<SEC-DOCUMENT>0001193125-17-273241.txt : 20180827
<SEC-HEADER>0001193125-17-273241.hdr.sgml : 20180827
<ACCEPTANCE-DATETIME>20170830164305
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-273241
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR PACIFIC HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000821483
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841060803
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		(281) 899-4800

	MAIL ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAR PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	20120907

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELTA PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
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<TITLE>Comment Letter</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">August&nbsp;30, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Via EDGAR and Federal Express </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E., Mail Stop 7010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Mr. Karl Hiller </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Jenifer Gallagher </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ms.&nbsp;Kimberly Calder </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Mr.&nbsp;John Hodgin </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Par Pacific Holdings, Inc. </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form 10-K for Fiscal Year Ended December&nbsp;31, 2016 </TD></TR></TABLE>
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<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed March&nbsp;7, 2017 </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">File No.&nbsp;001-36550 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is in response to your letter dated August&nbsp;16, 2017, to Par Pacific Holdings, Inc. (the &#147;Company&#148;), transmitting the
comments of the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) relating to the above referenced Annual Report on Form 10-K for the Year Ended December&nbsp;31, 2016 (the &#147;Form
10-K&#148;). For your convenience, the response is preceded by the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for the Fiscal Year ended December&nbsp;31, 2016
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Properties, page 35 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Proved Undeveloped
Reserves, page 37 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">We note your response to prior comment 1 and the illustration in Exhibit A of your proposed disclosure revisions regarding investments and progress made during 2016 to convert proved undeveloped reserves to proved
developed reserves. </TD></TR></TABLE>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;30, 2017</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request*</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017)</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You indicate the capital expenditures incurred during 2016 for development of proved
undeveloped reserves were less than originally anticipated due to significantly lower than expected natural gas prices and suspension of the one-rig drilling program. However, your proposed disclosure revisions do not address the impact of the
acquisition that occurred in March 2016, and the resulting adjustments that were made to the development plan to focus on probable reserves that were believed to have more favorable economics compared to other locations previously booked as PUDs, as
noted in your response to comment 3 issued June&nbsp;14, 2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please further revise your disclosure to address these and any other
factors effecting the development plans and progress toward converting the 2016 proved undeveloped reserves, also with regard to the capital spending plan for 2017. The language regarding the $31 million capital spending plan of Laramie Energy for
2017 should also be modified to clarify your portion of this expenditure (also with respect to the 19,121 MMcfe of proved undeveloped reserves), which you indicated would be $13.2 million, in your response to prior comment 3 issued June&nbsp;14,
2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>. We acknowledge the Staff&#146;s comment. A revised version of the disclosure we propose to include in future Annual
Reports on Form 10-K is set forth in <U>Exhibit A</U> hereto. All updates to the disclosure in our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2016 are underlined, and all updates to the proposed disclosure we provided the
Staff on July&nbsp;25, 2017 are marked in blue font. We supplementally inform the Staff that, notwithstanding Laramie Energy&#146;s expectations regarding 2017 capital expenditures and the Staff&#146;s request to disclose our portion of such
expenditures (which is simply based on our ownership interest of 42.3%), the Company is under no obligation to fund any such expenditures. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">We note your response to prior comments 2 and 3 and the information provided supplementally in Exhibits B and C regarding the dates used in the development schedules as of December&nbsp;31, 2013, 2014 and 2015. However,
it is unclear whether the development dates in Exhibit C, which are referred to as &#147;drill&#148; dates, coincide with the dates that the classification of the reserves for the wells would be changed from undeveloped to developed status. Please
tell us the dates upon which each of the locations listed in Exhibit B with proved undeveloped reserves initially disclosed at December&nbsp;31, 2013 that are scheduled for development in 2019 and 2020 will be reclassified from undeveloped to
developed status based on the definition of developed oil and gas reserves in Rule 4-10(a)(6) of Regulation S-X. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please also
explain how your expectations correlate with the sequence of activity encompassed in the development plan for each well, considering the number of wells per pad and intervals between drill dates, fracturing dates and completion dates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>. We acknowledge the Staff&#146;s comment. To provide more comprehensive information to the Staff, we have updated <U>Exhibit B
</U>hereto to include, for all wells in Laramie&#146;s proved undeveloped inventory as of December&nbsp;31, 2016 (&#147;PUDs&#148;), both the scheduled drill date (or the spud date) and the completion date used for purposes of
</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;30, 2017</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request*</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017)</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Laramie Energy&#146;s development schedule. Laramie Energy typically drills and sets casing for its wells within a week of the scheduled drill date and typically completes its drilled wells
within three to six months of the drill date. Laramie Energy and its reserve engineer change the classification of wells from undeveloped to developed status when such wells are completed in accordance with the definition of developed oil and gas
reserves in Rule 4-10(a)(6) of Regulation S-X. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As previously disclosed to the Staff, certain of Laramie Energy&#146;s PUD locations set
forth on <U>Exhibit B</U> that are not scheduled to be drilled within five years of initial booking (but are scheduled to be drilled during year six) were classified as PUDs due to the acceleration of Laramie Energy&#146;s drilling rate, which led
