Emerging from bankruptcy in a way that only a true American company could do, the penny stock of Par Petroleum Corporation (PARR) made a HUGE impression today, trading almost $10 million so far. Edging closer to the acquisition of Tesoro Hawaii, LLC from Tesoro Corporation, an owner of refining, retail and distribution assets located in Hawaii. PARR stock exceeded any one trading session today in terms of volume. Soon to be making the addition to their list of energy-related assets with this $75 million purchase, tacking on another $174 million gross refining margin, based on 2012 numbers, is sure to spud interest in this emerging oil giant.
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PARR Stock Quote
Market Cap: 245.95M
Last: 1.62 ▼ -0.02 (-1.22%)
Volume: 5,835,630
Dollar Volume: $9,616,262
Open: 1.65
High: 1.66
Low: 1.62
Trades: 24
Authorized: 300,000,000
Issued and Outstanding: 151,823,993
14-Day Rel Strength: 54.84%
14-Day Stochastic: 52.17%
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Buying the troubling asset from Tesoro Hawaii, LLC which reported a Q1, 2013 gross refining margin of $28 million on throughput of 67,000 barrels of crude per day looks like a golden opportunity for Par Petroleum. Thanks much in part to Zell Credit Opportunities Fund and Whitebox Advisors whose funding for the acquisition, priced at $1.39 per share in a private placement transaction, the deal, currently expected to be completed in Q3 of 2013, should send the Company into the “black” relatively quick.
Per the most recent Q filing, par Petroleum reported revenues of $64.89 million for the 3 months ended March 31, 2013. Revenues are recorded once natural gas or oil is sold to the Company’s purchasers which primarily comes from Par Petroleum’s 33.34% ownership interest in Piceance Energy whose operations are located within Mesa and Garfield Counties of Colorado and within an approximate 10-mile radius of the heart of the Piceance Basin.
With contracts in the form of costless collars of 15,000 MMBtu/day with floors of an average of $3.37 and ceilings of an average of $4.28 with 5,000 MMBtu/day through March 2014 and 10,000 MMBtu/day through September 2014, and as well as swaps of 10,000 MMBtu/day for an average price of $3.46 through September 2014, Piceance Energy also holds natural gas gathering and processing contracts for a fixed rate expiring on various dates beginning in 2017 through 2032.
Putting Hawaii based assets into the portfolio of this emerging oil giant is a significant move, especially when one considers that just 18 months ago, Par Petroleum’s predecessor, Delta Petroleum Corporation, had filed voluntary petitions under Chapter 11. If that’s not PARR for the course of never giving up, I’m not sure what is.
About PARR Stock
Par Petroleum Corporation manages and maintains interests in a wide variety of energy-related assets, including natural gas assets located in the Piceance Basin.
Click here to view the SEC filings for PARR.
Click here to view the website for Par Petroleum.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 06/27/13 | 1.6400 | -0.0150 | -0.91% | 26,900 |
| 06/26/13 | 1.6550 | -0.0050 | -0.30% | 23,200 |
| 06/25/13 | 1.6600 | -0.0100 | -0.60% | 10,300 |
| 06/24/13 | 1.6700 | +0.0050 | +0.30% | 13,700 |
| 06/21/13 | 1.6700 | +0.0100 | +0.60% | 99,300 |
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Bottom Line:
It’s hard to notice the volume spike on this cheap oil & gas focused penny stock today and perhaps the interest came from the Wall Street guru’s who can smell the essence of profits due to come in the near future. Whatever the case may be, the average size trade on PARR stock should be a clear sign that this isn’t a “flip for all” and should be taken note of heading into July.
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