Enterprising Investor
8 years ago
Par Pacific Holdings Announces Intent To Launch $50 Million Common Stock Rights Offering (8/15/16)
HOUSTON, Aug. 15, 2016 /PRNewswire/ -- Par Pacific Holdings, Inc. (NYSE MKT: PARR) ("Par Pacific" or the "Company") today announced it intends to launch a registered rights offering on or about August 26, 2016. In the rights offering, each holder of the Company's common stock as of the close of business on the record date of August 25, 2016 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date.
Each subscription right will entitle the holder thereof to purchase 0.099 of a share of the Company's common stock at $12.25 per whole share (subject to rounding down to avoid the issuance of fractional shares) (the "basic subscription privilege"). The rights offering will also include an oversubscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Company's common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional shares of common stock will be issued in the rights offering. The subscription rights will expire if they are not exercised by 5:00 p.m. New York City time on September 14, 2016 (unless extended).
The Company will offer a number of shares of its common stock in the rights offering, inclusive of the over-subscription privilege, representing approximately $50 million of gross proceeds. The Company plans to use the net proceeds from the rights offering to prepay or repay its 2.5% convertible subordinated bridge notes.
The rights offering will be made pursuant to a registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the "SEC"). The rights offering will be made solely by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, which was filed with the SEC as part of the registration statement. Additional information regarding the rights offering will be set forth in the prospectus.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Par Pacific Holdings
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy and infrastructure businesses. Par Pacific's business is organized into three primary segments of refining, retail and logistics. Par Pacific has refining and logistics assets in Hawaii and Wyoming and a retail distribution network in Hawaii. Par Pacific also owns an equity investment in Laramie Energy, LLC, a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition, Par Pacific transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast and East Coast. More information is available at www.parpacific.com.
http://www.prnewswire.com/news-releases/par-pacific-holdings-announces-intent-to-launch-50-million-common-stock-rights-offering-300313336.html
Enterprising Investor
10 years ago
Par Petroleum Corporation Announces Successful Completion of Common Stock Rights Offering and Award of $164 Million Contract with Defense Logistics Agency Energy (8/14/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (NYSE MKT: โPARRโ) announced today that its previously announced common stock rights offering was fully subscribed through the exercise of basic subscription and oversubscription privileges, and that Par will issue all 6,364,512 shares of its common stock offered. The subscription period for the rights offering expired at 5:00 p.m., New York City time, on August 13, 2014. The rights offering resulted in gross proceeds, before expenses, to Par of approximately $101.8 million. As previously announced, Par intends to use the proceeds from the rights offering to finance potential acquisitions, including the acquisition of Mid Pac Petroleum, LLC, and for general corporate purposes, including working capital.
Stockholders who exercised their oversubscription privilege will be notified individually as to their allocation of oversubscription shares after final pro-rata results have been calculated, in accordance with the terms disclosed in the prospectus supplement.
Immediately following the completion of the rights offering, Par will have approximately 36,651,426 shares of common stock outstanding.
In addition, Par announced that following a competitive bidding process, its wholly-owned subsidiary, Hawaii Independent Energy, LLC, was awarded a one-year contract valued at $163,945,596 by the Defense Logistics Agency Energy for the supply of aviation turbine fuel in Hawaii. This value equates to approximately 3,500 barrels per day of Jet-A and JP-5 grade jet fuel over the life of the contract.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Parโs largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
Parโs charter contains restrictions that prohibit parties from acquiring 5% or more of Parโs common stock without the companyโs prior consent.
http://www.businesswire.com/news/home/20140814006209/en/Par-Petroleum-Corporation-Announces-Successful-Completion-Common#.U-980ol0yUk
Enterprising Investor
10 years ago
Par to Launch Common Stock Rights Offering on July 22, 2014 to Raise Approximately $100 Million (7/21/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: โPARRโ) announced today that it intends to launch its previously announced registered rights offering on July 22, 2014. The Company intends to raise approximately $100 million of gross proceeds from the rights offering and plans to use the net proceeds from the rights offering to finance potential acquisitions, including the previously announced pending acquisition of Kokoโoha Investments, Inc., and for general corporate purposes, including working capital.
In the rights offering, each holder of the Companyโs common stock as of the close of business on the record date of July 21, 2014 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date. Each subscription right will entitle the holder thereof to purchase 0.21 of a share of the Companyโs common stock at $16.00 per whole share (subject to rounding down to avoid the issuance of fractional shares) (the โbasic subscription privilegeโ). The rights offering will also include an oversubscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Companyโs common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional shares of common stock will be issued in the rights offering. The subscription rights will expire if they are not exercised by 5:00 p.m. New York City time on August 13, 2014 (unless extended).
