Par Pacific (PARR) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 14, 2013
Document and Entity Information:	'	'
Entity Registrant Name	'PAR PETROLEUM CORP/CO	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0000821483	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock Shares Outstanding	'	299,075,145
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$69,044	$6,185
Restricted cash	1,750	23,970
Trade accounts receivable, net of allowance for doubtful accounts of $0 at September 30, 2013 and December 31, 2012	93,625	17,730
Inventories	395,798	10,466
Prepaid and other current assets	7,415	1,575
Total current assets	567,632	59,926
Property and equipment:	'	'
Land	39,800	'
Property, plant and equipment	66,144	'
Furniture and fixtures	1,853	'
Software	2,646	'
Other	1,400	1,415
Natural gas and oil properties, at cost, successful efforts method of accounting:	'	'
Proved	4,909	4,804
Total property and equipment	116,752	6,219
Less accumulated depreciation, depletion, and amortization	-1,728	-373
Property and equipment, net	115,024	5,846
Long-term assets:	'	'
Investment in unconsolidated affiliate	102,923	104,434
Intangible assets, net	12,085	8,809
Goodwill	13,309	7,756
Assets held for sale	'	2,800
Other long-term assets	17,141	11
Total long-term assets	145,458	123,810
Total assets	828,114	189,582
Current liabilities:	'	'
Current maturities of debt	'	35,000
Obligations under supply and exchange agreements	333,599	'
Accounts payable	65,795	25,329
Other accrued liabilities	25,499	981
Accrued settlement claims	6,475	8,667
Total current liabilities	431,368	69,977
Long-term liabilities:	'	'
Long - term debt, net of current maturities and unamortized discount	67,448	7,391
Derivative liabilities	17,590	10,945
Obligations under supply and exchange agreements	17,132	'
Other liabilities	19,408	512
Total liabilities	552,946	88,825
Commitments and contingencies	'	'
Stockholders' Equity:	'	'
Preferred stock, $0.01 par value: authorized 3,000,000 shares, none issued	'	'
Common stock, $0.01 par value; authorized 500,000,000 shares at September 30, 2013 and December 31, 2012, issued 299,053,989 shares and 150,080,927 shares at September 30, 2013 and December 31, 2012, respectively	2,991	1,501
Additional paid-in capital	309,666	108,095
Accumulated deficit	-37,489	-8,839
Total stockholders' equity	275,168	100,757
Total liabilities and stockholders' equity	$828,114	$189,582

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position	'	'
Preferred Stock, par or stated value	$0.01	$0.01
Preferred Stock, shares authorized	3,000,000	3,000,000
Preferred Stock, shares issued	0	0
Common Stock, par or stated value	$0.01	$0.01
Common Stock, shares authorized	500,000,000	300,000,000
Common Stock, shares issued	299,053,989	150,080,927
Allowance for doubtful accounts	$0	$0

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended	2 Months Ended	8 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor	Successor	Successor	Predecessor	Predecessor
Revenue:	'	'	'	'	'
Operating revenues	'	$33,203,000	$128,960,000	'	'
Natural gas and oil sales	584,000	2,182,000	5,988,000	5,466,000	23,079,000
Total revenues	584,000	35,385,000	134,948,000	5,466,000	23,079,000
Operating expenses:	'	'	'	'	'
Cost of revenues	'	30,656,000	113,561,000	'	'
Lease operating expense	332,000	1,000,000	4,175,000	2,223,000	9,038,000
Transportation expense	'	'	'	1,677,000	6,963,000
Production taxes	3,000	15,000	39,000	180,000	979,000
Exploration expense	'	'	'	1,000	2,000
Dry hole costs and impairments	'	'	'	151,346,000	151,347,000
Depreciation, depletion, amortization and accretion	124,000	1,218,000	3,022,000	5,815,000	16,041,000
Trust litigation and settlements	'	549,000	5,713,000	'	'
General and administrative expense	356,000	10,363,000	19,422,000	1,641,000	9,386,000
Total operating expenses	815,000	43,801,000	145,932,000	162,883,000	193,756,000
Loss from unconsolidated affiliates	-1,525,000	-907,000	-1,772,000	'	'
Operating loss	-1,756,000	-9,323,000	-12,756,000	-157,417,000	-170,677,000
Other income and (expense):	'	'	'	'	'
Interest expense and financing costs, net	-246,000	-3,935,000	-9,806,000	-1,990,000	-6,852,000
Other income (expense), net	'	28,000	797,000	526,000	516,000
Realized gain on derivative instruments, net	'	'	410,000	'	'
Unrealized loss on derivative instruments	'	-1,390,000	-6,645,000	'	'
Loss from unconsolidated affiliates	'	'	'	-29,000	-20,000
Total other expense, net	-246,000	-5,297,000	-15,244,000	-1,493,000	-6,356,000
Loss before income taxes and reorganization items	-2,002,000	-14,620,000	-28,000,000	-158,910,000	-177,033,000
Income tax expense	'	'	-650,000	'	'
Loss before reorganization items	-2,002,000	-14,620,000	-28,650,000	-158,910,000	-177,033,000
Reorganization items	'	'	'	'	'
Professional fees and administrative costs	'	'	'	10,719,000	22,354,000
Gain on settlement of liabilities	'	'	'	-168,332,000	-168,715,000
Fresh start adjustments	'	'	'	14,765,000	14,765,000
Net loss	($2,002,000)	($14,620,000)	($28,650,000)	($16,062,000)	($45,437,000)
Basic and diluted loss per common share	($0.01)	($0.09)	($0.18)	($0.56)	($1.57)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Total	Common stock	Additional paid-in capital	Accumulated deficit
Stockholders' Equity at Dec. 31, 2012	$100,757,000	$1,501,000	$108,095,000	($8,839,000)
Shares, Outstanding at Dec. 31, 2012	'	150,081,000	'	'
Stock issued in a private transaction, net of offering cost, value	199,170,000	1,439,000	197,731,000	'
Stock issued in a private transaction, net of offering cost, shares	'	143,885,000	'	'
Stock issued to settle bankruptcy claims, value	2,468,000	20,000	2,448,000	'
Stock issued to settle bankruptcy claims, shares	'	2,014,000	'	'
Stock issued in exchange for liability, value	932,000	6,000	926,000	'
Stock issued in exchange for liability, shares	'	565,000	'	'
Stock based compensation, value	491,000	25,000	466,000	'
Stock based compensation, shares	'	2,509,000	'	'
Net loss	-28,650,000	'	'	-28,650,000
Stockholders' Equity at Sep. 30, 2013	$275,168,000	$2,991,000	$309,666,000	($37,489,000)
Shares, Outstanding at Sep. 30, 2013	'	299,054,000	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	1 Months Ended	9 Months Ended	8 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Aug. 31, 2012
	Successor	Successor	Predecessor
Cash flows from operating activities:	'	'	'
Net loss	($2,002,000)	($28,650,000)	($45,437,000)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:	'	'	'
Depreciation, depletion, amortization and accretion	124,000	3,022,000	16,041,000
Interest, prepayments premiums and exit penalty capitalized into note balance	'	8,036,000	2,989,000
Amortization of deferred financing costs and bond discount	132,000	1,619,000	'
Change in asset values due to fresh start accounting adjustments	'	'	14,765,000
Gain on extinguishment of senior debt	'	'	-166,144,000
Gain on settlement of liabilities	'	'	-2,188,000
Gain on sale of assets held for sale	'	-50,000	'
Loss on disposal of other assets	'	33,000	126,000
Dry hole costs and impairment	'	'	151,347,000
Stock-based compensation	'	491,000	1,895,000
Unrealized loss on derivative contracts	'	6,645,000	'
Loss from unconsolidated affiliates	1,525,000	1,772,000	20,000
Other	'	'	-699,000
Net changes in operating assets and liabilities:	'	'	'
Trade accounts receivable	-581,000	-16,161,000	3,472,000
Deposits and prepaid assets	-190,000	54,000	-1,378,000
Inventories	'	34,778,000	'
Supply and exchange agreement	'	-51,349,000	'
Other assets	'	2,000	'
Accounts payable and other current accrued liabilities	645,000	43,230,000	-4,187,000
Other accrued liabilities	'	1,034,000	'
Settlement claim liability	'	4,526,000	'
Accrued reorganization costs	'	'	9,116,000
Net cash provided by (used in) operating activities	-347,000	9,032,000	-20,262,000
Cash flows from investing activities:	'	'	'
Purchase of HIE, net of cash acquired	'	-559,607,000	'
Additions to property and equipment	'	-4,627,000	-1,613,000
Cash restricted for letter of credit	'	-1,030,000	'
Capitalized drilling costs owed to operator	'	-261,000	'
Proceeds from sale of oil and gas properties	'	'	74,209,000
Proceeds from sale of other fixed assets	'	'	26,000
Proceeds from sale of assets held for sale	'	2,850,000	'
Net cash used in investing activities	'	-562,675,000	72,622,000
Cash flows from financing activities:	'	'	'
Funding of purchase of HIE from supply and exchange agreements	'	384,948,000	'
Proceeds from sale of common stock, net of offering cost	'	199,170,000	'
Proceeds from borrowings	'	67,655,000	23,000,000
Repayments of borrowing	'	-52,007,000	-59,535,000
Payment of deferred loan costs	'	-2,264,000	'
Fund distribution agent account	'	'	-21,805,000
Release of restricted cash held to secure letters of credit	'	19,000,000	'
Proceeds from (funding of) Wapiti and General Recovery Trust	2,000,000	'	-2,000,000
Net cash provided by (used in) financing activities	2,000,000	616,502,000	-60,340,000
Net increase (decrease) in cash and cash equivalents	1,653,000	62,859,000	-7,980,000
Cash at beginning of period	4,882,000	6,185,000	12,862,000
Cash at end of period	6,535,000	69,044,000	4,882,000
Non cash investing and financing activities and supplemental disclosure of cash paid:	'	'	'
Stock issued to settle bankruptcy claims	'	2,468,000	'
Stock issued in exchange of liability	'	932,000	'
Cash paid for interest and financing costs	'	93,000	3,745,000
Restricted cash used to settle bankruptcy claims	'	4,250,000	'
Interest capitalized into note balances	114,000	7,839,000	'
Net settlement of supply and exchange agreements	'	$21,639,000	'

1_Reorganization_Under_Chapter

(1) Reorganization Under Chapter 11	9 Months Ended
	Sep. 30, 2013
Notes	'
(1) Reorganization Under Chapter 11	'
	(1) Reorganization under Chapter 11
	In December 2011, Delta Petroleum Corporation (“Delta”) and its subsidiaries Amber Resources Company of Colorado, DPCA, LLC, Delta Exploration Company, Inc., Delta Pipeline, LLC, DLC, Inc., CEC, Inc. and Castle Texas Production Limited Partnership filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). In January 2012, Castle Exploration Company, Inc., a subsidiary of Delta Pipeline, LLC, also filed a voluntary petition under Chapter 11 in the Bankruptcy Court. Delta and its subsidiaries included in the bankruptcy petitions are collectively referred to as the “Debtors.”
	In December 2011, the Debtors filed a motion requesting an order to approve matters relating to a proposed sale of Delta’s assets, including bidding procedures, establishment of a sale auction date and establishment of a sale hearing date. In January 2012, the Bankruptcy Court issued an order approving these matters. In March, 2012, Delta announced that it was seeking court approval to amend the bidding procedures for its upcoming auction to allow bids relating to potential plans of reorganization as well as asset sales. On March 22, 2012, the Bankruptcy Court approved the revised procedures.
	Following the auction, the Debtors obtained approval from the Bankruptcy Court to proceed with Laramie Energy II, LLC (“Laramie”) as the sponsor of a plan of reorganization (the “Plan of Reorganization” or the “Plan”) by which Laramie and Delta intended to form a new joint venture called Piceance Energy, LLC (“Piceance Energy”). In June 2012, Delta entered into a Contribution Agreement (the “Contribution Agreement”) with Piceance Energy and Laramie to effect the transactions contemplated by the Plan.
	On June 4, 2012, the Debtors filed a disclosure statement relating to the Plan of Reorganization. The Plan was confirmed on August 15, 2012 and was declared effective on August 31, 2012 (the “Emergence Date”). On the Emergence Date, Delta consummated the transaction contemplated by the Contribution Agreement and each of Delta and Laramie contributed to Piceance Energy their respective assets in the Piceance Basin. Piceance Energy is owned 66.66% by Laramie and 33.34% by Delta (referred to after the closing of the transaction as “Successor”). At the closing, Piceance Energy entered into a new credit agreement, borrowed $100 million under that agreement, and distributed approximately $72.6 million net of settlements to the Company and approximately $24.9 million to Laramie. The Company used its distribution to pay bankruptcy expenses and to repay its secured debt. The Company also entered into a new credit facility and borrowed $13 million under that facility at closing, and used those funds primarily to pay bankruptcy claims and expenses.
	On the Emergence Date, Delta also amended and restated its certificate of incorporation and bylaws and changed its name to Par Petroleum Corporation (“Par”). The amended and restated certificate of incorporation contains restrictions that render void certain transfers of the Company stock that involve a holder of five percent or more of its shares. The purpose of this provision is to preserve certain of the Company’s tax attributes including net operating loss carryforwards that the Company believes may have value. Under the amended and restated bylaws, the Company’s board of directors has five members, each of whom was appointed by its stockholders pursuant to a Stockholders’ Agreement entered into on the Emergence Date.
	Following the reorganization, Par retained its interest in the Point Arguello Unit offshore California and other miscellaneous assets and certain tax attributes, including significant net operating loss carryforwards. Based upon the Plan as confirmed by the Bankruptcy Court, Delta’s creditors were issued approximately 147.7 million shares of common stock, and Delta’s former stockholders received no consideration under the Plan.
	Contemporaneously with the consummation of the Contribution Agreement, the Company, through a wholly-owned subsidiary, entered into a Limited Liability Company Agreement with Laramie that governs the operations of Piceance Energy (the “LLC Agreement”).
	In addition, Laramie and Piceance Energy entered into a Management Services Agreement pursuant to which Laramie provides certain services to Piceance Energy for a fee of $650,000 per month.

