Parallel Petroleum Names Three Vice Presidents

MIDLAND, Texas--Parallel Petroleum LLC announced today that the Company has promoted three of its employees to the executive position of Vice President.

Tom Hanna, CPA

Vice President and Controller

Tom Hanna joined Parallel Petroleum in April 2003 as Controller of the Company. Prior to his employment with Parallel, he was Manager of Revenue Accounting with Pioneer Natural Resources from December 1997 through April 2003. From 1991 through the end of 1997, Mr. Hanna was employed by Fina, Inc., where he served in various accounting capacities in both the upstream and natural gas marketing business units. Mr. Hanna received a BBA in Accounting from East Texas State University in 1990 and is a Certified Public Accountant. He has twenty years of experience in the oil and gas industry.

Brian McCurry

Vice President Operations

Brian McCurry joined Parallel Petroleum in June 2002 as Manager of Operations. From 1999 to May 2002, Mr. McCurry was employed by First Permian, L.P. as its Operations Manager. Prior to his association with First Permian, he was employed by Fina Oil & Chemical Company for approximately eighteen years, where he served in various managerial capacities. Mr. McCurry graduated from the University of Texas of the Permian Basin in 1992 with a BBA in Finance. He has twenty-nine years of experience in the oil and gas industry.

Jerry Nevans

Vice President Business Development

Jerry Nevans joined Parallel Petroleum in June 2002 as Director of Business Development. From 1999 to May 2002, Mr. Nevans was employed by First Permian, L.P. as a Division Engineer. From 1985 to 1999, he was employed by Fina Oil & Chemical Company, where he served in various engineering capacities. Prior to his association with Fina, Mr. Nevans was employed by Getty Oil Company/Texaco USA for approximately three years. Mr. Nevans graduated from Texas Tech University in 1981 with a BS in Petroleum Engineering. He has twenty-nine years of experience in the oil and gas industry.

Management Comments

Larry C. Oldham, Parallel’s President and CEO commented, “Since they became part of our team over seven years ago, these three employees have each played an integral part in the growth of our Company. When we began our growth strategy of acquiring and exploiting oil and natural gas assets in June 2002, we knew we would need an experienced technical and financial team to accomplish our goals. We are fortunate that we were able to build that team and are appreciative of the outstanding contributions that Tom Hanna, Brian McCurry and Jerry Nevans have made to the success of our business plan. They are each very deserving of the promotions they have received. Because of our experienced team, financial strength and operating expertise, we are well positioned to achieve significant future growth.�??

About Parallel Petroleum

Parallel Petroleum LLC is an independent energy company owned by investment funds affiliated with Apollo Global Management. Parallel is headquartered in Midland, Texas, and is engaged in the acquisition, development and production of oil and gas, utilizing enhanced oil recovery processes, advanced drilling and completion techniques, and 3-D seismic technology. Parallel’s areas of primary focus are the Permian Basin of West Texas and New Mexico and the Barnett Shale in North Texas. The Company is aggressively pursuing growth opportunities in the Permian Basin and Mid-continent areas.

About Apollo Global Management

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Singapore, Frankfort, Mumbai and Hong Kong. Apollo had assets under management of over $53 billion as of December 31, 2009, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.

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