The rights offering will be made solely by means of a prospectus supplement meeting the requirements of the Securities Act of 1933, as amended, to be filed with the Securities and Exchange Commission (โSECโ) in connection with the Companyโs registration statement on Form S-3 which became effective on July 7, 2014. Additional information regarding the rights offering will be set forth in the prospectus supplement to be filed with the SEC.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF PAR PETROLEUM CORPORATION, NOR SHALL THERE BE ANY OFFER, SOLICITATION OR SALE OF SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE OR JURISDICTION. ANY SUCH OFFER, SOLICITATION OR SALE WILL BE MADE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Parโs largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
Forward-Looking Statements
This press release includes information that constitutes forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often address our expected future business and financial performance, and often contain words such as โexpect,โ โanticipate,โ โintend,โ โplan,โ โbelieve,โ โseek,โ or โwill.โ By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: our ability to successfully complete the rights offering; our ability to successfully complete the pending acquisition of Kokoโoha Investments, integrate it into our operations and realize the anticipated benefits from the acquisition; our ability to identify all potential risks and liabilities in our due diligence of Kokoโoha Investments and its business; any unexpected costs or delays in connection with the pending acquisition of Kokoโoha Investments; the volatility of crude oil and refined product prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; environmental risks; and risks of political or regulatory changes. In addition, please refer to the risk factors contained in the Companyโs SEC filings available at www.sec.gov, including the Companyโs most recent Annual Report on Form 10-K, as amended. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof.
Contacts
Investor Relations Contact:
Stonegate Securities, Inc.
Preston Graham, 214-987-4121
preston@stonegateinc.com
http://www.businesswire.com/news/home/20140721005339/en/Par-Launch-Common-Stock-Rights-Offering-July#.U80ZkYlOWUk
Enterprising Investor
10 years ago
Par Secures Financing for Acquisition (7/11/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: โPARRโ) announced today that it had finalized the terms of a $125 million debt facility consisting of a $50 million Term Loan and a $75 million Bridge Loan. The Bridge Loan will provide back-up financing for the Companyโs pending acquisition of Kokoโoha Investments, Inc. Kokoโoha owns Mid Pac Petroleum LLC which distributes gasoline and diesel products throughout Hawaii through more than 80 sites and four terminals.
Bridge and Term Loan Facilities
The Term Loan replaced the Tranche B Loan (approximately $34.5 million outstanding at closing) and increased loan availability to $50 million. The incremental available proceeds of the Term Loan will be used to pay transaction costs related to the financing, to fund deposits due under the merger agreement with Kokoโoha, to fund permitted acquisitions (including the acquisition of Kokoโoha) and for working capital and other general corporate purposes. The Term Loan will bear interest at the rate of 10% per annum payable in cash or at a rate equal to 12% per annum payable in kind, at the option of the Company, and matures in July 2018.
The proceeds of the Bridge Loan, up to $75 million, will be available in a single draw and may be used by the Company solely to pay the cash consideration required under the merger agreement with Kokoโoha and to pay transaction costs related to the credit facilities and the merger agreement. Amounts outstanding under the Bridge Loan will bear interest at 9% per annum until June 30, 2015, payable in kind by adding interest due to the outstanding principal. From and after July 1, 2015, until June 30, 2016, interest will be payable in cash at 11% per annum and will increase every three months thereafter at a rate of .5% per annum; provided that the Company may elect to pay up to 50% of the interest in kind at a rate per annum of .75% in excess of the then applicable cash interest rate. From and after July 1, 2016, interest will be payable in cash at 13% per annum and will increase every three months thereafter at a rate of .5% per annum until maturity. The Bridge Loan will mature (i) if the acquisition does not occur, on July 11, 2015 or (ii) if the acquisition is consummated, on July 11, 2017.
Either credit facility may be prepaid at any time, subject to an exit fee. Both facilities are guaranteed by certain subsidiaries of the Company. The Company has agreed to pay certain fees, including commitment fees and exit fees. The credit agreement requires the Company to comply with various and customary affirmative and negative covenants. However, the Company is not required to comply with any financial maintenance covenants.
Later today, the Company expects to file a Current Report on Form 8-K with the SEC reporting the finalization of the credit facility under Item 2.03. Please see the Form 8-K for additional details.
About Mid Pac
On June 2, 2014 Par Petroleum and a wholly owned subsidiary created for purposes of the acquisition entered into a Merger Agreement with Kokoโoha, which owns 100% of Mid Pac Petroleum. Upon consummation of the merger, Mid Pac will become a wholly owned, indirect subsidiary of Par Petroleum. The transaction is expected to close before year end and is currently under regulatory review pursuant to various state and federal antitrust regulations.
Mid Pac distributes gasoline and diesel through over 80 locations across the State of Hawaii primarily under the โ76 brand. Mid Pac will offer HIE access to the Kauai marketplace through Mid Pacโs Kauai terminal and network of 3 retail and 8 card lock sites. In addition, Mid Pac is the fee owner of 22 of the retail sites, 2 terminals and office space in downtown Honolulu.
