Item 2.02 Results of Operations and Financial Condition.

On February 23, 2009, Parallel Petroleum Corporation, or "Parallel", issued a press release announcing its fourth quarter and year end 2008 financial results, compared to the results for the same periods in 2007. The press release issued on February 23, 2009 is furnished as Exhibit No. 99.1 to this Current Report on Form 8-K.

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 under this Item 2.02 in this Current Report on Form 8-K, including Exhibit No. 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information under this Item 2.02 in this Current Report shall not be incorporated by reference into any filing of Parallel, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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

Exhibit No. Description

99.1 Press Release issued February 23, 2009

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