The Company

Parallel Petroleum is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel's primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at http://www.plll.com.

SOURCE: Parallel Petroleum Corporation

Parallel Petroleum Corporation, Midland 
Cindy Thomason, 432-684-3727 
Manager of Investor Relations 
cindyt@plll.com 
http://www.plll.com

The Jackson, Mississippi-based company reported net income of $11.1 million, or 47 cents per share, for the first quarter ended Aug 30. It earned $18.0 million, or 76 cents per share, in the year-ago period.

Net sales rose about 16 percent to $206.9 million driven by higher egg prices and demand for eggs in both the retail and food service markets.

Cal-Maine sells the majority of its shell eggs in 29 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

CEO Fred Adams Jr. said corn and soybean meal prices peaked in July, but have dropped substantially in the last few weeks. However, it is expected that feed prices will remain volatile and high for the year ahead, he added.

Shares of the company were down $8.37 at $29.54 in morning trade Monday on Nasdaq. They hit a low of $28.59 earlier.

(Reporting by Dilipp S. Nag in Bangalore; Editing by Pratish Narayanan) Keywords: CALMAINEFOODS/ Chuck Mikolajczak cm

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Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, "The results for the fourth quarter reflect good demand for eggs and strong egg prices. The overall supply of eggs was slightly lower than the same period last year, which contributed to a more favorable market balance. Feed costs continued to be very high, reflecting the rising costs of corn and soybean meal.

"For fiscal 2008, our results reflect very good egg prices, record high feed costs, and a solid performance by the Cal-Maine management team. As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices. All of our operations are running smoothly, and we are optimistic about Cal-Maine's business for the year ahead."

For the fourth quarter of fiscal 2008, Cal-Maine will pay a cash dividend of approximately $.516 per share to holders of its common stock. A cash dividend of approximately $.49 per share will be paid to holders of its Class A common stock, which represents 95 percent of the amount paid to holders of common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable August 14, 2008, to shareholders of record on July 30, 2008.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 29 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings) that could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.

                CAL-MAINE FOODS, INC. AND SUBSIDIARIES
                         FINANCIAL HIGHLIGHTS
                             (Unaudited)
               (In thousands, except per share amounts)

                               13 Weeks  13 Weeks  52 Weeks  52 Weeks
                                 Ended     Ended     Ended     Ended
                                May 31,   June 2,   May 31,   June 2,
                                 2008      2007      2008      2007
                               --------- --------- --------- ---------
Net sales                      $ 235,628 $ 169,872 $ 915,939 $ 598,128
Gross profit                      72,042    41,080   298,556   118,624
Operating income                  52,043    26,517   223,637    58,230
Income before income taxes        54,911    27,107   231,391    56,261

Net income                     $  36,558 $  18,283 $ 151,861 $  36,656
Net income per common share:
   Basic                       $    1.54 $    0.78 $    6.41 $    1.56
   Diluted                     $    1.54 $    0.77 $    6.40 $    1.55
Weighted average shares
 outstanding:
   Basic                          23,714    23,581    23,677    23,526
   Diluted                        23,751    23,647    23,733    23,599


                        SUMMARY BALANCE SHEET
                             (Unaudited)
                            (In thousands)

                                                    May 31,   June 2,
ASSETS                                               2008      2007
                                                   --------- ---------
Cash and short-term investments                    $  94,858 $  54,532
Receivables                                           50,223    38,180
Inventories                                           76,766    62,208
Other                                                  2,418     1,390
                                                   --------- ---------
   Current assets                                    224,265   156,310
Property, plant and equipment (net)                  206,493   193,590
Other assets                                          70,478    14,668
                                                   --------- ---------
   Total assets                                    $ 501,236 $ 364,568
                                                   ========= =========

LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses              $  67,952 $  45,051
Other current liabilities                             10,358     5,435
Current maturities of long-term debt                  11,470    13,442
Deferred income taxes                                 12,935    11,830
                                                   --------- ---------
   Current liabilities                               102,715    75,758
Deferred income taxes and other liabilities           37,161    33,661
Long-term debt, less current maturities               85,680    99,410
Shareholders' equity                                 275,680   155,739
                                                   --------- ---------
   Total liabilities and shareholders' equity      $ 501,236 $ 364,568
                                                   ========= =========

SOURCE: Cal-Maine Foods, Inc.

Cal-Maine Foods, Inc.
Fred Adams, Jr., 601-948-6813
Chairman and CEO
or
Timothy A. Dawson, 601-948-6813
Vice President and CFO

For the fiscal year ended May 31, 2008, net sales were $915.9 million, compared to $598.1 million for fiscal 2007. Net income was $151.9 million, or $6.41 per basic share, compared to $36.7 million, or $1.56 per basic share, in fiscal 2007.

Fred Adams, Jr, chairman and CEO of Cal-Maine Foods, said: "The results for the fourth quarter reflect good demand for eggs and strong egg prices. For fiscal 2008, our results reflect very good egg prices, record high feed costs and a solid performance by the Cal-Maine management team. As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply and further volatility with respect to corn and soybean meal prices."

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