SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* OLDHAM LARRY (Last) (First) (Middle) 1004 N. BIG SPRING, SUITE 400 (Street) MIDLAND TX 79701 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PARALLEL PETROLEUM CORP [ PLLL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) CEO and President
	3. Date of Earliest Transaction (Month/Day/Year) 08/31/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.01 par value								200,000	I	L.P.(1)
Common Stock, $.01 par value								90	D
Common Stock, $.01 par value	08/31/2005		G	V	10,000	D	$0	87,000	D
Common Stock, $.01 par value								40,000	D
Common Stock, $.01 par value	08/31/2005		J(2)	V	200,000	D	$0	0	D
Common Stock, $.01 par value	08/31/2005		J(2)	V	200,000	A	$0	200,000	I	L.P.(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$4.82							02/10/1998	02/10/2008	Common Stock	100,000		100,000	D
Employee Stock Option (right to buy)	$3.6							08/04/1999	08/04/2008	Common Stock	46,000		46,000	D
Employee Stock Option (right to buy)	$3.6							08/04/1999	08/04/2008	Common Stock	54,000		54,000	D
Employee Stock Option (right to buy)	$1.813							06/23/2000	06/23/2009	Common Stock	100,000		100,000	D
Employee Stock Option (right to buy)	$4.97							01/01/2002	06/20/2011	Common Stock	100,000		100,000	D

Explanation of Responses:

1. Such shares are held by Oldham Properties, Ltd., a "family" limited partnership of which the reporting person is the sole general partner and of which the reporting person, his wife and two children are the sole limited partners. The reporting person disclaims beneficial ownership of the issuer's common stock held by Oldham Properties, Ltd., except to the extent of his pecuniary interest therein.

2. Transfer of shares to Oldham Properties, Ltd., the "family" limited partnership described in Note (1) above. The shares acquired by Oldham Properties, Ltd. were previously reported by the reporting person as directly owned. The reporting person disclaims beneficial ownership of the issuer's common stock held by Oldham Properties, Ltd., except to the extent of his pecuniary interest therein.

	/s/ Larry C. Oldham	08/31/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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