SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

         DATE OF REPORT (Date of earliest event reported): May 15, 2003




                         PARALLEL PETROLEUM CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


        DELAWARE                           0-13305              75-1971716
(State or other jurisdiction          (Commission File        (IRS Employer
of  Incorporation or organization)         Number)           Identification No.)

1004 N. Big Spring, Suite 400, Midland, Texas                    79701
  (Address of Principal Executive Offices)                    (Zip Code)



                                  432-684-3727
              (Registrant's telephone number, including area code)






Item 7(c).

Exhibits

        (99.1)  Press Release dated May 15, 2003 announcing financial results
                for the first quarter ended March 31, 2003.

Item 9.  Regulation FD Disclosure.

         Parallel Petroleum Corporation is furnishing under Item 9 of this
Current Report on Form 8-K the information included as Exhibit 99.1 to this
report as it relates to first quarter results, capital investment budget for
2003, and operations.

Item 9. Regulation FD Disclosure (Item 12. Disclosure of Results of Operations
and Financial Condition.)

        The following information is intended to be furnished under Item 12
"Results of Operations and Financial Condition," but is instead being furnished
pursuant to Item 9 in accordance with the interim guidance contained in
Securities and Exchange Commission Release No. 34-47583.

         The information in this Form 8-K Report is also being furnished to
provide public disclosure and information about our press release dated May 15,
2003 announcing our results of operations and financial condition for the first
quarter ended March 31, 2003.

         In accordance with General Instruction B.2 and B.6 of Form 8-K, the
information in this report shall not be deemed "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934, except as shall be expressly set forth by specific
reference in such a filing.



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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                            PARALLEL PETROLEUM CORPORATION


                                            By: /s/ Larry C. Oldham
                                                ----------------------
                                                Larry C. Oldham, President


Dated: May 15, 2003





















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