Parallel Petroleum says all 6% preferreds converted ahead of redemption

By Jennifer Chiou

New York, June 7 - Parallel Petroleum Corp. announced Tuesday all of its 6% convertible preferred stock holders elected to convert their shares into the company's common stock at a 2.8571 exchange rate plus cash payable for fractional shares and accumulated dividends.

The company originally announced the redemption of all 950,000 outstanding shares, originally issued in October 1998, in a May 3 press release, with Monday as the redemption date.

Midland, Texas-based Parallel Petroleum is an independent energy company.

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