SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(RULE 13d-102)
Information Statements pursuant to Rule 13d-1 and 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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PARALLEL PETROLEUM CORPORATION
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
699157103
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(CUSIP Number)
December 31, 2003
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(Date of event which requires filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Continued on following pages)
(Page 1 of 4 Pages)
Page 2 of 4
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Crestview Capital Fund II, LP 36-4475878
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION:
Illinois
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NUMBER OF SHARES 5. SOLE VOTING POWER
BENEFICIALLY OWNED BY 1,323,000
EACH REPORTING PERSON
WITH
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6. SHARED VOTING POWER
None
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7. SOLE DISPOSITIVE POWER
1,323,000
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8. SHARED DISPOSITIVE POWER
None
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,323,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.24%
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12. TYPE OF REPORTING PERSON:
PN
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Page 3 of 4
Item 1(a). Name of Issuer.
Parallel Petroleum Corporation
Item 1(b). Address of Issuer's Principal Executive Offices.
1004 N. Big Spring, Suite 400
Midland, TX 79701
Item 2(a). Name of Person Filing.
Crestview Capital Fund II, L.P. ("Fund II").
Item 2(b). Address of Principal Business Office, or if none, Residence.
95 Revere Drive, Suite F
Northbrook, IL 60062
Item 2(c). Citizenship.
Illinois
Item 2(d). Title of Class of Securities.
Common Stock, $.01 par value per share (the "Common Stock")
Item 2(e). CUSIP Number.
699157103
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b),
check whether the person filing is a:
Not applicable.
Item 4. Ownership.
(i) The aggregate amount of Common Stock beneficially owned by
Fund II is 1,323,000 shares.
(ii) The aggregate percentage of the Common Stock beneficially
owned by Fund II is approximately 5.24%.
(iii) The aggregate number of shares of Common Stock which Fund
II has sole power to vote or direct the vote of is
1,323,000.
(iv) The aggregate number of shares of Common Stock which Fund
II has sole power to dispose or to direct the disposition
of is 1,323,000.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
not acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction which
could have that purpose or effect.
Page 4 of 4
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 3, 2004
CRESTVIEW CAPITAL FUND II, L.P.
By: Kingsport Capital Partners, LLC,
Its General Partner
By: /s/ Stewart Flink
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Name: Stewart Flink
Title: Managing Partner