2_Summary_of_Significant_Accou

(2) Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Notes	'
(2) Summary of Significant Accounting Policies	'
	(2) Summary of Significant Accounting Policies
	Principles of Consolidation and Basis of Presentation
	The consolidated financial statements include the accounts of Par Petroleum Corporation and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. At September 30, 2013, the majority of our natural gas and oil activities were conducted through partnerships and joint ventures. We will include our proportionate share of assets, liabilities, revenues and expenses from these entities in our consolidated financial statements. We do not have any off-balance sheet financing arrangements (other than operating leases) or any unconsolidated special purpose entities.
	Our wholly owned primary subsidiaries include Par Piceance Energy, LLC, which owns our investment in Piceance Energy (see Note 3), Texadian Energy, Inc. (formerly known as SEACOR Energy Inc. (“Texadian”)), which we acquired on December 31, 2012 (see Note 4) and Hawaii Pacific Energy, LLC (“Hawaii Pacific Energy”)  which acquired all of the outstanding membership interests of Hawaii Independent Energy, LLC (formerly known as Tesoro Hawaii, LLC (“HIE”)), on September 25, 2013 (see Note 4).
	The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. Some information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), have been condensed or omitted pursuant to the Securities and Exchange Commission’s (“SEC”) rules and regulations. In our opinion, all adjustments, consisting only of normal recurring accruals, considered necessary to state fairly the information in our unaudited condensed consolidated financial statements have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the complete fiscal year. As a result, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto previously filed with our Annual Report on Form 10-K for the year ended December 31, 2012.
	Fresh Start Accounting and the Effects of the Plan
	As required by U.S. GAAP, effective as of August 31, 2012, Par adopted fresh start accounting following the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 “Reorganizations” (“ASC 852”). Fresh start accounting results in us becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to August 31, 2012 reflect the operations of Delta prior to reorganization (hereinafter also referred to as “Predecessor”) and are not comparable to the consolidated financial statements presented on or after August 31, 2012. Accordingly, certain disclosures relating to the Predecessor’s financial statements for the two and eight months ended August 31, 2012 have been omitted. Fresh start accounting was required upon emergence from Chapter 11 because (i) holders of voting shares immediately before confirmation of the Plan received less than 50% of the emerging entity and (ii) the reorganization value of our assets immediately before confirmation of the Plan was less than our post-petition liabilities and allowed claims. Fresh start accounting results in a new basis of accounting and reflects the allocation of our estimated fair value to underlying assets and liabilities.
	Cash Equivalents
	We consider all highly liquid investments with maturities at date of acquisition of three months or less to be cash equivalents.
	Restricted Cash
	As of September 30, 2013, restricted cash totaled approximately $1.7 million and consisted of approximately $720,000 designated to settle bankruptcy matters that is not available for operating activities (see Note 8) and approximately $1.0 million held at a commercial bank to support a letter of credit facility related to our acquisition of HIE. At December 31, 2012, restricted cash totaled approximately $24 million, including amounts held at a commercial bank to support a letter of credit facility totaling approximately $19.0 million (see Note 6) and approximately $4.8 million designated to settle bankruptcy matters. During the nine months ended September 30, 2013, the $19.0 million of restricted cash supporting a letter of credit facility was released to us and was made available for general corporate purposes.
	Trade Receivables
	Texadian’s customers primarily included major independent refining and marketing companies. HIE’s receivables include receivables from the sale of refined products and proprietary credit card receivables from sales at its retail locations. Customers are required to pay in advance or are granted credit on a short-term basis when credit risks are considered acceptable. We routinely review our trade receivables and make provisions for doubtful accounts based on existing customer and economic conditions; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables that are deemed uncollectible are removed from accounts receivable and from the allowance for doubtful accounts when collection efforts have been unsuccessful. As of September 30, 2013, we had no significant allowance for doubtful accounts. Several of Texadian’s physical purchases and sales are with the same counterparty and are settled on a net basis and therefore Texadian’s receivables are recorded net of any corresponding payables. Additionally, we provide an accrual for natural gas and oil sales using the sales method by estimating natural gas and oil volumes and prices for months in which revenues have not been received using production and pricing information provided by the operator.
	Refined Product Exchanges
	As further described in Note 4, HIE has entered into supply and exchange contracts whereby it agrees to deliver a particular quantity and quality of refined products at a specified location and date to a particular counterparty and to receive from the same counterparty a particular quantity and quality of refined products at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions that are settled in kind on a volumetric basis, with the exception of associated grade or location differentials that are settled in cash each month. These transactions are not recorded as revenue because they involve the exchange of refined product inventories held for sale in the ordinary course of business to facilitate sales to customers. The exchange transactions are recognized at the carrying amount of the inventory transferred plus or minus any cash settlement due to grade or location differentials.
	Inventories
	Texadian’s inventories, which consist of in-transit oil, are stated at the lower of cost or market. We record impairments, as needed, to adjust the carrying amount of inventories to the lower of cost or market.
	HIE acquires substantially all of its crude oil from Barclays Bank PLC (“Barclays”) under supply and exchange agreements as described in Note 4. Legal title to the crude oil is held by Barclays and the crude oil is stored in HIE’s storage tanks for the benefit of Barclays pursuant to a storage agreement until it is needed for further use in the refining process. At that time, certain nominated volumes are drawn out of the storage tanks and purchased by us. After processing and subject to the supply and exchange agreements described in Note 4, Barclays takes title to the refined products when the refined products enters the tanks which are then stored in HIE’s storage tanks until sold at HIE’s retail locations or to third parties. We record the inventory owned by Barclays on our behalf as inventory with a corresponding accrued liability on our balance sheet because we maintain the risk of loss until the refined products are sold to third parties. Inventories are stated at the lower of cost or market. We use last-in, first-out as the primary method to determine the cost of crude oil and refined product inventories in our refining and retail segments. We value merchandise along with spare parts, materials and supplies at average cost.
	Investment in Unconsolidated Affiliate
	Investments in operating entities where we have the ability to exert significant influence, but do not control the operating and financial policies, are accounted for using the equity method. Our share of net income (loss) of these entities is recorded as income (loss) from unconsolidated affiliates in the consolidated statements of operations.
	Our investment in unconsolidated affiliates consisted of our ownership interest in Piceance Energy (see Note 3).
	Assets Held for Sale
	As of December 31, 2012, we classified our compressors as held for sale, which were recorded at the lower of cost or estimated net realizable value. On February 20, 2013, these compressors were sold for approximately $2.9 million resulting in a gain of $50,000.
	Property and Equipment
	We account for our natural gas and oil exploration and development activities using the successful efforts method of accounting. Under such method, costs of productive exploratory wells, development dry holes and productive wells and undeveloped leases are capitalized. Natural gas and oil lease acquisition costs are also capitalized. Exploration costs, including personnel costs, certain geological or geophysical expenses and delay rentals for natural gas and oil leases, are charged to expense as incurred. Exploratory drilling costs are initially capitalized, then evaluated quarterly and charged to expense if and when the well is determined not to have found reserves in commercial quantities. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of producing properties.
	Unproved properties with significant acquisition costs are assessed quarterly on a property-by-property basis and any impairment in value is charged to expense. If the unproved properties are determined to be productive, the related costs are transferred to proved oil and natural gas properties and are depleted. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain or loss until all costs have been recovered.
	Depreciation, depletion and amortization of capitalized acquisition, exploration and development costs is computed using the units-of-production method by individual fields (common reservoirs) using proved producing natural gas and oil reserves amortized as the related reserves are produced. Associated leasehold costs are depleted using the unit-of-production method based on total proved natural gas and oil reserves amortized as the related reserves are produced.
	HIE’s operations, especially those of the refining segment, are highly capital intensive. The refinery consists of a series of interconnected, highly integrated and interdependent crude oil processing facilities and supporting logistical infrastructure, and these units are regularly improved. We plan for these improvements by developing a multi-year capital program that is updated and revised based on changing internal and external factors.
	We capitalize the cost of additions, major improvements and modifications to property, plant and equipment. The cost of repairs and normal maintenance of property, plant and equipment is expensed as incurred. Major improvements and modifications of property, plant and equipment are those expenditures that either extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. We compute depreciation of property, plant and equipment using the straight-line method, based on the estimated useful life of each asset. The useful lives range from 8 to 47 years for refining assets, 3 to 30 years for logistics assets, 14 to 18 years for retail assets, 3 to 7 years for corporate assets and 3 for software. We record property under capital leases at the lower of the present value of minimum lease payments using our incremental borrowing rate or the fair value of the leased property at the date of lease inception. We depreciate leasehold improvements and property acquired under capital leases over the shorter of the lease term or the economic life of the asset.
	Goodwill and Other Intangible Assets
	We recorded goodwill as a result of our acquisitions of Texadian and have preliminarily recognized goodwill with the acquisition of HIE. Goodwill was attributable to opportunities expected to arise from combining our operations with Texadian’s and HIE’s, and specifically utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. In addition, as a result of our acquisitions of Texadian and HIE, we recorded certain other identifiable intangible assets. These intangible assets include relationships with suppliers and shippers, favorable railcar leases, trade names and trademarks. These intangible assets will be amortized over their estimated useful lives on a straight line basis.
	Impairment of Goodwill and Long-Lived Assets
	Goodwill is not amortized, but is tested for impairment. We assess the recoverability of the carrying value of goodwill during the fourth quarter of each year or whenever events or changes in circumstances indicate that the carrying amount of the goodwill of a reporting unit may not be fully recoverable. We first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors assessed for the reporting unit would include the competitive environments and financial performance of the reporting unit. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a two-step quantitative test is required. If required, we will review the carrying value of the net assets of the reporting unit to the estimated fair value of the reporting unit, based upon a multiple of estimated earnings. If the carrying value exceeds the estimated fair value of the reporting unit, an impairment indicator exists and an estimate of the impairment loss is calculated. The fair value calculation uses Level 3 (see Note 7) inputs and includes multiple assumptions and estimates, including the projected cash flows and discount rates applied. Changes in these assumptions and estimates could result in a goodwill impairment that could materially adversely impact our financial position or results of operations.
	We evaluate the carrying value of our intangible assets when impairment indicators are present or when circumstances indicate that impairment may exist under authoritative guidance. When we believe impairment indicators may exist, projections of the undiscounted future cash flows associated with the use of and eventual disposition of the intangible assets are prepared. If the projections indicate that their carrying values are not recoverable, we reduce the carrying values to fair value. These impairment tests are heavily influenced by assumptions and estimates that are subject to change as additional information becomes available.
	Our natural gas and oil assets, including our investment in our unconsolidated affiliate, are reviewed for impairment quarterly or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Estimates of expected future cash flows represent our best estimate based on reasonable and supportable assumptions and projections.
	For proved properties, if the expected future cash flows exceed the carrying value of the asset, no impairment is recognized. If the carrying value of the asset exceeds the expected future cash flows, an impairment exists and is measured by the excess of the carrying value over the estimated fair value of the asset. Any impairment provisions recognized are permanent and may not be restored in the future.
	We assess proved properties on an individual field basis for impairment each quarter when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For proved properties, the review consists of a comparison of the carrying value of the asset with the asset’s expected future undiscounted cash flows without interest costs.
	For unproved properties, the need for an impairment charge is based on our plans for future development and other activities impacting the life of the property and our ability to recover our investment. When we believe the costs of the unproved property are no longer recoverable, an impairment charge is recorded based on the estimated fair value of the property.
	We review property, plant and equipment and other long-lived assets whenever events or changes in business circumstances indicate the net book values of the assets may not be recoverable. Impairment is indicated when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ net book value. If this occurs, an impairment loss is recognized for the difference between the fair value and net book value. Factors that indicate potential impairment include: a significant decrease in the market value of the asset, operating or cash flow losses associated with the use of the asset and a significant change in the asset’s physical condition or use.
	Asset Retirement Obligations
	An asset retirement obligation (“ARO”) is an estimated liability for the cost to retire a tangible asset. Our AROs arise from plugging and abandonment liabilities for our natural gas and oil wells, as well as AROs arising from HIE’s refinery and retail operations. We record AROs at fair value in the period in which we have a legal obligation, whether by government action or contractual arrangement, to incur these costs and can make a reasonable estimate of the fair value of the liability. AROs are calculated based on the present value of the estimated removal and other closure costs using our credit-adjusted risk-free rate. When the liability is initially recorded, we capitalize the cost by increasing the book value of the related long-lived tangible asset. The liability is accreted to its estimated settlement value and the related capitalized cost is depreciated over the asset’s useful life. We recognize a gain or loss at settlement for any difference between the settlement amount and the recorded liability, which is recorded as a loss on asset disposals and impairments in our statements of consolidated operations. We estimate settlement dates by considering our past practice, industry practice, management’s intent and estimated economic lives.
	We cannot currently estimate the fair value for certain AROs associated with HIE primarily because we cannot estimate settlement dates (or range of dates) associated with these assets. These AROs include hazardous materials disposal (such as petroleum manufacturing by-products, chemical catalysts, and sealed insulation material containing asbestos), and removal or dismantlement requirements associated with the closure of our refining facility, terminal facilities or pipelines, including the demolition or removal of certain major processing units, buildings, tanks, pipelines or other equipment.
	Environmental Matters
	We capitalize environmental expenditures that extend the life or increase the capacity of facilities as well as expenditures that prevent environmental contamination. We expense costs that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation. We record liabilities when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. Cost estimates are based on the expected timing and extent of remedial actions required by governing agencies, experience gained from similar sites for which environmental assessments or remediation have been completed and the amount of our anticipated liability considering the proportional liability and financial abilities of other responsible parties. Usually, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Estimated liabilities are not discounted to present value and environmental expenses are recorded primarily in operating expenses in our statements of consolidated operations.
	Derivatives and Other Financial Instruments
	We may periodically enter into commodity price risk transactions to manage our exposure to natural gas and oil price volatility. These transactions may take the form of non-exchange traded fixed price forward contracts and exchange traded futures contracts, collar agreements, swaps or options. The purpose of the transactions will be to provide a measure of stability to our cash flows in an environment of volatile commodity prices.
	Texadian enters into fixed-price forward purchase and sale contracts for crude oil. The contracts typically contain settlement provisions in the event of a failure of either party to fulfill its commitments under the contract.  Texadian’s policy is to fulfill or accept the physical delivery of the product, even if shipment is delayed, and it will not net settle.  Should Texadian not designate a contract as a normal purchase or normal sale or should a scheduled delivery under the terms of contract not occur, then these exceptions may require the recording of the contract as a derivative.  If derivative accounting treatment is required then these contracts would be recorded at fair value as either an asset or a liability and marked to market each reporting period with changes in fair value being charged to earnings. As of September 30, 2013, we have elected the normal purchase normal sale exemption for these contracts. As such, we did not recognize the unrealized gains or losses related to these contracts in our consolidated financial statements. As of December 31, 2012, we did not elect this exemption for Texadian’s open contracts that were settled in the first quarter of 2013.
	In addition, from time to time we may have other financial instruments, such as warrants or embedded debt features, that may be classified as liabilities when either (a) the holders possess rights to net cash settlement, (b) physical or net equity settlement is not in our control, or (c) the instruments contain other provisions that cause us to conclude that they are not indexed to our equity. Such instruments are initially recorded at fair value and subsequently adjusted to fair value at the end of each reporting period through earnings.
	As a part of the Plan of Reorganization, we issued warrants (see Note 6) that are not considered to be indexed to our equity. Accordingly, these warrants are accounted for as liabilities. In addition, our delayed draw term loan facility contains certain puts that are required to be accounted for as embedded derivatives. The warrant liabilities and embedded derivatives are accounted for at fair value with changes in fair value reported in earnings.
	The carrying value of trade accounts receivable and accounts payable approximates fair value due to their short term nature. Our
	long-term debt is recorded on the amortized cost basis. We estimate our long term debt’s fair value to be approximately $61.3 million at September 30, 2013 using a discounted cash flow analysis and an estimate of the current yield 5.7% by reference to market interest rates for term debt of comparable companies which is considered to be a Level 3 fair value measurement (see Note 7).
	Accrued Settlement Claims
	As of September 30, 2013, we have accrued approximately $6.4 million relating to claims resulting from our bankruptcy (see Note 8). Professional fees relating to the settlement of bankruptcy claims are charged to earnings in the period incurred.
	Income Taxes
	We use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the results of operations in the period that includes the enactment date. The realizability of deferred tax assets is evaluated quarterly based on a “more likely than not” standard, and to the extent this threshold is not met, a valuation allowance is recorded.
	We recognize in the financial statements the impact of an uncertain tax position only if it is more likely than not of being sustained upon examination by the relevant taxing authority based on the technical merits of the position. As a general rule, our open years for Internal Revenue Service (“IRS”) examination purposes are 2010, 2011, and 2012. However, since we have net operating loss carryforwards, the IRS has the ability to make adjustments to items that originate in a year otherwise barred by the statute of limitations under Section 6501 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to re-determine tax for an open year to which those items are carried. Therefore, in a year in which a net operating loss deduction is claimed, the IRS may examine the year in which the net operating loss was generated and adjust it accordingly for purposes of assessing additional tax in the year the net operating loss deductions was claimed. Any penalties or interest as a result of an examination will be recorded in the period assessed.
	We expect to incur state income tax liabilities as a result of HIE’s and Texadian’s operations.  They operate in states where we have no net operating loss carryovers available to offset taxable income generated within those states.  Accordingly, we have accrued state income tax expense of approximately $0 and $650,000 for the three and nine months ended September 30, 2013, respectively.
	Stock Based Compensation
	We recognize the cost of share based payments over the period the employee provides service, generally the vesting period, and includes such costs in general and administrative expense in the statements of operations. The fair value of equity instruments issued to employees is measured on the grant date and recognized over the service period on a straight-line basis.
	Revenue Recognition
	Natural Gas and Oil
	Revenues are recognized when title to the products transfers to the purchaser. We follow the “sales method” of accounting for our natural gas and oil revenue and recognize sales revenue on all natural gas or oil sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of September 30, 2013, our aggregate natural gas and oil imbalances were not material to our consolidated financial statements.
	Marketing and Transportation
We recognize revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met.
Texadian earns revenues from the sale and transportation of oil and the rental of rail cars. Accordingly, revenues and related costs from sales of oil are recorded when title transfers to the buyer.  Transportation revenues are recognized when title passes to the customer, which is when risk of ownership transfers to the purchaser, and physical delivery occurs.   Revenues from the rental of railcars are recognized ratably over the lease periods.
Refining and Retail
HIE recognizes revenues upon delivery of goods or services to a customer. For goods, this is the point at which title is transferred and when payment has either been received or collection is reasonably assured. Revenues for services are recorded when the services have been provided. We record certain transactions in cost of sales in our statements of consolidated operations on a net basis. These transactions include nonmonetary crude oil and refined product exchange transactions used to optimize our refinery supply, and sale and purchase transactions entered into with the same counterparty that are deemed to be in contemplation with one another. We include transportation fees charged to customers in revenues in our statements of consolidated operations, while the related transportation costs are included in cost of sales or operating expenses. Federal excise and state motor fuel taxes, which are remitted to governmental agencies through our refining segment and collected from customers in our retail segment, are included in both revenues and cost of sales in our statements of consolidated operations
Other Income
For the nine months ended September 30, 2013, other income totaled approximately $797,000 and consists primarily of a state tax refund totaling approximately $483,000 and a legal settlement of approximately $200,000.
Foreign Currency Transactions
We may, on occasion, enter into transactions denominated in currencies other than our functional currency (“U.S. $”). Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains or losses, net in the accompanying consolidated statements of operations in the period in which the currency exchange rates change.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair value of assets and liabilities recorded under fresh start accounting, fair value of assets and liabilities recorded under purchase accounting, natural gas and oil reserves, bad debts, depletion and impairment of natural gas and oil properties, income taxes and the valuation allowances related to deferred tax assets, derivatives, asset retirement obligations, contingencies and litigation accruals. Actual results could differ from these estimates.

