UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

PARALLEL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		0-13305		75-1971716
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1004 N. Big Spring, Suite 400, Midland, Texas		79701
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (432) 684-3727

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

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

On March 31, 2009, the Compensation Committee of the Board of Directors of Parallel Petroleum Corporation, or the “Company”, finalized its assessment of the Company’s performance under its Annual Incentive Plan, or “AIP”. Based upon the AIP, the following cash bonuses for 2008 calendar year performance were awarded to each named executive officer as follows:

						Cash
						Award
Name		Position				Amount
Larry C. Oldham		President and Chief Executive Officer				$	149,940
Donald E. Tiffin		Chief Operating Officer				$	119,340
Steven D. Foster		Chief Financial Officer				$	76,500
Eric A. Bayley		Vice President of Corporate Engineering				$	58,140
John S. Rutherford		Vice President of Land and Administration				$	58,140

As permitted by the AIP, the Compensation Committee reduced each executive’s calculated award amount by 10%, resulting in the cash award amounts shown above.

For a more detailed description of the Company’s AIP, see the description set forth in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 8, 2008, which is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 6, 2009