PLLL - Parallel Petroleum Corporation (NASDAQ Stock)

[greencat]

PLLL looks like its determined to break out of this sideways pattern. Many stocks have made the move up out of similar patterns recently. Adding to my watchlist. I could make an entry on PLLL. MACD around the 0 so indicators are starting to point back up.

PLLL Chart



Parallel Petroleum Corp.
1004 N Big Spring
Suite 400
Midland, TX 79701
United States - Map
Phone: 432-684-3727
Fax: 432-684-8057
Web Site: Parallel Petroleum Corporation

DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Independent Oil & Gas
Full Time Employees: 46


BUSINESS SUMMARY
Parallel Petroleum Corporation engages in the acquisition, development, and exploration of oil and natural gas reserves in Texas and New Mexico. Its operations are primarily located in the Permian Basin of west Texas and New Mexico, the Fort Worth Basin of north Texas, and the onshore Gulf Coast area of south Texas. The company’s principal natural gas projects include the Barnett Shale gas project in Tarrant County, Texas; and Wolfcamp gas project in Eddy and Chavez counties, New Mexico. It also owns interests in producing properties in the Permian Basin of west Texas, which include Diamond M Canyon Reef Unit & Shallow Leases in Scurry County, Texas; the Carm-Ann San Andres Field and Harris San Andres Field in Andrews and Gaines Counties in Texas; and the Fullerton San Andres Field in Andrews County, Texas. In addition, Parallel Petroleum focuses on the Yegua/Frio/Wilcox and Cook Mountain gas projects located in Jackson, Wharton, and Liberty counties, Texas; East Texas Cotton Valley Reef Gas Project in Leon, Freestone, and Anderson Counties, Texas; and Utah/Colorado conventional oil & gas and heavy oil sands projects in Uinta Basin. As of December 31, 2008, the company had total proved reserves of approximately 21.2 MMBbls of oil and approximately 71.8 Bcf natural gas. Parallel Petroleum was founded in 1979 and is based in Midland, Texas.

PLLL: Profile for Parallel Petroleum Corporation - Yahoo! Finance

[greencat]

Originally Posted by greencat

PLLL looks like its determined to break out of this sideways pattern. Many stocks have made the move up out of similar patterns recently. Adding to my watchlist. I could make an entry on PLLL. MACD around the 0 so indicators are starting to point back up.

PLLL Chart



Parallel Petroleum Corp.
1004 N Big Spring
Suite 400
Midland, TX 79701
United States - Map
Phone: 432-684-3727
Fax: 432-684-8057
Web Site: Parallel Petroleum Corporation

DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Independent Oil & Gas
Full Time Employees: 46


BUSINESS SUMMARY
Parallel Petroleum Corporation engages in the acquisition, development, and exploration of oil and natural gas reserves in Texas and New Mexico. Its operations are primarily located in the Permian Basin of west Texas and New Mexico, the Fort Worth Basin of north Texas, and the onshore Gulf Coast area of south Texas. The company’s principal natural gas projects include the Barnett Shale gas project in Tarrant County, Texas; and Wolfcamp gas project in Eddy and Chavez counties, New Mexico. It also owns interests in producing properties in the Permian Basin of west Texas, which include Diamond M Canyon Reef Unit & Shallow Leases in Scurry County, Texas; the Carm-Ann San Andres Field and Harris San Andres Field in Andrews and Gaines Counties in Texas; and the Fullerton San Andres Field in Andrews County, Texas. In addition, Parallel Petroleum focuses on the Yegua/Frio/Wilcox and Cook Mountain gas projects located in Jackson, Wharton, and Liberty counties, Texas; East Texas Cotton Valley Reef Gas Project in Leon, Freestone, and Anderson Counties, Texas; and Utah/Colorado conventional oil & gas and heavy oil sands projects in Uinta Basin. As of December 31, 2008, the company had total proved reserves of approximately 21.2 MMBbls of oil and approximately 71.8 Bcf natural gas. Parallel Petroleum was founded in 1979 and is based in Midland, Texas.

PLLL: Profile for Parallel Petroleum Corporation - Yahoo! Finance

PLLL up 10% early. I really like this set-up so far.

[BadThad]

Nice technical play, stock price is really depressed.

On a fundamental level this company is heavily debt ridden.

At June 30, 2009, current assets were $55.0 million, which included $33.8 million of cash, cash equivalents and short-term investments and $8.8 million of current derivatives assets. Current liabilities were $29.9 million, including current derivative and put premium obligations of $5.8 million. Long-term liabilities were $389.5 million, including $371.2 million of debt and $8.1 million of derivative and put premium obligations. The borrowing base under the Company's revolving credit facility was $230.0 million as of June 30, 2009, and outstanding borrowings under the revolving credit facility at that same date were $225.0 million. In addition, the Company had outstanding $150.0 million aggregate principal amount of 101/4% senior notes. As of June 30, 2009, the Company's net capitalized costs associated with its oil and gas properties and other equipment were $358.8 million. Stockholders' equity was $78.1 million.

This combined with the lower prices of oil have pushed the stock price down to current levels.