Par Petroleum Corporation 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. Our common stock is publicly traded on the over-the-counter (OTC) market under the trading symbol "PARR".
Our primary 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 was formed and capitalized in August of 2012 when we and Laramie Energy contributed our 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 within an approximate 10-mile radius of the heart of the Piceance Basin.
We also have an interest in the Point Arguello offshore unit in California and other miscellaneous assets.
Par Petroleum seeks opportunistic acquisitions of various energy and other oil and natural gas producing assets.
A new management team with proven advisory and restructuring experience has been appointed to implement the Company’s vision and direction.
Will Monteleone, the new Chief Executive Officer, brings extensive experience in investments, advisory, asset management and R. Seth Bullock serves as the new Chief Financial Officer with a wealth of experience in financial restructuring and strategic planning.
Par Petroleum Corporation was formerly known as Delta Petroleum Corporation, a Denver-based company primarily focused on finding and developing natural gas reserves from unconventional gas reservoirs within the Rocky Mountain Region. Delta and certain of its subsidiaries filed for Chapter 11 bankruptcy protection in December 2011 and subsequently underwent a financial restructuring. On August 31, 2012, Delta consummated its plan of reorganization and emerged from bankruptcy with a new name, Par Petroleum Corporation. Pursuant to the plan of reorganization, all of Delta’s common stock was cancelled and $265 million in long-term notes and substantially all other unsecured claims were converted into shares of the new common stock of Par Petroleum. In addition, Par Petroleum and Laramie Energy each contributed their respective assets located in Mesa and Garfield Counties of Colorado to form Piceance Energy.
The core competences of Texadian Energy, formerly SEACOR Energy, since its founding have been the sourcing, marketing, transportation and distribution of 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, the company 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.