Par Petroleum Corp. (OTCBB:PARR) Retreats a Tad Further
In Friday trading Par Petroleum Corp. (OTCBB:PARR) remained red and closed just 1% down, stopping at $2.32 per share, on 390 thousand shares traded. The ticker reversed from a 52-week high of $2.40 per share and logged two red sessions that brought it to its last close.
The company has been relatively quiet on the press release front, with its latest announcement coming over a month ago. PARR is a company engaged primarily in the oil transportation sector, with subsidiary Texadian Energy accounting for the majority of revenues generated.
Unlike many other OTC oil plays, PARR is actually generating revenues from its operations and they are in substantial amounts. The company’s report for the quarter ended June shows the following:
- $43 million in cash
- $33 million in current liabilities
- $34 million in quarterly revenues
- $9 million in quarterly net loss
While those numbers are impressive, it’s worth noting that PARR was formerly known as Delta Petroleum Corporation, an entity that was forced to file for chapter 11 bankruptcy and reorganize, with the full procedure explained in detail in the company’s latest quarterly in question.
PARR last had a huge share volume spike when it closed an acquisition deal for a refinery located in Hawaii. The stock returned to much calmer daily volumes following that spike and only recently picked up a bit more speed. On October 28 PARR jumped without any recent news or a filing coming through. The green run lasted three sessions and brought the stock to its 52-week high but it seems to have reversed now.
Other OTC stocks charted bigger moves on Friday, with pumped Pan Global Corp. (OTCMKTS:PGLO) closing 28% up assisted by email promos. Another rather expensive pump – Bison Petroleum Corp. (OTCMKTS:BISN), took an immediate nose dive in Friday trading, then wobbled along to close 16% down.