Release issued February 12, 2009

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