3_Investments_in_Piceance_Ener

(3) Investments in Piceance Energy	9 Months Ended
	Sep. 30, 2013
Notes	'
(3) Investments in Piceance Energy	'
	(3) Investments in Piceance Energy
	We account for our 33.34% ownership interest in Piceance Energy using the equity method of accounting because we are able to exert significant influence, but do not control the operating and financial policies, and as a result, we do not meet the accounting
	criteria which require us to consolidate the joint venture. The LLC Agreement provides that its sole manager may make a written capital call such that each member shall make additional capital contributions up to an aggregate combined total capital contribution of $60 million ($20 million to our interest), if approved by a majority of its board. If any member does not fund its share of the capital call, its interest may be reduced or diluted by the amount of the shortfall. In addition, Piceance Energy has a $400 million secured revolving credit facility secured by a lien on its natural gas and oil properties and related assets with a borrowing base currently set at $140 million.  As of September 30, 2013, the balance outstanding on the revolving credit facility was approximately $90.0 million. We are guarantors of Piceance Energy’s credit facility, with recourse limited to the pledge of our equity interests of Par Piceance Energy. Under the terms of its credit facility, Piceance Energy is generally prohibited from making future cash distributions to its owners, including us.
	Piceance Energy holds various commodity hedging instruments to mitigate a portion of the effect of natural gas and oil price fluctuations. The contracts are in the form of costless collars of 15,000 MMBtu/day with floors of an average of $3.37 and ceilings of an average of $4.28 with 5,000 MMBtu/day through March 2014 and 10,000 MMBtu/day  through September 2014, and as well as swaps of 10,000 MMBtu/day for an average price of $3.46 through September 2014. Piceance Energy also holds natural gas gathering and processing contracts for a fixed rate expiring on various dates beginning in 2017 through 2032. Some of our contracts require a minimum throughput commitment.
	The change in our equity investment in Piceance Energy is as follows:
		Three			Nine
		Months			Months
		Ended			Ended
		September 30,			September 30,
		2013			2013
		(in thousands)
	Beginning balance	$	103,815			$	104,434
	Income (loss) from unconsolidated affiliates		(907	)			(1,772	)
	Capitalized drilling costs obligation paid		15				261
	Ending balance	$	102,923			$	102,923
	Summarized balance sheet information and our share of the equity investment are as follows:
		30-Sep-13
			100%			Our Share
		(Unaudited)
		(in thousands)
	Assets
	Cash and equivalents	$	23			$	8
	Accounts receivable		3,486				1,162
	Prepaids and other assets		1,323				441
	Total current assets		4,832				1,611
	Natural gas and oil property, successful efforts method of accounting		549,327				183,146
	Other real estate and land		14,314				4,772
	Office furniture and equipment		3,110				1,037
	Total		566,751				188,955
	Less: accumulated depletion, depreciation and amortization		(107,216	)			(35,746	)
	Total property and equipment, net		459,535				153,209
	Deferred issue costs and other assets, net		953				318
	Total assets	$	465,320			$	155,138
		30-Sep-13
			100%			Our Share
		(Unaudited)
		(in thousands)
	Accounts payable and accrued liabilities	$	5,023			$	1,675
	Natural gas and oil sales payable		11,041				3,681
	Derivative liabilities		542				181
	Total current liabilities		16,606				5,537
	Note payable		90,000				30,006
	Asset retirement obligations		2,959				987
	Total non-current liabilities		92,959				30,993
	Total liabilities		109,565				36,530
	Members equity
	Members’ equity		365,046				121,706
	Accumulated deficit		(9,291	)			(3,098	)
	Total members’ equity		355,755				118,608
	Total liabilities and members’ equity	$	465,320			$	155,138
	At September 30, 2013, our members’ equity in the underlying net assets of Piceance Energy exceeded the carrying value of our investment recorded on our consolidated balance sheet by approximately $15.7 million. We attribute this difference, which is expected to be permanent, to lack of control and marketability discounts.
	Summarized income statement information and our share for the period for which our investment was accounted for under the equity method is as follows:
		Three Months Ended
		September 30, 2013
		100%				Our Share
		(Unaudited)
		(in thousands)
	Natural gas, oil and natural gas liquids revenues	$	14,622			$	4,875
	Natural gas and oil operating expenses		7,416				2,473
	Depletion, depreciation and amortization		6,897				2,299
	Management fee		1,950				650
	General and administrative		447				149
	Total operating expenses		16,710				5,571
Loss from operations		(2,088	)			(696	)
Other income (expense)
Income from derivatives		106				35
Interest expense and debt issue costs		(718	)			(239	)
Other expense		(20	)			(7	)
Total other expense, net		(632	)			(211	)
Net loss	$	(2,720	)		$	(907	)
	Nine Months Ended
	September 30, 2013
	100%				Our Share
	(Unaudited)
	(in thousands)
Natural gas, oil and natural gas liquids revenues	$	44,076			$	14,695
Natural gas and oil operating expenses		22,160				7,388
Depletion, depreciation and amortization		17,557				5,854
Management fee		5,850				1,950
General and administrative		2,420				807
Total operating expenses		47,987				15,999
Loss from operations		(3,911	)			(1,304	)
Other income (expense)
Income from derivatives		825				275
Interest expense and debt issue costs		(2,139	)			(713	)
Other expense		(91	)			(30	)
Total other expense, net		(1,405	)			(468	)
Net loss	$	(5,316	)		$	(1,772	)

