Par Announces Conference Call to Review Pending Acquisition and Rights Offering
26 July 2014 - 08:02AM
Business Wire
Par Petroleum Corporation (NYSE MKT: “PARR”) announced today
that it will host a conference call on Tuesday, July 29, 2014, at
9:30 AM ET, to review its previously announced pending acquisition
of Koko’oha Investments, Inc. and registered rights offering. Will
Monteleone, Par’s Chief Executive Officer, will review a slide
presentation on the call and be available for questions. The slide
presentation will be available on the “Investors” section of the
Company’s website and will be included as Exhibit 99.1 to the
Company’s Current Report on Form 8-K to be filed on July 29,
2014.
The Company commenced its rights offering on July 22, 2014 and
it is scheduled to expire at 5:00 p.m. New York City time on August
13, 2014 (unless extended). The Company intends to use the net
proceeds from the rights offering to finance potential
acquisitions, including the pending acquisition of Koko’oha, and
for general corporate purposes, including working capital. Koko’oha
owns Mid Pac Petroleum LLC which distributes gasoline and diesel
products throughout Hawaii through more than 80 sites and four
terminals.
The rights offering is being made solely by means of a
prospectus supplement filed with the Securities and Exchange
Commission (“SEC”) on July 22, 2014, in connection with the
Company’s registration statement on Form S-3 which became effective
on July 7, 2014. Any questions or requests for additional copies of
this prospectus supplement or any ancillary documents may be
directed to the information agent at the following address and
telephone number: D.F. King & Co., Inc., 48 Wall Street, New
York, NY 10005, Banks and Brokers Call Collect: (212) 269-5550, All
Others Call Toll Free: (800) 967-4607.
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.
Conference Call
Information
You may listen or participate in the call by telephone or listen
only on our webcast.
Attendee Audio: 1 (888) 517-2485 Audience US Toll Free
Passcode: 7642 445
Live Audio Webcast:
http://event.onlineseminarsolutions.com/r.htm?e=829242&s=1&k=61F385BC9A99384BD8C232C7C7CDD12A
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.
Par Petroleum’s charter contains restrictions that prohibit
parties from acquiring 5% or more of Par Petroleum’s common stock
without its prior consent.
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 “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” 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 Koko’oha
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
Koko’oha Investments and its business; any unexpected costs or
delays, including modifications to the terms of the transaction
which may be required by our compliance with HSR, in connection
with the pending acquisition of Koko’oha 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
Company’s SEC filings available at www.sec.gov, including the
Company’s 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.
Investor Relations
Contact:Stonegate Securities, Inc.Preston Graham,
214-987-4121preston@stonegateinc.com
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