This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Par Petroleum Corporation Reports 2012 Estimated Proved Reserves

Par Petroleum Corporation (“Par”) (OTCBB: PARR) filed its Annual Report on Form 10-K with the US Securities and Exchange Commission (SEC) for the fiscal year ending December 31, 2012, reporting total estimated proved natural gas and oil reserves as of that date. The estimates, which include the Company’s share of the estimated proved reserves of Piceance Energy, LLC (“Piceance Energy”), were 167.9 Bcfe, consisting of 123.1 billion cubic feet (Bcf) of natural gas, 6.3 million barrels (MMBbls) of natural gas liquids (NGLs) and 1.1 MMBbls of oil. Par’s primary asset is a 33.34% non-operated equity interest in Piceance Energy. Piceance Energy’s primary area of activity is in the Piceance Basin in western Colorado.

The pre-tax present value of estimated proved reserves at December 31, 2012, discounted at 10%, and based on average beginning of the month prices during 2012 (the “SEC Case”), was approximately $80.0 million. An alternate price scenario (the “Alternate Case”), which is described in more detail below, applies the hedgeable NYMEX forward strip price as of December 31, 2012 and results in estimated proved reserves of 433.4 Bcfe with a PV-10 value of approximately $291.6 million. See disclosures at the end of this release for a reconciliation of PV-10 to the standardized measure of discounted future net cash flows.

Reserves and Cash Value

The following tables present the estimated proved reserves and PV-10 that Par directly owns and indirectly owns through Piceance Energy as of December 31, 2012:
2012 2012

SEC Case
Alternate Case
Natural Gas (Bcf) 123.1 319.7
NGL (MMbbl) 6.3 16.6
Oil (MMbbl) 1.1 2.3
Total (Bcfe) 167.9 433.4
2012 2012

SEC Case
Alternate Case
($ millions)
PDP PV-10 $ 47.1 $ 78.1
PDNP PV-10 $ 13.0 $ 24.3
PUD PV-10 $ 19.9 $ 189.3
Total Proved PV-10 $ 80.0 $ 291.6

For the SEC Case, total estimated proved reserves and PV-10 are based on a historical first-of-month, 12-month average posted price of $85.87 per Bbl for WTI oil, $34.66 per Bbl for natural gas liquids and a spot price of $2.30 per MMBtu for CIG natural gas, in each case adjusted for differentials, contractual deducts and similar factors.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs