News Column

Par Petroleum Corporation Announces Successful Completion of Common Stock Rights Offering and Award of $164 Million Contract with Defense Logistics...

August 29, 2014



Par Petroleum Corporation Announces Successful Completion of Common Stock Rights Offering and Award of $164 Million Contract with Defense Logistics Agency Energy

By a News Reporter-Staff News Editor at Energy Weekly News -- Par Petroleum Corporation (NYSE MKT: "PARR") announced 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.

Par's 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.

Keywords for this news article include: Energy Companies, Par Petroleum Corporation, Government Agencies Offices and Entities.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Energy Weekly News


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters