Place shrimp shells in a large saucepan and cover with water. Bring to a boil, reduce heat and simmer 30 to 40 minutes. Strain stock through a sieve and discard shells. Measure 2 1/2 cups stock, adding additional water if needed.

In a large heavy saucepan over medium heat, cook bacon until crisp and brown; remove with a slotted spoon and set aside. Add onion and bell pepper to drippings in pan and cool until tender, 3 to 4 minutes. Stir in shrimp and cook 2 to 3 minutes longer or until shrimp turn pink. Add shrimp stock and bring to a boil. Stir in rice, salt, black pepper, and red pepper. reduce heat to simmer, cover and cook 20 minutes.

Add okra and parsley to rice and cook 5 minutes longer or until rice and okra are tender and liquid is absorbed. Stir in bacon and serve.