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Smart acquisitions and good 3-D surveys have fueled a 60-fold boost in the market performance of publicly traded Parallel Petroleum Corp.
The Midland, Texas independent has boosted its market capital from $500,000 in 1989 to around $30 million today, largely through its use of 3-D seismic imaging to pinpoint new drilling sites in mature producing areas in West and South Texas.
Larry C. Oldham, president, says 3-D seismic doubles the up-front cost of a well. But when it comes to improving the odds for success, he says,
"There's just no comparison. We're running at an 80% success rate, compared to 10% pre-3-D."
The company's latest …