Summary of PARALLEL PETROLEUM CORP

Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

Stock Option Grants to Executive Officers

At a meeting of the Compensation Committee (the "Committee") of the Board of
Directors of Parallel Petroleum Corporation (the "Company") held on May 20,
2009, the Committee approved and granted nonqualified stock options to each of
the Company's executive officers as follows:


Name of
Executive Officer                                                Number of Shares of Common
and Position                                                       Stock Underlying Stock
with Company                                                               Option                    Exercise Price
Larry C. Oldham
Chief Executive Officer                                                              104,000        $           2.00
Donald E. Tiffin
Chief Operating Officer                                                               91,000        $           2.00
Steven D. Foster
Chief Financial Officer                                                               52,000        $           2.00
John S. Rutherford
Vice President of Land and Administration                                             35,750        $           2.00
Eric A. Bayley
Vice President of Engineering                                                         35,750        $           2.00

The exercise price of the options is the grant date closing sales price of the Company's common stock on the Nasdaq Global Select Market.

All of the options are for a term of ten years and vest in four equal annual installments beginning on May 20, 2009.

The form of nonqualified stock option agreement is incorporated herein by reference.

-2-

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.                                   Description
10.1             2008 Long-Term Incentive Plan (Incorporated herein by reference to
                 Exhibit 10.1 of Form 8-K, dated March 27, 2008, and filed with the
                 Securities and Exchange Commission on April 2, 2008)
10.2             Form of Nonqualified Stock Option Agreement (Incorporated herein by
                 reference to Exhibit 10.2 of Form 8-K, dated June 12, 2008, and filed
                 with the Securities and Exchange Commission on June 18, 2008)

-3-