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
Date of Report (Date of earliest event reported): December 12, 2007
PARALLEL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
|
|
|
0-13305
|
|
75-1971716 |
(Commission file number)
|
|
(IRS employer identification number) |
|
|
|
1004 N. Big Spring, Suite 400, Midland, Texas
|
|
79701 |
(Address of principal executive offices)
|
|
(Zip code) |
(432) 684-3727
(Registrants telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
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 December 12, 2007, the Compensation Committee of the Board of Directors of Parallel
Petroleum Corporation or, Parallel, granted cash bonuses and increased the base salaries of each
of its executive officers as follows:
|
|
|
|
|
|
|
|
|
Name and Position |
|
Amount of Cash Bonus |
|
Base Salary |
Larry C. Oldham, |
|
$ |
200,000 |
|
|
From $330,000 to $350,000 |
President and Chief
Executive Officer |
|
|
|
|
|
|
|
|
Donald E. Tiffin, |
|
$ |
175,000 |
|
|
From $275,000 to $300,000 |
Chief Operating
Officer |
|
|
|
|
|
|
|
|
Steven D. Foster, |
|
$ |
70,000 |
|
|
From $190,000 to $210,000 |
Chief Financial
Officer |
|
|
|
|
|
|
|
|
John S. Rutherford, |
|
$ |
70,000 |
|
|
From $175,000 to $190,000 |
Vice President of
Land
and Administration |
|
|
|
|
|
|
|
|
Eric A. Bayley, |
|
$ |
70,000 |
|
|
From $175,000 to $190,000 |
Vice President of
Corporate
Engineering |
|
|
|
|
|
|
|
|
-2-