4_Acquisition

(4) Acquisition	9 Months Ended
	Sep. 30, 2013
Notes	'
(4) Acquisition	'
	(4) Acquisitions
	Texadian Energy, Inc. (formerly known as SEACOR Energy Inc.)
	On December 31, 2012, we acquired Texadian, an indirect wholly-owned subsidiary of SEACOR Holdings Inc., for $14.0 million plus estimated net working capital of approximately $4.0 million at closing resulting in approximately $18.0 million of cash paid at closing. Texadian operates an oil transportation, distribution and marketing business with significant logistics capabilities. We acquired Texadian in furtherance of our growth strategy that focuses on the acquisition of income producing businesses. The purchase price for the acquisition was funded with a combination of cash and additional borrowings under the Tranche B Loan (see Note 6).
	The purchase was accounted for as a business combination in accordance with ASC 805 whereby the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Goodwill is defined in ASC 805 as the future economic benefit of other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is attributable to opportunities expected to arise from combining our operations with Texadian’s, and specifically utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. In addition, we recorded certain other identifiable intangible assets. These include relationships with suppliers and shippers and favorable railcar leases. These intangible assets will be amortized over their estimated useful lives on a straight line basis, which approximates their consumptive life.
	A summary of the fair value of the assets acquired and liabilities assumed is as follows (in thousands):
	Intangible assets	$	8,809
	Goodwill		8,290
	Net non cash working capital		3,097
	Deferred tax liabilities		(2,757	)
	Total, net of cash acquired	$	17,439
	None of the goodwill or intangible assets are expected to be deductible for income tax reporting purposes.
	The results of operations of Texadian are included in our consolidated statement of operations beginning January 1, 2013. We have not presented pro forma results for Predecessor periods as the entities are not comparable.
	Hawaii Independent Energy, LLC (formerly known as Tesoro Hawaii, LLC)
	On June 17 , 2013 (the “Execution Date”), our wholly-owned subsidiary, Hawaii Pacific Energy, entered into a membership interest purchase agreement (the “Purchase Agreement”) with Tesoro Corporation, (the “Seller”) and solely for the purpose set forth in the Purchase Agreement, Tesoro Hawaii, LLC (“Tesoro Hawaii”). Pursuant to the Purchase Agreement, on September 25, 2013 (the “Effective Date”), Hawaii Pacific Energy purchased from the Seller all of the issued and outstanding units representing the membership interests in Tesoro Hawaii (the “Purchased Units”), and indirectly thereby also acquired Tesoro Hawaii’s wholly owned subsidiary, Smiley’s Super Service, Inc. Tesoro Hawaii owns and operates (i) a petroleum refinery located at the Campbell Industrial Park in Kapolei, Hawaii (the “Refinery”), (ii) certain pipeline assets, floating pipeline mooring equipment, and refined products terminals, and (iii) retail assets selling fuel products and merchandise on the islands of Oahu, Maui and Hawaii. Following the acquisition, Tesoro Hawaii was renamed Hawaii Independent Energy, LLC (“HIE”).
	Hawaii Pacific Energy purchased the Purchased Units for $75.0 million plus or minus adjustments for net working capital, plus adjustments for inventories at closing and plus certain contingent earnout payments of up to $40.0 million. The earnout payments, if any, are to be paid annually following each of the three calendar years beginning January 1, 2014 through the year ending December 31, 2016, in an amount equal to 20% of the consolidated annual gross margin of HIE in excess of $165.0 million during such calendar years, with an annual cap of $20.0 million. In the event that the Refinery ceases operations or in the event Hawaii Pacific Energy disposes of any facility used in the acquired business, Hawaii Pacific Energy's obligation to make earnout payments could be modified and/or accelerated as provided in the Purchase Agreement. The purchase price was paid with a portion of the net proceeds from the sale of the shares of our common stock in a private transaction, amounts received pursuant to the Supply and Exchange Agreements as described below and the ABL Facility (see Note 6).
	Prior to the Execution Date, the Seller had commenced activities to shutdown the Refinery and to convert it into an import terminal. The Purchase Agreement contains certain pre-closing covenants, including covenants related to the startup of operations at the Refinery (the “Refinery Startup Activities”). The expenses associated with the Refinery Startup Activities were approximately $28.0 million (the “Startup Expenses”). Pursuant to the terms of the Purchase Agreement, Hawaii Pacific Energy made an initial deposit of $15.0 million for the Startup Expenses on the Execution Date. The next $5.0 million of Startup Expenses were borne by the Seller, with all Startup Expenses in excess of $20.0 million borne by Hawaii Pacific Energy. Due to the Startup Expenses exceeding $20.0 million, Hawaii Pacific Energy made an additional deposit of $7.0 million for the Startup Expenses on August 5, 2013.  In addition, Hawaii Pacific Energy funded $2.3 million on July 23, 2013 for a major overhaul of a gas turbine engine used in the operations of the refinery's steam cogeneration. These amounts are considered as additional consideration for the Purchased Units.
	Supply and Exchange Agreements
	On September 25, 2013 and in connection with the acquisition by Hawaii Pacific Energy of the Purchased Units, HIE entered into the following agreements with Barclays Bank PLC, a public limited company organized under the laws of England and Wales (“Barclays”): (i) a framework agreement (the “Framework Agreement”) to which Hawaii Pacific Energy is also a party; (ii) a 2002 ISDA Master Agreement, including the Schedule thereto, the Oil Annex incorporated therein, the 1994 Credit Support Annex (New York law), the Initial Crude Purchase Confirmation, the Initial Product Purchase Confirmation, the Crude Oil Supply Master Confirmation, the Oil Products Exchange Master Confirmation, the Products Offtake Master Confirmation and the Confirmation of Forward Purchase Agreement for Refined Products (collectively, the “ISDA Agreement”); (iii) a storage and services agreement (the “Storage and Services Agreement”); and (iv) an agency and advisory agreement (the “Advisory Agreement” and, collectively with the Framework Agreement, ISDA Agreement and Storage and Services Agreement, the “Supply and Exchange Agreements”).
	Pursuant to the Supply and Exchange Agreements, Barclays purchased the crude oil and refined product inventory owned by HIE on the Effective Date, and following the Effective Date, will (A) provide crude oil supply and intermediation arrangements to meet the processing needs of HIE’s petroleum refinery located at the Campbell Industrial Park in Kapolei, Hawaii (the “Refinery”), (B) provide a refined product exchange mechanism to HIE permitting it to flow volumes of refined product through Barclay’s inventory, and (C) store its crude oil and refined product inventory at the terminals and related facilities owned and operated by HIE.
	Set forth below are certain of the additional material terms of the Supply and Exchange Agreements:
	Term: The Supply and Exchange Agreements will remain in effect for three years following the Effective Date, subject to HIE’s right to extend the term for two additional one-year terms.
	Covenants: The Supply and Exchange Agreements require HIE and Hawaii Pacific Energy to comply with various affirmative and negative covenants affecting their respective businesses and operations, including compliance by HIE with a minimum liquidity requirement.
	Exclusivity: During the term of the Supply and Exchange Agreements, HIE agrees not to purchase crude oil from any party other than Barclays, except for purchases of an amount and grade of crude oil roughly equivalent to that set forth in a transaction supplement pursuant to the ISDA Agreement that has been rejected by Barclays three consecutive times.
	Collateral: All obligations arising under the Supply and Exchange Agreements are secured by a lien in favor of Wells Fargo Bank, N.A., as collateral agent for Barclays (in such capacity, the “Inventory Agent”), on substantially all of HIE’s assets, including, but not limited to, the Refinery and all of its accounts receivable, facilities, real property and improvements, pursuant to an inventory first lien security agreement (the “Inventory Security Agreement”), an inventory second lien security agreement (the “Inventory Second Lien Security Agreement”) and a first lien mortgage (the “Inventory Mortgage”). The rights and remedies of the Inventory Agent, and the priority of the Inventory Agent’s security interest in the collateral, are subject to an intercreditor agreement dated as of the Effective Date (the “HIE Intercreditor Agreement”), among Barclays, the Inventory Agent, Deutsche Bank AG New York Branch, acting as collateral agent under the ABL Facility (as defined below) and as administrative agent under the ABL Facility, and Hawaii Pacific Energy and HIE, as grantors. In addition, pursuant to the ISDA Agreement, HIE may be required to provide additional credit support to Barclays in the form of cash, letters of credit and/or negotiable debt obligations of the U.S. Treasury Department.
	Guaranty and Pledge by Hawaii Pacific Energy: Hawaii Pacific Energy has granted a security interest in favor of the Inventory Agent in all of the membership interests Hawaii Pacific Energy owns in HIE (the “Inventory Pledged Collateral”) pursuant to a Membership Interests First Lien Pledge Agreement in favor of the Inventory Agent (the “Inventory Pledge Agreement”). The obligations of HIE under the Supply and Exchange Agreements are guaranteed by Hawaii Pacific Energy, however, the recourse of the Inventory Agent under Hawaii Pacific Energy’s guaranty is limited to the Inventory Pledged Collateral plus certain fees and expenses specified therein to the extent incurred by Barclays or the Inventory Agent in connection with the enforcement or protection of their rights thereunder. The rights and remedies of the Inventory Agent, and the priority of the Inventory Agent’s security interest in the Inventory Pledged Collateral, are subject to the HIE Intercreditor Agreement.
	The purchase of the purchased units was accounted for as a business combination in accordance with ASC 805 whereby the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Goodwill is defined in ASC 805 as the future economic benefit of other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is attributable to opportunities expected to arise from combining our operations with HIE’s, and specifically utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. In addition, we recorded certain other identifiable intangible assets. These include trade names and trademarks. These intangible assets will be amortized over their estimated useful lives on a straight line basis, which approximates their consumptive life.
	The purchase price allocation is tentative and preliminary. We may have material changes to working capital, goodwill and various other assets and liabilities as better information becomes available in the fourth quarter. A summary of the preliminary estimated fair value of the assets acquired and liabilities assumed is as follows (in thousands):
	Property, plant and equipment	$	66,144
	Land		39,800
	Goodwill		5,203
	Intangible assets		4,782
	Net working capital		462,427
	Contingent consideration liability		(10,500	)
	Other noncurrent liabilities		(8,249	)
	Total, net of cash acquired	$	559,607
	The acquisition was partially funded from net proceeds totaling approximately $384.9 million from the Supply and Exchange Agreements described above. We incurred approximately $1.0 million of expense associated with the acquisition. The results of operations of HIE are included in our consolidated statement of operations beginning September 25, 2013. We have not presented pro forma results for Predecessor periods as those Predecessor periods are not comparable to the current periods.

5_Inventories

(5) Inventories	9 Months Ended
	Sep. 30, 2013
Notes	'
(5) Inventories	'
	(5) Inventories
	Inventories at September 30, 2013 consist of the following:
		Titled Inventory		Supply and Exchange Agreements		Total
	Crude oil and feedstocks	$	—	$	128,871	$	128,871
	Refined products and blend stock		49,841		199,094		248,935
	Warehouse stock and other		17,992		—		17,992
		$	67,833	$	327,965	$	395,798

