Parallel Petroleum draws on revolver for purchase of additional interests in Diamond M

By Sara Rosenberg

New York, June 26 - Parallel Petroleum Corp. used borrowings under its revolving credit facility to fund the about $35.5 million acquisition of interests owned by Southwestern Energy Co. in the Diamond M properties in Scurry County, Texas, according to a news release.

The additional interests acquired represent current daily production of about 298 net barrels of oil equivalent, and proved reserves of about 3.5 million BOE, of which 46% is proved developed producing reserves.

Parallel is a Midland, Texas-based acquirer, developer and explorer of oil and natural gas reserves.

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