Parallel Director Exercises Options
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-10-23
In a Form 4 filed with the SEC, Martin B. Oring reported he exercised options for the shares Wednesday for $2.80 apiece and then sold 23,000 shares the same day for $20.12 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Parallel Petroleum is based in Midland, Texas.
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