6_Debt

(6) Debt	9 Months Ended
	Sep. 30, 2013
Notes	'
(6) Debt	'
	(6) Debt
	Delayed Draw Term Loan Credit Agreement
	Pursuant to the Plan, on the Emergence Date, we and certain of our subsidiaries (the “Guarantors” and, together with the Company, the “Loan Parties”) entered into a Delayed Draw Term Loan Credit Agreement (the “Loan Agreement”) with Jefferies Finance LLC, as administrative agent (the “Agent”) for the lenders party thereto from time to time, including WB Delta, Ltd., Waterstone Offshore ER Fund, Ltd., Prime Capital Master SPC, GOT WAT MAC Segregated Portfolio, Waterstone Market Neutral MAC51, Ltd., Waterstone Market Neutral Master Fund, Ltd., Waterstone MF Fund, Ltd., Nomura Waterstone Market Neutral Fund, ZCOF Par Petroleum Holdings, L.L.C. and Highbridge International, LLC (collectively, the “Lenders”), pursuant to which the Lenders agreed to extend credit to us in the form of term loans (each, a “Loan” and collectively, the “Loans”) of up to $30.0 million. We borrowed $13.0 million on the Emergence Date in order to, along with the proceeds from the Contribution Agreement; (i) repay the loans and obligations due under the Predecessor’s secured debtor-in-possession credit facility, and (ii) pay allowed but unpaid administrative expenses to the Debtors related to the Plan.  During the nine months ended September 30, 2013, we borrowed an additional $17.0 million for general corporate use.  As of September 30, 2013, we have no capacity for future borrowings under this Loan Agreement.
	Below are certain of the material terms of the Loan Agreement:
	Interest. At our election, any Loans will bear interest at a rate equal to 9.75% per annum payable either (i) in cash, quarterly, in arrears at the end of each calendar quarter or (ii) in-kind, accruing quarterly. In addition, all repayments made under the Loan Agreement will be charged a minimum of a 3% repayment premium. Accordingly, we will accrue amounts due for the minimum repayment premium over the term of loan using the effective interest method.
	At any time after an event of default under the Loan Agreement has occurred and is continuing, (i) all outstanding obligations will, to the extent permitted by applicable law, bear interest at a rate per annum equal to 11.75% and (ii) all interest accrued and accruing will be payable in cash on demand.
	Prepayment. We may prepay Loans at any time, in any amount. Such prepayment is to include all accrued and unpaid interest on the portion of the obligations being prepaid through the prepayment date. If at any time within the twelve months following the Emergence Date, we prepay the obligations due, in whole, but not in part, then in addition to the repayment of 100% of the principal amount of the obligations being prepaid plus accrued and unpaid interest thereon, we are required to pay the interest that would have accrued on the prepaid amount through the first anniversary of the Emergence Date plus a 6% prepayment premium.
	In addition to the above described prepayment premium, we will pay an additional repayment premium equal to the percentage of the principal repaid during the following periods:
	Period	Repayment
		Premium
	From the Emergence Date through the first anniversary of the Emergence Date		3	%
	From the day after the first anniversary of the Emergence Date through the second anniversary of the Emergence Date		2	%
	We are also required to make certain mandatory repayments after certain dispositions of property, debt issuances, and joint venture distributions from Piceance Energy, casualty events and equity issuances, in each case subject to customary reinvestment provisions. These mandatory repayments are subject to the prepayment premiums described above.
	The contingent repayments described above are required to be accounted for as an embedded derivative. The estimated fair value of the embedded derivative at issuance was approximately $65,000 and was recorded as a derivative liability with the offset to debt discount. Subsequent changes in fair value are reflected in earnings (see Note 7).
	Collateral. The Loans and all obligations arising under the Loan Agreement are secured by (i) a perfected, first-priority security interest in all of our assets other than our equity interest in Piceance Energy held by Par Piceance Energy Equity, LLC, one of our wholly owned subsidiaries (“Par Piceance Energy Equity”) , pursuant to a pledge and security agreement made by us and certain of our subsidiaries in favor of the Agent, and (ii) a perfected, second-lien security interest in our equity interest in Piceance Energy held by Par Piceance Energy Equity, pursuant to a pledge agreement by Par Piceance Energy Equity in favor of the Agent. The priority of the Lenders’ security interest in our assets is specified in that certain intercreditor agreement (the “Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as administrative agent for the First Priority Secured Parties (as defined in the Intercreditor Agreement), the Agent, as administrative agent for the Second Priority Secured Parties (as defined in the Intercreditor Agreement), the Company and Par Piceance Energy Equity.
	Guaranty. All of our obligations under the Loan Agreement are unconditionally guaranteed by the Guarantors.
	Fees and Commissions. We agreed to pay the Agent an annual nonrefundable administrative fee that was earned in full on the Emergence Date. In addition, we agreed to pay the Lenders a nonrefundable closing fee that was earned in full on the Emergence Date.
	Warrants. As consideration for granting the Loans, we have also issued warrants to the Lenders to purchase shares of our common stock as described under “– Warrant Issuance Agreement” below.
	Term. All loans and all other obligations outstanding under the Loan Agreement are payable in full on August 31, 2016.
	Covenants. The Loan Agreement has no financial covenants that we are required to comply with; however, it does require us to comply with various affirmative and negative covenants affecting our business and operations with which we were in compliance at September 30, 2013.
	Amendment to the Loan Agreement
	On December 28, 2012, in order to fund a portion of the purchase price for our acquisition of Texadian Energy, the Loan Parties entered into an amendment to the Loan Agreement with the Agent and the Lenders, pursuant to which certain lenders (the “Tranche B Lenders”) agreed to extend additional borrowings to us (the “Tranche B Loan”). The total commitment of the Tranche B Loan of $35.0 million was drawn at closing. In addition to funding a portion of the purchase price of the acquisition of Texadian, the Tranche B Loan provided cash collateral for a Letter of Credit Facility with Compass Bank (as described below). The Tranche B Loan was refinanced and replaced on July 24, 2013 by the New Tranche B Loan (as described below).
	On April 19, 2013, we entered into a Fourth Amendment to our Loan Agreement.
	Set forth below are certain material terms of the Fourth Amendment:
	Lender Consent to Compressor Disposition. The Lenders agreed that, in connection with the previous sale of our natural gas compressor assets held for sale (see Note 2) (a) 50% of the net cash proceeds are to be applied to pay (i) first, an amendment fee and (ii) second, to repay the Tranche B Loan in accordance with each Tranche B Lender’s pro rata share, and (ii) 50% of the net cash proceeds are to be retained by us and used for general corporate purposes.
	Collateral. The Lenders agreed to the release of their liens and security interests on the assets of Texadian, including a release of any lien on the equity interests of Texadian pledged by us, and a release of Texadian from its guarantee under the Loan Agreement, if necessary. Such releases will only be made in connection with the closing of a definitive trade finance credit facility by Texadian and is subject in all respects to the satisfaction of the conditions to release described in the Fourth Amendment.
	Mandatory Prepayment. Net cash proceeds of asset dispositions (other than as a result of a casualty), debt issuances and equity issuances can no longer be invested by us, and must be used to prepay the Loan Agreement, other than net cash proceeds from asset sales for fair market value resulting in no more than $150,000 in net cash proceeds per disposition (or series of related dispositions) and less than $300,000 in aggregate net cash proceeds before the Maturity Date.
	Maturity Date. The Lenders agreed to extend the maturity date of the Tranche B Loan to December 31, 2013.
	With the execution of the Fourth Amendment, we repaid approximately $1.3 million of the Tranche B Loan.
	On June 4, 2013, we entered into a Fifth Amendment to our Loan Agreement allowing us to form a subsidiary, Hawaii Pacific Energy, in furtherance of our acquisition of HIE.
	On June 12, 2013, we entered into a Sixth Amendment to our Loan Agreement.
	Set forth below are certain material terms of the Sixth Amendment:
	Pledge of Equity Interests. We are expressly permitted to pledge our equity interests in Texadian to secure the loans and other obligations of Texadian and Texadian Canada under the Uncommitted Credit Agreement (as described below).
	Capital Contributions. We are permitted to make up to an aggregate amount of $5 million of capital contributions and/or loans to Texadian per year.
	In connection with Hawaii Pacific Energy's entry into the Purchase Agreement, on June 17, 2013, we entered into a Seventh Amendment to the Loan Agreement.
	Set forth below are certain of the material terms of the Seventh Amendment:
	Lender Consent to Purchase Agreement. The Lenders consented to the execution of the Purchase Agreement by Hawaii Pacific Energy, and the performance of Hawaii Pacific Energy's obligations thereunder.
	Lender Consent to Refinery Startup Reimbursement. The Lenders consented to the payment by Hawaii Pacific Energy of a cash deposit of up to $25 million, in addition to the reimbursement obligations specified in the Purchase Agreement in connection with the Refinery Startup Activities.
	Lender Consent to the Consummation of the Acquisition of HIE. The Lenders consented to our use of any advance under the Loan Agreement to consummate the acquisition of HIE pursuant to the Purchase Agreement.
	Lender Consent to Purchase Agreement Guaranty. The Lenders consented to the execution of our guaranty of certain obligations under the Purchase Agreement.
	On June 24, 2013, we entered into an Eighth Amendment to our Loan Agreement, pursuant to which the Lenders agreed to refinance and replace the Tranche B Loan outstanding immediately prior to the Eighth Amendment with new Tranche B Loans in the aggregate principal amount of $65.0 million (the “New Tranche B Loans”). The proceeds from the New Tranche B Loans were applied to prepay in full the Existing Tranche B Loans, to make payments due under the Purchase Agreement, to consummate acquisitions permitted under the Loan Agreement and for working capital and general corporate purposes.
	Set forth below are certain of the material terms of the New Tranche B Loans:
	Interest. The New Tranche B Loans will bear interest (a) through September 29, 2013 at a rate equal to 9.75% per annum payable, at our election, either (i) in cash or (ii) in-kind, and (b) from and after September 29, 2013, at a rate equal to 14.75% per annum payable either (i) in cash or (ii) in-kind.
	At any time after an event of default has occurred and is continuing, (i) all outstanding obligations will, to the extent permitted by applicable law, bear interest at a rate per annum equal to 2% plus the rate otherwise applicable and (ii) all interest accrued and accruing will be payable in cash on demand.
	Prepayment. We may prepay the New Tranche B Loans at any time, provided that any prepayment is in an integral multiple of $100,000 and not less than $100,000 or, if less, the outstanding principal amount of the New Tranche B Loans. Amounts to be applied to prepayment of New Tranche B Loans shall be applied (i) first, towards payment of interest then outstanding and fees then due, and (ii) second, towards payment of principal then outstanding.
	Collateral. The New Tranche B Loans are secured by a lien on substantially all of our assets and our subsidiaries, excluding Texadian, Texadian Energy Canada Limited (“Texadian Canada”), certain of our immaterial subsidiaries, and Hawaii Pacific Energy and its subsidiaries.
	Guaranty. All our obligations under the New Tranche B Loans are unconditionally guaranteed by the Guarantors.
	Fees and Commissions. We agreed to pay the New Tranche B Lenders a nonrefundable exit fee equal to 2.5% of the aggregate amount of the New Tranche B Loans. The exit fee is earned in full and payable on the maturity date of the Tranche B Loans or, if earlier, the date on which the New Tranche B Loans are paid in full. Accordingly, we will accrete amounts due for the nonrefundable exit fee over the term of loan using the effective interest method.
	Maturity Date. The New Tranche B Loans mature and are payable in full on August 31, 2016.
	On September 25, 2013 and in connection with the acquisition of HIE, we entered into a Tenth Amendment to our Loan Agreement pursuant to which the Lenders (i) consented to the consummation of the transactions contemplated by the Purchase Agreement and the use of a portion of the proceeds from the sale of our common stock in a private transaction to fund a portion of the consideration in connection with the transactions contemplated by the Purchase Agreement and for certain other purposes, (ii) provided certain other consents in connection with the transactions contemplated by the Purchase Agreement, (iii) increased the interest rate applicable to certain of the loans, and (iv) amended certain provisions of the Loan Agreement and the other loan documents in connection with the consummation of the transactions contemplated by the Purchase Agreement and the sale of our common stock.
	The consent provided by the Lenders was conditioned on, among other things, (A) the repayment in full of the New Tranche B Loans owing to all Lenders except for ZCOF Par Petroleum Holdings, L.L.C., and a partial repayment of the New Tranche B Loans owing to ZCOF Par Petroleum Holdings, L.L.C. from the proceeds from the sale of our common stock and (B) the proceeds from the sale of our common stock being used to consummate the transactions contemplated by the Purchase Agreement.
	Set forth below are certain of the additional material terms of the Tenth Amendment:
	Interest: The term loans (other than the New Tranche B Loans that remain outstanding following the repayment described above) under the Loan Agreement will bear interest (a) from September 25, 2013 through October 31, 2013, at a rate equal to 9.75% per annum payable, at the election of the Company, either (i) in cash or (ii) in-kind, and (b) from and after November 1, 2013, at a rate equal to 14.75% per annum payable either (i) in cash or (ii) in-kind.
	At any time after an event of default has occurred and is continuing, (i) all outstanding obligations will, to the extent permitted by applicable law, bear interest at a rate per annum equal to 2% plus the rate otherwise applicable and (ii) all interest accrued and accruing will be payable in cash on demand.
	The New Tranche B Loans will bear interest (a) from June 24, 2013 through October 31, 2013, at a rate equal to 9.75% per annum payable, at the election of the Company, either (i) in cash or (ii) in-kind, and (b) from and after November 1, 2013, at a rate equal to 14.75% per annum payable either (i) in cash or (ii) in-kind.