โThe Mid Pac acquisition is a key component of growing our on-island market share and minimizing exports,โ said Will Monteleone, Parโs Chief Executive Officer. โIn addition, we also believe there are synergies to be achieved by combining HIEโs and Mic Pacโs logistical system and assets.โ
Operations Update and Outlook
Par also announced today that its outlook for the second quarter and second half of 2014 has been negatively impacted, predominately by lower than expected crack spreads in the Singapore markets. The Singapore โ Brent 4:1:2:1 index averaged $5.23 / bbl during the second quarter of 2014, the lowest level since the fourth quarter of 2010, and was primarily impacted by softer jet fuel pricing and increased crude costs partially driven by geo-political unrest. To the extent these negative trends continue into the second half of the year, we believe our results will be negatively impacted compared to our prior expectations. Although the acquisition of Mid Pac is scheduled to close prior to year end, the expected accretive impact will not be felt until calendar year 2015.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Parโs largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
http://www.businesswire.com/news/home/20140711005744/en/Par-Secures-Financing-Acquisition#.U8WY9IlOWUk
Enterprising Investor
10 years ago
Par Announces Plans to Launch $100 Million Common Stock Rights Offering (7/11/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: โPARRโ) announced today that it intends to launch a registered rights offering on or about July 21, 2014. In the rights offering, each holder of the Companyโs common stock as of the close of business on the record date of July 21, 2014 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date. The Company expects that its largest stockholder will subscribe for a number of shares of the Companyโs common stock representing its proportionate share of the rights offering.
Each subscription right will entitle a stockholder to purchase a fraction of a share of the Companyโs common stock at a subscription price per whole share to be determined prior to the commencement of the rights offering (the โbasic subscription privilegeโ). The rights offering will also include an over-subscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Companyโs common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such over-subscription privilege. No fractional shares of common stock will be issued in the rights offering.
The Company will offer a number of shares of its common stock in the rights offering, inclusive of the over-subscription privilege, representing approximately $100 million of gross proceeds. The Company plans to use the net proceeds from the rights offering to finance potential acquisitions, including the previously announced pending acquisition of Kokoโoha Investments, Inc., and for general corporate purposes, including working capital.
The rights offering will be made pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the โSECโ) and became effective on July 7, 2014. The rights offering will be made solely by means of a prospectus and prospectus supplement meeting the requirements of the Securities Act of 1933, as amended, to be filed with the SEC. Additional information regarding the rights offering will be set forth in the prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Parโs largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
http://www.businesswire.com/news/home/20140711005708/en/Par-Announces-Plans-Launch-100-Million-Common#.U8WUqYlOWUk
Captain Cooke
11 years ago
Will the Parr Refinery be closed by 2020?
Hawaii refineries could close by 2020, task force report says
Janis L. Magin
Pacific Business News
Date: Wednesday, November 20, 2013, 7:15am HST
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One or both of Hawaii's two refineries are likely to close by 2020 because of the significant challenges they face as demand decreases and the state's demand for cleaner sources of energy increases, according to an interim report from the state's refinery task force.
The state's progress in adopting renewable energy could reduce the need for fossil fuels by as much as 50 percent by 2020 was among the findings contained in the report submitted to Gov. Neil Abercrombie.
Abercrombie created the task force in February to assess the impact of a potential closure of the Tesoro refinery, which was recently purchased by Texas-based Par Petroleum.
โThe work of the task force is critical to enabling the state to bridge the period to a new energy ecosystem and helping to ensure stable refinery supply during the transition,โ Richard Lim, director of the Department of Business, Economic Development and Tourism, who oversees the task force, said in a statement. โThis joint effort of public and private parties demonstrates a cohesive collaboration in addressing current and future challenges to Hawaiiโs fuels ecosystem.โ
Click here to read the full report.
http://m.bizjournals.com/pacific/blog/morning_call/2013/11/hawaii-refineries-could-close-by-2020.html
kimzerfantastik
11 years ago
06/17/13...Par Petroleum Corporation Agrees to Purchase Tesoro Hawaii, LLC
http://www.businesswire.com/news/home/20130617006630/en/Par-Petroleum-Corporation-Agrees-Purchase-Tesoro-Hawaii
โข Purchase price of $75 million plus net working capital and contingent earn-out
โข $200 million common stock issuance upon closing priced at $1.39 per share
โข Credit facilities arranged to fund working capital
โข Tesoro Hawaii reported 2012 gross refining margin of $174 million
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCBB:PARR) announced today that it has reached a definitive agreement for the acquisition of Tesoro Hawaii, LLC from Tesoro Corporation. Tesoro Hawaii, LLC is an owner of refining, retail and distribution assets located in Hawaii. Following the closing, the retail stations will remain under the Tesoro brand.
