| Business Summary | | Parallel
Petroleum
Corporation
is
an
independent
energy
company
engaged
in
oil
and
natural
gas
exploration,
development
and
production
and
the
acquisition
of
producing
properties.
These
activities
are
concentrated
in
two
areas:
the
onshore
gulf
coast
area
of
south
Texas,
and
the
Permian
Basin
of
west
Texas.
At
December
31,
2000,
its
estimated
proved
reserves
were
approximately
one
million
Bbls
(barrels)
of
oil
and
15.7
Bcf
(billion
cubic
feet)
of
natural
gas.
Approximately
73%
of
its
proved
reserves
were
natural
gas
and
approximately
70%
were
categorized
as
proved
developed
reserves. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Parallel
Petroleum
Corp.
is
engaged
in
the
exploration
for
and
the
acquisition,
development
and
production
of
oil
and
natural
gas.
For
the
six
months
ended
6/01,
revenues
totalled
$12.4
million,
up
from
$6
million.
Net
income
applicable
to
Common
totalled
$5.7
million,
up
from
$571
thousand.
Revenues
reflect
an
increase
in
average
sales
price
per
EBO.
Net
income
reflects
lower
depreciation
costs
as
a
percentage
of
sales
and
decreased
bank
borrowings. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Thomas Cambridge, 64 Chairman,
CEO | $81K | Larry Oldham, 46 Pres,
Treasurer, Director | 185K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|