Parallel LP, a subsidiary of Parallel Petroleum Corp., Midland, Texas, (Nasdaq: PLLL) has completed a portion of its acquisition of producing and undeveloped properties from six of 10 unaffiliated parties for a combined price of $20.8 million. The closings represent approximately 2.9 million barrels of oil equivalent of the total 6.4 million barrels of oil equivalent of proved reserves being acquired for a total purchase price of approximately $44.5 million. Several more closings are expected by mid-January. The acquired properties are in the Permian Basin of West Texas and have current gross production from 35 wells of approximately 650 barrels of oil equivalent per day (440 barrels of oil equivalent, net). Parallel will acquire, own and operate a 90% working interest and 67.5% net revenue interest in the properties. The properties include approximately 6,100 gross acres in Andrews and Gaines counties, Texas. Approximately 1,300 gross acres of the total leasehold have been developed.
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