Par Petroleum Corp., a Texas based refiner and marketer of petroleum products, has announced that Piceance Energy LLC (Piceance), a Delaware limited liability company in which Par owns a 32.4% interest, has entered into a joint venture with Wexpro Company (Wexpro), a subsidiary of Questar Corporation, for an 80 well drilling program.
Wexpro will fund approximately two thirds, or an estimated US$60-70 million, and Piceance will fund one third of required expenditure with existing capital. The 80 well joint venture solidifies Piceance's 2016 drilling plan, reduces the current capital program and improves the rate of return on deployed capital in the current gas environment.
Edited from press release by Angharad Lock