Laramie Energy&#146;s reserve engineer to determine with reasonable certainty that these PUDs will in fact be drilled within five years. For example, Laramie Energy has drilled a total of 64 wells to date in 2017 compared to a total of 78 wells
drilled during the prior two calendar years, and has reduced the average time to drill and set casing for its wells to five days during 2017 from an average of fourteen days prior to 2014. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">We note that among the 161 wells that are scheduled to be developed in 2019, 22 were initially booked December&nbsp;31, 2013, not including the 11 wells that you indicate will be spud on January&nbsp;1, 2019. We also
note that 4 of the 22 do not appear on the list of wells at Exhibit C, which you previously identified as locations scheduled to be developed more than five years after initial disclosure, as of December&nbsp;31, 2016. Tell us the proved undeveloped
reserves relating to the four additional wells with an initial disclosure date of December&nbsp;31, 2013, and explain why these do not appear among the wells listed in Exhibit C or the reserve figure in footnote 1 to Exhibit B. Also provide us with
details about prior changes in scheduled development dates for these four additional wells and the eleven wells referenced in footnote 1 to Exhibit B, comparable to those in Exhibit C. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>. We acknowledge the Staff&#146;s comment. The four wells and the proved undeveloped reserves associated with them are
highlighted in blue font in <U>Exhibit B</U> hereto. They did not appear among the wells listed in <U>Exhibit C</U> to the Company&#146;s response to the Staff dated July&nbsp;25, 2017 because the wells highlighted in blue font are scheduled to be
drilled within five years after initial booking. <U>Exhibit C</U> to the Company&#146;s response to the Staff dated July&nbsp;25, 2017 referred to wells scheduled at year-end 2016 to be drilled after five but less than six years from the date of
initial booking that Laramie Energy&#146;s reserve engineer determined with reasonable certainty based on the acceleration of Laramie Energy&#146;s drilling rate would in fact be drilled within five years of initial booking. These four wells also do
not appear in the reserve figure in footnote 1 to <U>Exhibit B</U> because they will be drilled prior to the last day of the five year period from the date of initial booking (i.e., scheduled to be drilled in late 2018 rather than on or about
January&nbsp;1, 2019). Details regarding prior changes in scheduled drill dates for these four additional wells and the eleven wells referenced in footnote 1 to <U>Exhibit B</U> are included in <U>Exhibit C </U>hereto. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;30, 2017</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request*</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017)</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Tell us the undiscounted future net revenue and the PV-10 for each of the proved undeveloped locations initially disclosed as of December&nbsp;31, 2013 that are scheduled for development in 2019 and 2020, as identified
in Exhibit B. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>. We acknowledge the Staff&#146;s comment. The undiscounted future net revenue and the PV-10
for each of the proved undeveloped locations initially disclosed as of December&nbsp;31, 2013 that are scheduled to be drilled in 2019 (including the 11 wells that are scheduled to be drilled on January&nbsp;1, 2019) (the &#147;Delayed PUDs&#148;)
is included in <U>Exhibit B</U> hereto. There are no proved undeveloped locations initially disclosed as of December&nbsp;31, 2013 that are scheduled to be drilled in 2020. We supplementally inform the Staff that the Company&#146;s share of the
Delayed PUDs collectively account for approximately 2.8% of the undiscounted future net revenue ($8,985,800) and 0.9% of the PV-10 ($1,299,500) associated with the Company&#146;s reserves as of December&nbsp;31, 2016, which the Company does not
consider material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please call the undersigned at (832)&nbsp;916-3386 with any additional comments or questions you may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ J. Matthew Vaughn </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">J. Matthew Vaughn </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Senior Vice President and General Counsel </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>From Page 37 of the Company&#146;s Form 10-K </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Proved
Undeveloped Reserves </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our proved undeveloped reserves at December&nbsp;31, 2016 are held through our minority equity ownership
in Laramie Energy. We do not control Laramie Energy and therefore cannot predict or control the development of the properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of
December&nbsp;31, 2016, our share of Laramie Energy&#146;s proved undeveloped reserves totaled 197,488&nbsp;MMcfe, an approximate 140% increase from proved undeveloped reserves at December&nbsp;31, 2015. This increase was primarily due to Laramie
Energy&#146;s acquisition of properties in the Piceance Basin for $157.5 million in March 2016 and wells that have become economic as a result of increased operator efficiency and cost reductions.<FONT
STYLE="font-family:Times New Roman" COLOR="#0070c0"><U> As a result of this acquisition, Laramie Energy reevaluated its drilling schedule in 2016 to increase the planned pace of development of certain recently acquired locations and delay the
scheduled development of certain legacy locations. This reevaluation also led to the accelerated development of certain probable reserves that Laramie Energy&#146;s management believed to have more favorable economics than certain locations
previously booked as proved undeveloped reserves. </U></FONT><FONT STYLE="font-family:Times New Roman"><U>During the year ended December&nbsp;31, 2016, Laramie Energy expended approximately $1.4 million in connection with the development of its
proved undeveloped reserves to convert the 1,125 MMcfe of proved undeveloped reserves to proved developed reserves. These expenditures were less than originally anticipated due to significantly lower than expected natural gas prices, which led
Laramie Energy to temporarily suspend its one-rig program.</U> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Laramie Energy expects to expend approximately $31 million in
2017 to convert approximately </U><FONT STYLE="font-family:Times New Roman" COLOR="#0070c0"><U>45,203</U></FONT><FONT STYLE="font-family:Times New Roman"><U> MMcfe of proved undeveloped reserves to proved developed reserves (and has spent
approximately $11.4 million year to date during 2017 on its current two-rig program). </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#0070c0"><U>Our portion of this expenditure based on our 42.3% ownership interest in Laramie Energy is
$13.2 million in 2017 to convert approximately 19,121 MMcfe of proved undeveloped reserves to proved developed reserves (of which approximately $4.8&nbsp;million has been spent year to date during 2017).</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit B </U></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">*FOIA Confidential Treatment Request* </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Confidential Treatment Requested by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Par Pacific Holdings, Inc. (08162017) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Exhibit C </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[****] </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
