HOUSTON, April 1, 2015 /PRNewswire/ -- Par Petroleum
Corporation (NYSE MKT: PARR) ("Par") announced today that it has
completed the previously-announced acquisition of Koko'oha
Investments Inc., the parent company of Mid Pac Petroleum, LLC
("Mid Pac") based in Honolulu,
Hawaii. The acquisition includes 85 retail outlets and
four terminals in Hawaii, for a
total purchase price of $107 million
plus working capital.
"We are excited to welcome a strong and successful organization
under Jim Yates' leadership to the
Par family. The addition of Mid Pac significantly strengthens our
marketing position in Hawaii and
supports our refinery optimization at higher rates,"
said Joseph Israel, President and Chief Executive Officer.
About Par Petroleum
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 94,000 bpd refinery with
related logistics and retail network in Hawaii. Par also transports, markets and
distributes crude oil from Western U.S. and Canada to Hawaii and other refining hubs in the Midwest,
the Gulf Coast, and the East Coast. In addition, Par owns 33% of
Piceance Energy, LLC, which has natural gas production and reserves
located in the Piceance Basin of Colorado. Par's charter contains restrictions
that prohibit parties from acquiring 5% or more of Par's common
stock without the company's prior consent.
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. All statements other than statements of historical fact
are forward-looking statements. Forward-looking statements,
including statements about expected market conditions and refinery
throughput, are subject to certain risks, trends and uncertainties.
Among those risks, trends and uncertainties are the volatility of
crude oil and refined product prices; operating disruptions at the
refinery resulting from unplanned maintenance events; uncertainties
inherent in estimating oil, natural gas and NGL reserves;
environmental risks; and risks of political or regulatory changes.
The company cannot assure that the assumptions upon which these
forward-looking statements are based will prove to have been
correct. 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. Important risk factors that may affect the
company's business, results of operations and financial position
are discussed in our most recently filed Annual Report on Form
10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports
on Form 8-K and other SEC filings.
Contact:
Christine
Thorp
Director, Investor Relations
(832) 916-3396
cthorp@ppetrol.com
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SOURCE Par Petroleum Corporation