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Midland, US-based oil and natural gas explorer and producer active in Texas, Oklahoma, and New Mexico.
Founded in 1979 in Midland, US, Parallel Petroleum Corp. explores for, develops, and produces long-lived oil and natural gas properties, using 3-D seismic analysis and enhanced oil recovery. In the most recent reported year it generated revenue of USD 182,515,000 and EBITDA of USD -164,988,000. Samsung C&T Corporation and Korea National Oil Corporation acquired it from Apollo Global Management for USD 772 mn in November 2011.
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