HOUSTON, Sept. 22, 2015 /PRNewswire/ -- Par Petroleum Corporation (NYSE MKT: PARR) ("Par") announced today that Piceance Energy, LLC ("Piceance"), a Delaware limited liability company in which Par owns a 32.4% interest, has entered into a joint venture with Wexpro Company ("Wexpro"), a subsidiary of Questar Corporation, for an 80 well drilling program. Wexpro will fund approximately two thirds, or an estimated $60-70 million, and Piceance will fund one third of required expenditure with existing capital. The 80 well joint venture solidifies Piceance's 2016 drilling plan, reduces the current capital program and improves the rate of return on deployed capital in the current gas environment.
ABOUT PAR PETROLEUM CORPORATION
Par Petroleum Corporation, headquartered in Houston, Texas, is a growth-oriented integrated refiner and marketer of petroleum products. Par, through its subsidiaries, owns and operates a 94 Mbpd refinery with related logistics and retail network in Hawaii. Par also transports, markets and distributes crude oil from Western U.S. and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii. In addition, Par owns an equity investment in Piceance Energy, LLC, which has natural gas production and reserves located in the Piceance Basin of Colorado. For more information, visit http://www.ppetrol.com.
Forward-Looking Statements
This press release includes certain "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, which are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward looking statements are subject to certain risks, trends, and uncertainties. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on forward-looking statements, which are current only as of this date. Par does not intend to update or revise any forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise. Par further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release.
For more information please contact:
Christine Thorp
Director, Investor Relations & Public Affairs
(832) 916-3396
cthorp@ppetrol.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/par-petroleum-corporation-announces-piceance-energy-80-well-program-update-300146693.html
SOURCE Par Petroleum Corporation