	ABL Facility
	On September 25, 2013 and in connection with the with the acquisition of HIE, HIE and its subsidiary (the “ABL Borrowers”) and Hawaii Pacific Energy entered into an ABL credit agreement (the “ABL Facility”) with Deutsche Bank AG New York Branch, as administrative agent and ABL loan collateral agent (in such capacities, the “ABL Agent”) for the lenders party thereto from time to time, including Deutsche Bank AG New York Branch (collectively, the “ABL Lenders”), pursuant to which the ABL Lenders agreed to provide the ABL Borrowers with a senior secured revolving credit facility of up to $125.0 million under which the ABL Borrowers may borrow amounts from time to time based on the available borrowing base as determined in accordance with the ABL Facility. The ABL Facility also allows the ABL Borrowers to use up to $50 million of availability under the ABL Facility for the issuances of letters of credit. The ABL Borrowers borrowed $15 million on September 25, 2013 under the ABL Facility in order to, in part, (i) fund the purchase price under the Purchase Agreement, and (ii) provide working capital to the ABL Borrowers. The proceeds from any future amounts borrowed pursuant to the ABL Facility will be used for general corporate purposes and to fund the working capital of the ABL Borrowers.
	Set forth below are certain of the material terms of the ABL Facility:
	Interest: Outstanding balances on the ABL Facility bear interest at the base rate specified below (“Base Rate”) plus a margin (based on a sliding scale of 1.00% to 1.50% depending on the borrowing base usage) or the adjusted LIBO rate specified below (“LIBO Rate”) plus a margin (based on a sliding scale of 2.00% to 2.50% depending on the borrowing base usage). Notwithstanding the foregoing, for the remainder of the current fiscal year of the ABL Borrowers, the margin will be 1.25% for Base Rate loans and 2.25% for LIBO Rate loans. The Base Rate is equal to the highest of (i) the prime lending rate of the ABL Agent, (ii) the Federal Funds Rate plus 0.5% per annum, and (iii) the LIBO Rate for a LIBO Rate loan denominated in dollars with a one-month interest period commencing on such day plus 1.00%. The LIBO Rate for a particular interest period is equal to the rate determined by the ABL Agent at approximately 11:00 a.m. (London time) on the date that is two business days prior to the commencement of the particular interest period by reference to the Reuters Screen LIBOR01 for deposits in dollars for a particular interest period.
	Collateral: The amounts borrowed pursuant the ABL Facility and all obligations arising under the ABL Facility are secured by a lien in favor of the ABL Agent on substantially all of HIE’s assets, including, but not limited to, accounts receivable, inventory that we own, the Refinery and all of its facilities, real property and improvements, pursuant to an ABL loan second lien security agreement, an ABL loan first lien security agreement and a second lien mortgage. The rights and remedies of the ABL Agent and ABL Lenders and the priority of the ABL Agent’s security interest in the collateral are subject to the HIE Intercreditor Agreement.
	Guaranty and Pledge by HPE: Hawaii Pacific Energy has granted a security interest in favor of the ABL Agent in all of the membership interests Hawaii Pacific Energy owns in HIE (the “ABL Pledged Collateral”) pursuant to a Membership Interests Second Lien Pledge Agreement in favor of ABL Agent. The obligations of the ABL Borrowers under the ABL Facility are guaranteed by Hawaii Pacific Energy, however, the recourse of the ABL Agent under Hawaii Pacific Energy’s guaranty is limited to the ABL Pledged Collateral plus certain fees and expenses specified therein to the extent incurred by Barclays or the Inventory Agent in connection with the enforcement or protection of their rights thereunder. The rights and remedies of the ABL Agent, and the priority of the ABL Agent’s security interest in the ABL Pledged Collateral, are subject to the HIE Intercreditor Agreement.
	Fees and Commissions: The ABL Borrowers agreed to pay commitment fees for the ABL Facility equal to 0.375% if the borrowing base usage is greater than 50% and 0.500% if the borrowing base usage is less than or equal to 50%. Outstanding letters of credit will be charged a participation fee at a per annum rate equal to the margin applicable to LIBO Rate loans, a facing fee and customary administrative fees.
	Term: All loans and other obligations outstanding under the ABL Facility are payable in full on September 25, 2017.
Covenants: The ABL Facility requires HIE and its subsidiaries and Hawaii Pacific Energy to comply with various affirmative and negative covenants affecting its business and operations, including compliance by HIE in certain circumstances with a minimum ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted, to total fixed charges of 1.0 to 1.0.
Texadian Uncommitted Credit Agreement
On June 12, 2013, Texadian and its wholly owned subsidiary Texadian Canada entered into an uncommitted credit agreement with BNP Paribas, as the initial lender party thereto, and BNP Paribas, as the administrative agent and collateral agent for the lenders and as an issuing bank (the “Uncommitted Credit Agreement”). The Uncommitted Credit Agreement provides for loans and letters of credit, on an uncommitted and absolutely discretionary basis, in an aggregate amount at any one time outstanding not to exceed $50.0 million. Loans and letters of credit issued under the Uncommitted Credit Agreement are secured by a security interest in and lien on substantially all of Texadian’s assets, including, but not limited to, cash, accounts receivable, and inventory, a pledge by Texadian of 65% of its ownership interest in Texadian Canada, and a pledge by us of 100% of our ownership interest in Texadian. Texadian agreed to pay certain fees with respect to the loans and letters of credit made available to it under the Uncommitted Credit Agreement, including an up-front fee, an origination fee, a minimum compensation fee, a collateral audit fee, and fees with respect to letters of credit. The Uncommitted Credit Agreement requires Texadian to comply with various affirmative and negative covenants affecting its business, and Texadian must comply with certain financial maintenance covenants, including among other things, covenants regarding the minimum net working capital and minimum tangible net worth of Texadian. The Uncommitted Credit Facility does not permit, at any time, Texadian’s consolidated leverage ratio to be greater than 5.00 to 1.00 or its consolidated gross asset coverage to be equal to or less than zero.  As of September 30, 2013, Texadian was in compliance with these covenants.
Letter of Credit Facility
On December 27, 2012, we entered into a letter of credit facility agreement with Compass Bank, as the lender (the “Compass Letter of Credit Facility”). The Compass Letter of Credit Facility, which matures on December 26, 2013, provides for a letter of credit facility in an aggregate principal amount of $30.0 million that is available for the issuance of cash-collateralized standby letters of credit for us or any of our subsidiaries’ account. Letters of credit issued under the Compass Letter of Credit Facility are secured by an amount of cash pledged and delivered by us to Compass equal to one hundred five percent (105%) of the undrawn amount of all outstanding letters of credit. We agreed to pay a letter of credit fee equal to one and one half percent (1.5%) per annum of the stated face amount of each letter of credit for the number of days such letter of credit is to remain outstanding plus standard and customary administrative fees. The Compass Letter of Credit Facility does not contain any financial covenants; however, it does require us to comply with various affirmative and negative covenants affecting our business and operations. The Compass Letter of Credit Facility was terminated on June 7, 2013.
In connection with the acquisition of Texadian, Compass Bank issued an Irrevocable Standby Letter of Credit in favor of SEACOR Holdings, Inc. in the amount of $11.71 million (the “Irrevocable Standby Letter of Credit”). The Irrevocable Standby Letter of Credit secured SEACOR Holdings, Inc. in the event that either of the following letters of credit is drawn: (i) the letter of credit issued by DNB Bank, ASA in favor of Suncor Energy Marketing Inc., with an original maturity date of February 5, 2013; or (ii) the letter of credit issued by DNB Bank, ASA in favor of Cenovus Energy Marketing Services Limited, with an original maturity date of February 5, 2013. Those letters of credit have been terminated and released.
Cross Default Provisions
Included within each of the Company’s debt agreements are customary cross default provisions that require the repayment of amounts outstanding on demand should an event of default occur and not be cured within the permitted grace period, if any.
Warrant Issuance Agreement
Pursuant to the Plan of Reorganization, on the Emergence Date, we issued to the Lenders warrants (the “Warrants”) to purchase up to an aggregate of 9,592,125 shares of our common stock (the “Warrant Shares”). In connection with the issuance of the Warrants, we also entered into a Warrant Issuance Agreement, dated as of the Emergence Date (the “Warrant Issuance Agreement”). Subject to the terms of the Warrant Issuance Agreement, the holders are entitled to purchase shares of common stock upon exercise of the Warrants at an exercise price of $0.01 per share of common stock (the “Exercise Price”), subject to certain adjustments from time to time as provided in the Warrant Issuance Agreement. The Warrants expire on the earlier of (i) August 31, 2022 or (ii) the occurrence of certain merger or consolidation transactions specified in the Warrant Issuance Agreement. A holder may exercise the Warrants by paying the applicable exercise price in cash or on a cashless basis.
The number of Warrant Shares issued on the Emergence Date was determined based on the number of shares of our common stock issued as allowed claims on or about the Emergence Date by the Bankruptcy Court pursuant to the Plan of Reorganization. The Warrant Issuance Agreement provides that the number of Warrant Shares and the Exercise Price shall be adjusted in the event that any additional shares of common stock or securities convertible into common stock (the “Unresolved Bankruptcy Shares”) are authorized to be issued under the Plan by the Bankruptcy Court after the Emergence Date as a result of any unresolved bankruptcy claims under the Plan. Upon each issuance of any Unresolved Bankruptcy Shares, the Exercise Price shall be reduced to an amount equal to the product obtained by multiplying (A) the Exercise Price in effect immediately prior to such issuance or sale, by (B) a fraction, the numerator of which shall be (x)  147,655,815 and (y) the denominator of which shall be the sum of (1) 147,655,815 and (2) and the number of additional Unresolved Bankruptcy Shares authorized for issuance under the Plan. Upon each such adjustment of the Exercise Price, the number of Warrant Shares shall be increased to the number of shares determined by multiplying (A) the number of Warrant Shares which could be obtained upon exercise of such Warrant immediately prior to such adjustment by (B) a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment and the denominator of which shall be the Exercise Price in effect immediately after such adjustment. In the event that any Lender or its affiliates fails to fund its pro rata portion of any Loans required to be made under the Loan Agreement, then the number of Warrant Shares exercisable under the Warrants held by such Lender will be reduced to an amount equal to the product of (i) the number of Warrant Shares initially exercisable under the Warrant held by the Lender and (ii) a fraction equal to one minus the quotient obtained by dividing (x) the amount of Loans previously made under the Loan Agreement by such Lender by (y) such Lender’s full commitment for Loans.
The Warrant Issuance Agreement includes certain restrictions on the transfer by holders of their Warrants, including, among others, that (i) the Warrants and the notes under the Loan Agreement are not detachable for transfer purposes, and for as long as obligations under the Loan Agreement are outstanding, the notes and Warrants may not be transferred separately, and (ii) in the event that any holder desires to transfer any pro rata portion of the notes and Warrants, then such holder must provide the other Lenders and/or holders of the Warrants with a right of first offer to make an election to purchase such offered notes and Warrants.
The number of shares of our common stock issuable upon exercise of the Warrants and the exercise prices of the Warrants will be adjusted in connection with certain issuances or sales of shares of the Company’s common stock and convertible securities, or any subdivision, reclassification or combinations of common stock. Additionally, in the case of any reclassification or capital reorganization of the capital stock of the Company, the holder of each Warrant outstanding immediately prior to the occurrence of such reclassification or reorganization shall have the right to receive upon exercise of the applicable Warrant, the kind and amount of stock, other securities, cash or other property that such holder would have received if such Warrant had been exercised.
From the Emergence Date through September 30, 2013, we issued an additional 2,232,934 Unresolved Bankruptcy Shares. This entitles the Lenders to receive an additional 145,057 Warrant Shares based on the formula described above increasing the total Warrant Shares to 9,737,182 at September 30, 2013.
Based on certain anti-dilution provisions in the Warrant Issuance Agreement, we have concluded that the Warrants are not indexed to our equity. Accordingly, on the Emergence Date we estimated the fair value of the Warrants on the date of grant to be approximately $6.6 million and recorded the estimated fair value of the Warrants as a derivative liability with the offset to debt discount. The debt discount will be amortized over the life of the Loan Agreement, using the effective interest method. Subsequent changes in the fair value of the Warrants are reflected in earnings (see Note 7).
Summary
Our debt at September 30, 2013 is as follows (in thousands):
Delayed Draw Term Loan Agreement, including interest in-kind	$	32,389
New Tranche B Loan, including interest in-kind		18,760
ABL Facility		21,000
Less: unamortized debt discount – warrants and embedded derivative		(4,701	)
Total debt, net of unamortized debt discount		67,448
Less: current maturities		—
Long term debt, net of current maturities and unamortized discount	$	67,448
Interest and financing costs consists of the following:
	Three			Nine
	Months Ended			Months Ended
	30-Sep-13			September 30,
				2013
	(in thousands)
Interest accrued in kind	$	2,395		$	5,196
Amortization of debt discount relating to the warrants and embedded derivative		493			1,372
Accretion of 3% repayment premium on the Delayed Draw Term Loan Agreement		24			72
Accretion of 5% exit fee on the Tranche B Loan		—			1,750
Accretion of 2.5% exit fee on the New Tranche B Loan		909			1,078
Amortization of deferred loan costs		35			247
Miscellaneous		79			91
Interest and financing costs, net	$	3,935		$	9,806

