Par Pacific Holdings, Inc. Comm (NYSE:PARR)

HOUSTON, Sept. 6, 2012 /PRNewswire/ -- Par Petroleum Corporation ("Par Petroleum" or the "Company") announced that its predecessor Delta Petroleum Corporation ("Delta") consummated its plan of reorganization on August 31, 2012. The reorganized company, Par Petroleum, emerged from Delta's bankruptcy with a substantially delevered balance sheet. Pursuant to Delta's plan of reorganization, $265 million in long-term notes and substantially all other unsecured claims were converted into the common stock of Par Petroleum. Par Petroleum's common stock will be publicly traded on the over-the-counter (OTC) market under the trading symbol "PARR". Par Petroleum's only long-term debt is a $30 million delayed-draw term loan, of which $13 million was drawn on August 31, 2012. Proceeds of the facility provided funding on August 31, 2012 to two trusts for the payment of certain expenses relating to the administration of the Delta bankruptcy case. Proceeds will also be used for general corporate purposes.

In addition, in connection with the transactions consummated pursuant to Delta's plan of reorganization, Par Petroleum partnered with Laramie Energy II, LLC ("Laramie"), an oil and gas operator. Laramie and Par Petroleum each contributed their respective assets in Mesa and Garfield counties, Colorado, to form a new joint venture called Piceance Energy, LLC ("Piceance Energy"). Laramie and Par Petroleum hold 66.66% and 33.34% ownership interests in Piceance Energy, respectively. Subsequently, Piceance Energy entered into a new $140 million credit agreement, and distributed approximately $74.1 million to Par Petroleum and $24.8 million to Laramie. The distributions are subject to adjustment per the joint venture transaction effective date of July 31, 2012.