Par Pacific Holdings, Inc. (PARR)

[Timothy Smith]

Par Petroleum (NYSEMKT:PARR) says Piceance Energy, in which Par owns a 32.4% interest, has entered into a natural gas joint venture with Questar (NYSE:STR) subsidiary Wexpro for an 80 well drilling program.

STR says the agreement provides options for Wexpro to acquire development rights for deeper formations and expand the drilling program up to 300 wells, depending on commodity prices.

Wexpro will fund roughly two-thirds of the required expenses, or $60M-$70M, and Piceance will fund the remaining third.