The leases being bought are close to Parallel's Carm-Ann development area, which is currently producing 1080 barrels of oil equivalent per day.
A 22-well workover programme is in progress at Carm-Ann, and a 10-well development programme is set to begin there this quarter.
Parallel expects to finance the acquisitions through its existing credit facility, plus an increased borrowing base.
The company has estimated total proven reserves associated with these transactions at 6.4
