For the second quarter of 2008, Parallel’s oil and natural gas sales were 237 million barrels (mbbls) of oil and 2,790 million cubic feet (mmcf) of natural gas, or 702 million barrels of oil equivalent (mboe).
For the six months ended June 30, 2008, Parallel reported a net loss of $31.9 million, or $0.77 per diluted share, compared to a net income of $3.4 million, or $0.09 per diluted share, for the same period of 2007. Parallel’s oil and natural gas sales were 484mbbls of oil and 5,452mmcf of natural gas, or 1,393mboe.
Larry Oldham, president of Parallel Petroleum, said: As I have previously stated, our focus in 2008 is to increase production and proved developed producing (PDP) reserves. Due to record production volumes and high commodity prices, for the six months ended June 30, 2008 our net cash provided by operating activities more than doubled to $70.9 million when compared to the same period of 2007.