Under the terms of the agreement, Par Petroleum, through a wholly-owned subsidiary, will purchase all outstanding membership interests of Tesoro Hawaii, LLC for $75 million in cash, plus net working capital and the market value of inventory at closing. Also included in the purchase price is an earn-out arrangement of up to $40 million payable over three years contingent on certain performance metrics. The transaction has been unanimously approved by the board of directors of Par Petroleum. The acquisition is subject to certain closing conditions, including the successful restart of the refinery and the receipt of required governmental approvals. The transaction is currently expected to be completed in the third quarter of 2013.
โThis is a great fit for Par Petroleum, and we are pleased to make a long-term investment in Hawaiiโs economy,โ said Will Monteleone, Chairman of the Board of Directors and Chief Executive Officer of Par Petroleum. โWe have found in Tesoro Hawaii a great company with outstanding assets and a superb management team and employee base. We aim to serve customers through operational excellence and enhance value for the communities we serve with a focus on safety, environmental stewardship and employee commitment.โ
The acquisition is expected to be financed by the issuance of $200 million of common stock; an ABL revolving credit facility of up to $125 million led by Deutsche Bank; a crude supply and inventory intermediation facility provided by Barclays; and a term loan and revolving credit facility secured by certain retail assets led by the Bank of Hawaii. Par has reached agreement with a group of equity investors to purchase all of the common stock to be issued at closing at a share price of $1.39. The equity investor group is led by existing shareholders Zell Credit Opportunities Fund and Whitebox Advisors.
For the full year 2012, Tesoro Hawaii reported gross refining margin of $174 million on throughput of 68,000 barrels of crude per day. First quarter 2013 gross refining margin was $28 million on throughput of 67,000 barrels of crude per day.
The new refining subsidiary will operate as a separate wholly-owned subsidiary of Par Petroleum and will be headquartered in Houston, Texas.
Par Petroleum intends to appoint William Haywood as President of its new refining subsidiary. Mr. Haywood has more than 30 years of experience in domestic and international energy, and was most recently Senior Vice President of Refining for Tesoro. Also in conjunction with the Tesoro Hawaii transaction, Par Petroleum has named Peter Coxon as Par Petroleum's Chief Operating Officer. Mr. Coxon has nearly 30 years of experience in the transportation and energy industries. He currently serves as President of Texadian Energy, a wholly-owned subsidiary of Par Petroleum. He most recently served as Vice President of SEACOR Holdings and served on a number of related boards of directors.
...
Tesoro Hawaii, LLC
Headquartered in Honolulu, Hawaii, Tesoro Hawaii is an integrated refined productions business serving Hawaii and its population of approximately 1.4 million residents and 8 million annual visitors. The refinery has approximately 94,000 barrels per day of throughput capacity, 2.4 million barrels of crude oil and feedstock storage and 2.5 million barrels of refined products storage. The refinery produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel and other associated refined products. Tesoro Hawaiiโs logistics assets include five refined products terminals, 27 miles of pipelines, a single point mooring terminal and other associated logistics assets. In addition, Tesoro Hawaii owns 31 retail outlets located across the islands of Oahu, Maui and Hawaii.
Par Petroleum Corporation
Par Petroleum is a Houston-based company that manages and maintains interests in a wide variety of energy-related assets, including natural gas assets located in the Piceance Basin, and a crude oil sourcing, marketing, transportation and logistics business headquartered in Houston, Texas through its wholly-owned subsidiary, Texadian Energy, Inc.
Par Petroleumโs primary oil and gas asset is a 33.34% minority ownership interest in a joint venture entity called Piceance Energy, LLC. The remaining ownership interest is held by Laramie Energy II, LLC, who manages the day-to-day operations of the joint venture. Piceance Energy, LLC was formed and capitalized in August of 2012 when the Company and Laramie Energy II, LLC contributed their respective oil and natural gas assets, surface real estate, and other related assets located in the Piceance Basin geologic province of Colorado to the joint venture entity. These assets are more specifically located within Mesa and Garfield Counties of Colorado and are within an approximate 10-mile radius of the heart of the Piceance Basin.
Texadian Energy sources, markets, transports and distributes crude petroleum-based energy products. With significant logistics capability in historical pipeline shipping status, a rail car fleet, and expertise in contracted chartering of tows and barges, Texadian has a long term competitive advantage in moving crude oil from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast. This comprehensive ability to efficiently handle crude oil transport will be a major advantage in the expanded energy product marketing and distribution activity that the company undertakes as Texadian Energy. www.par-petro.com
Contacts
Investor Relations:
Stonegate Securities, Inc.
Preston Graham, 214-987-4121
preston@stonegateinc.com
Media:
For Par Petroleum Corporation
Brad Ginsburg, 713-721-4774
brad@gcomworks.com
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