Parallel Petroleum Corporation engages in the acquisition, development, and exploitation of oil and natural gas reserves in Texas and New Mexico. It produces and sells oil and natural gas. The company’s properties are located in Permian Basin of west Texas and New Mexico; Fort Worth Basin of north Texas; and the onshore gulf coast area of south Texas. Its properties in Permian Basin of west Texas and New Mexico includes Wolfcamp Gas Project, Fullerton San Andres Field, Carm-Ann San Andres Field/N. Means Queen Unit, Harris San Andres Field, Diamond M Shallow Leases, and Diamond M Canyon Reef Unit. The company properties in Fort Worth Basin of north Texas includes Barnett Shale Gas...