7_Fair_Value_Measurements

(7) Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Notes	'
(7) Fair Value Measurements	'
	(7) Fair Value Measurements
	We follow accounting guidance which defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and requires additional disclosures about fair value measurements. As required, we applied the following fair value hierarchy:
	Level 1 – Assets or liabilities for which the item is valued based on quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 – Assets or liabilities valued based on observable market data for similar instruments.
	Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require.
	The level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Our policy is to recognize transfer in and/or out of fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. We have consistently applied the valuation techniques discussed below for the periods presented. These valuation policies are determined by our Chief Financial Officer, with the assistance of third party experts as needed, and approved by our Chief Executive Officer. They are discussed with our Audit Committee as deemed appropriate. Each quarter, our Chief Financial Officer and Chief Executive Officer update the inputs used in the fair value measurement and internally review the changes from period to period for reasonableness. We use data from peers as well as external sources in the determination of the volatility and risk free rates used in our fair value calculations. A sensitivity analysis is performed as well to determine the impact of inputs on the ending fair value estimate.
	Assets and Liabilities Measure at Fair Value on a Nonrecurring Basis
	Purchase Price Allocation of HIE – The preliminary fair values of the assets acquired and liabilities assumed as a result of the HIE acquisition were estimated as of the date of the acquisition using the Level 3 valuation techniques described in notes (a) through (g) described below.
			Fair Value at			Fair Value
			25-Sep-13			Technique
			(in thousands)
	Net working capital		$	462,427		(a)
	Property, plant and equipment			66,144		(b)
	Land			39,800		(c)
	Trade names and trade marks			4,782		(d)
	Goodwill			5,203		(e)
	Contingent consideration liability			(10,500	)	(f)
	Other noncurrent liabilities			(8,249	)	(g)
			$	559,607
	(a)       Current assets acquired and liabilities assumed were recorded at their estimated fair value.
	(b)       The estimated fair value of the property, plant and equipment was estimated using the cost approach. Under the cost approach, the total replacement cost of the property is determined based on industry sources with adjustments for regional factors. The total cost is then adjusted for depreciation based on the physical age of the assets and external obsolescence.
	(c)       The estimated fair value of the land was estimated using the sales comparison approach. Under this approach, the sales prices of similar properties are adjusted to account for differences in land characteristics. We consider this to be a Level 3 fair value measurement.
	(d)       The estimated fair value of the trade names and trademarks was estimated using a form of the income approach, the Relief from Royalty Method. Significant inputs used in this model include estimated revenue attributable to the trade names and trademarks and a royalty rate. An increase in the estimated revenue or royalty rate would result in an increase in the value attributable to the trade names and trademarks. We consider this to be a Level 3 fair value measurement.
	(e)       The excess of the purchase price paid over the fair value of the identifiable assets acquired and liabilities assumed is allocated to goodwill.
	(f)        The estimated fair value of the liability for contingent consideration was estimated using Monte Carlo Simulation. Significant inputs used in the model include estimated future gross margin, annual gross margin volatility and a present value factor. An increase in estimated future gross margin, volatility or the present value factor would result in an increase in the liability. We consider this to be a Level 3 fair value measurement.
	(g)       Other noncurrent assets and liabilities are recorded at their estimated net present value as estimated by management.
	Assets and Liabilities Measure at Fair Value on a Recurring Basis
	Derivative liabilities associated with our debt agreement – Derivative liabilities include the Warrants and fair value is estimated using an income valuation technique a Monte Carlo Simulation analysis, which is considered to be Level 3 fair value measurement. Significant inputs used in the Monte Carlo Simulation Analysis include the stock price of $1.81 per share, initial exercise price $0.01, term of 8.92 years, risk free rate of 2.42%, and expected volatility of 72.5%. The expected volatility is based on the 10 year historical volatilities of comparable public companies. Based on the Monte Carlo Simulation Analysis, the estimated fair value of the Warrants was $1.79 per share, or approximately $17.4 million, as of September 30, 2013. Since the Warrants were in the money upon issuance, we do not believe that changes in the inputs to the Monte Carlo Simulation Analysis will have a significant impact to the value of the Warrants other than changes in the value of our common stock. Increases in the value of our common stock will directly be correlated to increases in the value of the Warrants. Likewise, a decrease in the value of our common stock will result in a decrease in the value of the Warrants.
	In addition, our Loan Agreement contains mandatory repayments subject to premiums as set forth in the agreement. Factors such as the sale of assets, distributions from our investment in Piceance Energy, issuance of additional debt or issuance of additional equity may result in a mandatory prepayment. We consider the contingent prepayment feature to be an embedded derivative which was bifurcated from the loan and accounted for as a derivative. The fair value of the embedded derivative is estimated using an income valuation technique and a crystal ball forecast. The fair value measurement is considered to be a Level 3 fair value measurement. We do not believe that changes to the inputs in the model would have a significant impact on the valuation of the embedded derivative, other than a change to the estimate of the probability that a triggering event would occur. An increase in the probability of a triggering event occurring would cause an increase in the fair value of the embedded derivative. Likewise, a decrease in the probability of a triggering event occurring would cause a decrease in the value of the embedded derivative. At September 30, 2013, we estimate the fair value of the embedded derivative to be $153,000 based on the probability of us repaying the loan prior to maturity.
	Derivative instruments – With the acquisition of Texadian, we assumed certain open positions consisting of non-exchange traded fixed price physical contracts. These contracts were not treated as normal purchase or normal sales contracts and changes in fair value were recorded in earnings. In addition, we had certain exchange traded oil contracts that settled during the period and had no open positions as of September 30, 2013.  The fair value of our commodity derivatives is measured using the closing market price at the end of the reporting period obtained from the New York Mercantile Exchange and from third party broker quotes and pricing providers. As of September 30, 2013, we had no open positions relating to these non-exchange traded fixed price physical contracts except for contracts treated as normal purchase or normal sale contracts as discussed in our Summary of Significant Accounting Policies.
	Contingent consideration liability – As described in Note 4, the purchase price for our acquisition of HIE may be increased pursuant to an earn out provision. The initial value of the contingent consideration was estimated to be approximately $10.5 million as described in (f) above. The liability will be re-measured at the end of each reporting period using the valuation technique as described above. We do not believe that there has been a material change in the liability from September 25, 2013 through September 30, 2013.
	Our liabilities measured at fair value on a recurring basis as of September 30, 2013 consist of the following (in thousands):
			30-Sep-13
			Fair Value				Level 1		Level 2		Level 3
	Liabilities
	Derivatives:
	Warrants		$	(17,437	)		$	—	$	—	$	(17,437	)
	Contingent consideration liability			(10,500	)		$	—		—		(10,500	)
	Embedded derivatives			-153				—		—		(153	)
			$	(28,090	)		$	—	$	—	$	(28,090	)
		Location on		Fair Value at
		Consolidated		September 30, 2013
		Balance Sheet
				(in thousands)
	Warrant derivatives	Noncurrent liabilities		$	(17,437	)
	Contingent consideration liability	Noncurrent liabilities		$	(10,500	)
	Embedded derivative	Noncurrent liabilities		$	(153	)
	A rollforward of Level 3 derivative warrants and the embedded derivative measured at fair value using Level 3 on a reoccurring basis for the nine months ended September 30, 2013 is as follows (in thousands):
	Description
	Balance, at December 31, 2012		$	(10,945	)
	Purchases, issuances, and settlements			(10,500	)
	Total unrealized losses included in earnings			(6,645	)
	Transfers			—
	Balance, at September 30, 2013		$	(28,090	)
	The following table summarizes the pretax effect resulting from changes in fair value of derivative instruments charged directly to earnings (in thousands):
		For the three months ended September 30, 2013
		Income Statement Classification		Gain (loss) recognized in income
	Derivatives not designated as hedges:
	Warrants	Other income (expense)		$	(1,390	)
	Embedded derivatives	Other income (expense)			285
	Commodities - exchange traded futures	Other income (expense)			—
	Commodities - physical forward contracts	Other income (expense)			—
		For the nine months ended September 30, 2013
	Income Statement Classification		Gain (loss) recognized in income
Derivatives not designated as hedges:
Warrants	Other income (expense)		$	(6,645	)
Embedded derivatives	Other income (expense)			45
Commodities - exchange traded futures	Other income (expense)			104
Commodities - physical forward contracts	Other income (expense)			306

8_Commitments_and_Contingencie

(8) Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Notes	'
(8) Commitments and Contingencies	'
	(8) Commitments and Contingencies
	Environmental Matters
	Like other petroleum refiners, our operations are subject to extensive and periodically changing federal and state environmental regulations governing air emissions, wastewater discharges, and solid and hazardous waste management activities.  Many of these regulations are becoming increasingly stringent, and the cost of compliance can be expected to increase over time.  Our policy is to accrue environmental and clean-up related costs of a non-capital nature when it is probable that a liability has been incurred and the amount can be reasonably estimated.  Such estimates may be subject to revision in the future as regulations and other conditions change.
	Periodically, we receive communications from various federal, state, and local governmental authorities asserting violations of environmental laws and/or regulations.  These governmental entities may also propose or assess fines or require corrective actions for these asserted violations.  We intend to respond in a timely manner to all such communications and to take appropriate corrective action.  We do not anticipate that any such matters currently asserted will have a material impact on our financial condition, results of operations, or cash flows.
	Hawaii Consent Decree On September 25, 2013, Hawaii Pacific Energy, Tesoro and HIE entered into an Environmental Agreement (the “Environmental Agreement”), which allocated responsibility for known and contingent environmental liabilities relating to the acquisition of HIE, including the Consent Decree as described below.
	Tesoro is currently negotiating a consent decree with the United States Environmental Protection Agency (“EPA”) and the United States Department of Justice concerning alleged violations of the federal Clean Air Act related to the ownership and operation of multiple facilities owned by Tesoro and its affiliates (the “Consent Decree”), including the Refinery.  It is anticipated that the Consent Decree will be finalized sometime during the first quarter of 2014 and will require certain capital improvements to the Refinery to reduce emissions of air pollutants.
	It is not possible at this time to estimate the cost of compliance with the ultimate decree. However, Tesoro is responsible under the Environmental Agreement for reimbursing HIE for all reasonable third party capital expenditures incurred for the construction, installation and commissioning of such capital projects and for the payment of any fines or penalties imposed on HIE arising from the Consent Decree to the extent related to acts or omission of Tesoro or HIE prior to the closing date of the Purchase Agreement (the “Closing Date”). Tesoro’s obligation to reimburse HIE for such fines and penalties is not subject to a monetary limitation; however, this obligation terminates on the third anniversary of the Closing Date.
	Regulation of Greenhouse Gases The EPA began regulating greenhouse gases in January 2011 under the Clean Air Act Amendment of 1990 (the “Clean Air Act”).  Any new construction or material expansions will require that, among other things, a greenhouse gas permit be issued at either or both the state or federal level in accordance with the Clean Air Act regulations, and we will be required to undertake a technology review to determine appropriate controls to be implemented with the project in order to reduce greenhouse gas emissions.  The determination would be on a case by case basis, and the EPA has provided only general guidance on which controls will be required or delegated to the states through State Implementation Plans.
	Furthermore, the EPA is currently developing refinery-specific greenhouse gas regulations and performance standards that are expected to impose, on new and modified operations, greenhouse gas emission limits and/or technology requirements.  These control requirements may affect a wide range of refinery operations but have not yet been delineated.  Any such controls, however, could result in material increased compliance costs, additional operating restrictions for our business, and an increase in cost of the products we produce, which could have a material adverse effect on our financial position, results of operations, and liquidity.
	In 2007, the State of Hawaii passed Act 34, which required that greenhouse gas emissions be rolled back on a state wide basis to 1990 levels by the year 2020. Although delayed by two years, the Hawaii Department of Health (“DOH”) is on schedule to finalize and issue regulations by the end of 2013 that would require each major facility to reduce CO2 emission by 16% by 2020 relative to calendar year 2010 baseline (the first year in which greenhouse gas was reported to the EPA under 40 CFR Part 98). The Refinery’s capacity to reduce fuel use and greenhouse gas emissions is limited. However, the state’s pending regulation allows, and the Refinery should be able to demonstrate, that additional reductions are not cost-effective or necessary in light of the state’s current greenhouse gas inventory and future year projection. The pending regulation allows for “partnering” with other facilities (principally power plants) which have already dramatically reduced greenhouse emissions or are on schedule to reduce CO2 emissions in order to comply with the state’s Renewable Portfolio Standards.
	Fuel Standards: In 2007, the U.S. Congress passed the Energy Independence and Security Act (“EISA”) which, among other things, set a target fuel economy standard of 35 miles per gallon for the combined fleet of cars and light trucks in the United States by model year 2020, and contained a second Renewable Fuel Standard (the “RFS2”). In August 2012, the EPA and National Highway Traffic Safety Administration jointly adopted regulations that establish an average industry fuel economy of 54.5 miles per gallon by model year 2025. The RFS2 requires 16.55 billion gallons of renewable fuel usage in 2013, increasing to 36.0 billion gallons by 2022. In the near term, the RSF2 will be satisfied primarily with fuel ethanol blended into gasoline. The RSF2 may present productions and logistic challenges for both the renewable fuels and petroleum refining and marketing industries in that we may have to enter into arrangements with other parties or purchase credits from the EPA to meet our obligations to use advanced biofuels, including biomass-based diesel and cellulosic biofuel, with potentially uncertain supplies of these new fuels.
	In October 2010, the EPA issued a partial waiver decision under the Clean Air Act to allow for an increase in the amount of ethanol permitted to be blended into gasoline from 10% (“E10”) to 15% (“E15) for 2007 and newer light duty motor vehicles. In January 2011, the EPA issued a second waiver for the use of E15 in vehicles model year 2001-2006. There are numerous issues, including state and federal regulatory issues, which need to be addressed before E15 can be marketed for use in traditional gasoline engines. Since April 2006, the State of Hawaii has required that a minimum of 9.2% ethanol be blended into at least 85% of the gasoline pool, but the regulation also limited the amount of ethanol to no more than 10%. Consequently, unless either the state or federal regulations are revised, qualified Renewable Identification Numbers (“RINS”) will be required to fulfill the federal mandate for renewable fuels.
	In May 2013, the EPA published a proposed Tier 3 gasoline standard that would lower the allowable sulfur level in gasoline to 10 ppm, lower the standards for Reid vapor pressure, and also lower the allowable benzene, aromatics and olefins content of gasoline, while possibly increasing octane requirements. The proposed effective date for the new standard,  January 1, 2017, gives refiners nation-wide little time to engineer, permit and implement substantial modifications. Along with credit and trading options, potential capital upgrades for the Refinery are being evaluated. The American Petroleum Institute and American Fuel and Petrochemical Association have already filed extensive comments and intend to challenge the proposed regulation.
	There will be compliance costs and uncertainties regarding how we will comply with the various requirements contained in the EISA and other fuel-related regulations. We may experience a decrease in demand for refined petroleum products due to an increase in combined fleet mileage or due to refined petroleum products being replaced by renewable fuels.
	Recovery Trusts
	On the date we emerged from bankruptcy, or the Emergence Date, two trusts were formed, the Wapiti Recovery Trust (the “Wapiti Trust”) and the Delta Petroleum General Recovery Trust (the “General Trust,” and together with the Wapiti Trust, the “Recovery Trusts”). The Recovery Trusts were formed to pursue certain litigation against third-parties, including preference actions, fraudulent transfer and conveyance actions, rights of setoff and other claims, or causes of action under the U.S.
	Bankruptcy Code, and other claims and potential claims that the Debtors hold against third parties. The Recovery Trusts were funded with $1.0 million each pursuant to the Plan.
	On September 19, 2012, the Wapiti Trust settled all causes of action against Wapiti Oil & Gas, LLC (“Wapiti Oil & Gas”). Wapiti Oil & Gas made a one-time cash payment in the amount of $1.5 million to the Wapiti Trust, as consideration for the release of claims against it. These proceeds were then distributed to us, along with funds remaining from the initial funding of the Wapiti Trust of approximately $1.0 million. Further distributions are not anticipated from the Wapiti Trust and the Wapiti Trust is anticipated to be liquidated during 2013.
	The General Trust is pursuing all bankruptcy causes of action not otherwise vested in the Wapiti Trust, claim objections and resolutions, and all other responsibilities for winding-up the bankruptcy. The General Trust is overseen by a three person General Trust Oversight Board and our former Chief Executive Officer is the trustee. Costs, expenses and obligations incurred by the General Trust are charged against assets in the General Trust. To conduct its operations and fulfill its responsibilities under the Plan and the trust agreements, the recovery trustee may request additional funding from us. Any litigation pending at the time we emerged from Chapter 11 was transferred to the General Trust for resolution and settlement in accordance with the Plan and the order confirming the Plan. We are the beneficiary for each of the Recovery Trusts, subject to the terms of the respective trust agreements and the Plan. Since the Emergence Date, the General Trust has filed various claims and causes of action against third parties before the Bankruptcy Court, which actions are ongoing. Upon liquidation of the various claims and causes of action held by the General Trust, the proceeds, less certain administrative reserves and expenses, will be transferred to us. It is unknown at this time what proceeds, if any, we will realize from the General Trust’s litigation efforts.
	From the Emergence Date through September 30, 2013, the Recovery Trusts have released approximately $5.2 million to us, which is available for our general use, due to a negotiated reduction in certain fees and claims associated with the bankruptcy, as well as a favorable variance in actual expenses versus budgeted expenses. The entire $5.2 million was released prior to December 31, 2012.
	Shares Reserved for Unsecured Claims
	The Plan provides that certain allowed general unsecured claims be paid with shares of our common stock. On the Emergence Date, 106 claims totaling approximately $73.7 million had been filed in the bankruptcy. Pursuant to the Plan, between the Emergence Date and December 31, 2012, the Recovery Trustee settled 25 claims with an aggregate face amount of $6.6 million for $258,905 in cash and 202,753 shares of common stock.  Pursuant to the Plan, during the nine months ended September 30, 2013, the Recovery Trustee settled an additional 47 claims with an aggregate face amount of $17.5 million for approximately $2.7 million in cash and 2,013,773 shares of common stock.
	As of September 30, 2013, it is estimated that a total of 34 claims totaling approximately $49.6 million remain to be resolved by the Recovery Trustee. The largest remaining proof of claim was filed by the US Government for approximately $22.4 million relating to ongoing litigation concerning a plugging and abandonment obligation in Pacific Outer Continental Shelf Lease OCS-P 0320, comprising part of the Sword Unit in the Santa Barbara Channel, California. We believe the probability of issuing stock to satisfy the full claim amount is remote, as the obligations upon which such proof of claim is asserted are joint and several among all working interest owners, and the Predecessor Company owned a 2.41934% working interest in the unit. In addition, litigation and/or settlement efforts are ongoing with other claim holders.
	The settlement of claims is subject to ongoing litigation and we are unable to predict with certainty how many shares will be required to satisfy all claims. Pursuant to the Plan, allowed claims are settled at a ratio of 544 shares per $1,000 of claim. At September 30, 2013, we have reserved approximately $6.4 million representing the estimated value of claims remaining to be settled which are deemed probable and estimable at period end. A summary of claims is as follows:
			Emergence-Date							From Emergence-Date through December 31, 2012
			August 31, 2012
			Filed Claims							Settled Claims											Remaining Filed
																					Claims
																	Consideration
			Count				Amount			Count			Amount				Cash		Stock		Count		Amount
	U.S. Government Claims			3			$	22,364,000			—		$	—			$	—		—		3	$	22,364,000
	Former Employee Claims			32				16,379,849			13			3,685,253				229,478		202,231		19		12,694,596
	Macquarie Capital (USA) Inc.			1				8,671,865			—			—				—		—		1		8,671,865
	Swann and Buzzard Creek Royalty Trust			1				3,200,000			—			—				—		—		1		3,200,000
	Other Various Claims*			69				23,113,659			12			2,914,859				29,427		522		57		20,198,800
	Total			106			$	73,729,373			25		$	6,600,112			$	258,905		202,753		81	$	67,129,261
		For the Nine Months Ended September 30, 2013
		Settled Claims										Remaining Filed
												Claims
								Consideration
		Count			Amount			Cash		Stock		Count			Amount
	U.S. Government Claims		1		$	—		$	—		—		2		$	22,364,000
	Former Employee Claims		19			12,694,596			339,588		1,614,988		—			—
	Macquarie Capital (USA) Inc.		—			—			—		—		1			8,671,865
	Swann and Buzzard Creek Royalty Trust		1			3,200,000			2,000,000		—		—			—
	Other Various Claims*		26			1,620,177			397,754		398,785		31			18,578,623
	Total		47		$	17,514,773		$	2,737,342		2,013,773		34		$	49,614,488
	*          Includes reserve for contingent/unliquidated claims in the amount of $10 million.
	Subsequent to September 30, 2013, the Recovery Trustee settled the Macquarie Capital (USA) Inc. claim for $2.5 million in cash. In addition, two claims with an aggregate face amount of approximately $678,000 were settled for $145,000 in cash and 46,935 shares of common stock.
	HIE
	Operating Leases
	HIE has various cancellable and noncancellable operating leases related to land, vehicles, office and retail facilities and other facilities used in the storage, transportation and sale of crude oil and refined products. In general, these leases have remaining primary terms of up to 32 years and typically contain multiple renewal options.
	The majority of the future lease payments relate to retail stations and facilities used in the storage, transportation and sale of crude oil and refined products. HIE has operating leases for most of our retail stations with primary terms of up to 32 years, and generally containing renewal options and escalation clauses. Leases for facilities used in the storage, transportation and sale of crude oil and refined products have various expiration dates extending to 2027.
	Minimum annual lease payments extending to 2027, for operating leases to which HIE is legally obligated and having initial or remaining noncancellable lease terms in excess of one year are as follows (in thousands):
	2013		$	12,105
	2014			11,312
	2015			10,384
	2016			9,432
	2017			8,712
	Thereafter			32,172
	Total minimum rental payments		$	84,117
	Capital Leases
	HIE’s capital lease obligations relate primarily to the leases of five retail stations with initial terms of 17 years, with four 5-year renewal options. Minimum annual lease payments including interest, for capital leases are as follows (in thousands):
2013		$	382
2014			382
2015			382
2016			382
2017			382
Thereafter			840
Total minimum lease payments			2,750
Less amount representing interest			968
Total minimum rental payments		$	1,782
Other
On April 22, 2013, Texadian entered into a terminaling and storage agreement whereby the operator will provide Texadian with storage facilities, access to a marine terminal and pipelines, and railcar offloading services. The initial term of the agreement is for a period of four years and Texadian’s minimum purchase commitment during the initial term is approximately $28.0 million.
As of September 30, 2013, Texadian had various agreements to lease railcars, inland river tank barges and towboats and other equipment. These leasing agreements have been classified as operating leases for financial reporting purposes and the related rental fees are charged to expense over the lease term as they become payable. Leases generally range in duration of five years or less and contain lease renewal options at fair value.

