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 Board of Directors and 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:


                                                 Number of
   Name of                                       Shares of
   Executive Officer                            Common Stock
   and Position                                  Underlying
   with Company                                 Stock 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, 2010.

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

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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)

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