9_Stockholders_Equity

(9) Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Notes	'
(9) Stockholders' Equity	'
	(9) Stockholders’ Equity
	Common Stock
	On September 13, 2013, we entered into the Common Stock Purchase Agreement pursuant to which we agreed to sell, contemporaneously with the consummation of the acquisition of HIE, shares of our common stock at a price of $1.39 per share (the “Shares”) in a private transaction (the “Stock Sale”). Certain purchasers, namely, ZCOF Par Petroleum Holdings, L.L.C., an affiliate of Zell Credit Opportunities Master Fund, L.P. (“ZCOF”), and affiliates of Whitebox Advisors, LLC (“Whitebox”), each owned 10% or more of the our common stock directly or through affiliates prior to the execution of the Common Stock Purchase Agreement and are deemed to be our affiliates as a result of such ownership. ZCOF and Whitebox have representatives on our board of directors.
	On September 25, 2013, we completed the Stock Sale and issued 143,884,892 Shares. The Stock Sale resulted in aggregate gross proceeds to us of approximately $200.0 million. We did not engage any investment advisors with respect to the Stock Sale, and no finders’ fees or commissions will be paid to any party in connection therewith. The Shares have been issued and sold by us in a private placement transaction in reliance upon an exemption from registration pursuant to Regulation D under the Securities Act of 1933, as amended.
	During the nine months ended September 30, 2013, we issued approximately 2,014,000 shares of our common stock for settlement of bankruptcy claims and approximately 3,129,000 shares of restricted and unrestricted common stock to certain key employees and directors.
	Registration Rights Agreement
	In connection with the closing of the sale of the Shares, we entered into a registration rights agreement (the “Registration Rights Agreement”), with the purchasers of the Shares. Under the Registration Rights Agreement, we agreed to file a registration statement relating to the Shares with the U.S. Securities and Exchange Commission within 60 days after the closing date of the sale which would be declared effective within 180 days of the closing date of the sale. We also agreed to use commercially reasonable efforts to keep the registration statement effective until the earliest to occur of (i) the disposition of all registrable securities, (ii) the availability under Rule 144 of the Securities Act of 1933, as amended, for each holder of registrable securities to immediately freely resell such registrable securities without volume restrictions or (iii) the third anniversary of the effective date of the registration statement.
	The Registration Rights Agreement also provides the right for a holder or group of holders of more than $50 million of registrable securities to demand that we conduct an underwritten public offering of the registrable securities. However, the demanding holders are limited to a total of three such underwritten offerings, with no more than one demand request for an underwritten offering made in any 365 day period. Additionally, the Registration Rights Agreement contains customary indemnification rights and obligations for both us and the holders of registrable securities.
	If the registration statement (i) is not filed with the SEC on or prior to the applicable deadline (ii) is not declared effective by the SEC prior to the applicable deadline, or (iii) does not remain effective for the applicable effectiveness period described above then from the that date until cured, we must pay, as liquidated damages and not as a penalty, an amount in cash equal to 0.25% of the purchaser’s allocated purchase price per calendar month, not to exceed 0.75% of the allocated purchase price. We will accrue an obligation for the Registration Rights Agreement when it is probable that an obligation has been incurred and the amount can be reasonably determined.
	Incentive Plan
	On December 20, 2012, our Board of Directors (the “Board”) approved the Par Petroleum Corporation 2012 Long Term Incentive Plan (the “Incentive Plan”). Under the Incentive Plan, the Board, or a committee of the Board, may issue up to 16 million shares of our common stock, or incentive stock options, nonstatutory stock options or restricted stock to our employee or directors, or other individuals providing services to us. In general, the terms of any award issue will be determined by the committee upon grant.
	On December 31, 2012, a total of 2,191,834 shares of our restricted common stock were granted to members of the Board of Directors and certain key employees. During the nine months ended September 30, 2013, an additional 3,094,168 shares of our restricted stock were granted to certain key employees. Restricted stock granted to members of the Board vests in full after one year from the date of grant, while most restricted stock granted to employees vests on a pro-rata basis over five years. For the nine months ended September 30, 2013, the following activity occurred under our Incentive Plan:
		Shares		Weighted-
				Average
				Grant Date Fair
				Value
	Stock Awards:
	Non vested balance, beginning of period		2,191,834	$	1.09
	Granted		3,094,168		1.77
	Vested		—		—
	Forfeited		—		—
	Non vested balance, end of period		5,286,002	$	1.49
	For the three and nine months ended September 30, 2013, we recognized compensation costs of approximately $210,000 and $491,000, respectively, related to the restricted stock awards. As of September 30, 2013, there are approximately $6.3 million of total unrecognized compensation costs related to restricted stock awards, which are expected to be recognized on a straight-line basis over a weighted average period of 4.6 years. The grant date fair value was estimated using the previous 20 days average trading price of our common stock.

10_Income_Taxes

(10) Income Taxes	9 Months Ended
	Sep. 30, 2013
Notes	'
(10) Income Taxes	'
	(10) Income Taxes
	Under the Plan of Reorganization, our prepetition debt securities, primarily prepetition notes, were extinguished. Absent an exception, a debtor recognizes cancellation of debt income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. Tax regulations provide that a debtor in a bankruptcy case may exclude CODI from income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of our equity upon emergence from Chapter 11 bankruptcy proceedings, we were able to retain a significant portion of our NOLs and other “Tax Attributes” after reduction of the Tax Attributes for CODI realized on emergence from Chapter 11 and certain prior interest payments on debt converted to equity. Our NOLs have been reduced by approximately $230 million of CODI as a result of emergence from Chapter 11.
	Pursuant to the Plan, on the Emergence Date, the existing equity interests of the Predecessor were extinguished. New equity interests were issued to creditors in connection with the terms of the Plan, resulting in an ownership change as defined under Section 382 of the Code. Section 382 generally places a limit on the amount of net operating losses and other tax attributes arising before the change that may be used to offset taxable income after the ownership change. We believe however that we will qualify for an exception to the general limitation rules. This exception under Code Section 382(l)(5) provides for substantially less restrictive limitations on our net operating losses; however the net operating losses are eliminated should another ownership change occur within two years. Our amended and restated certificate of incorporation places restrictions upon the ability of the equity interest holders to transfer their ownership in us. These restrictions are designed to provide us with the maximum assurance that another ownership change does not occur that could adversely impact our net operating loss carry forwards.
	In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future results of operations, and tax planning strategies in making this assessment. Based upon the level of historical taxable income, significant book losses during the current and prior periods, and projections for future results of operations over the periods in which the deferred tax assets are deductible, among other factors, management continues to conclude that we did not meet the “more likely than not” requirement of ASC 740 in order to recognize deferred tax assets and a valuation allowance has been recorded for the full amount of our net deferred tax assets at September 30, 2013.
	During the three and nine month periods ended September 30, 2013, no adjustments were recognized for uncertain tax benefits.
	Our net taxable income must be apportioned to various states based upon the income tax laws of the states in which we derive our revenue.  Our NOL carry forwards will not always be available to offset taxable income apportioned to the various states.  The states from which Texadian’s revenues and HIE’s revenues are derived are not the same states in which our NOLs were incurred; therefore we expect to incur state tax liabilities on the net income of Texadian’s and HIE’s operations.  State income tax expense of approximately $0 and $650,000 was recognized for the three and nine months ending September 30, 2013, respectively.
	During 2013 and thereafter, we will continue to assess the realizability of our deferred tax assets based on consideration of actual and projected operating results and tax planning strategies. Should actual operating results improve, the amount of the deferred tax asset considered more likely than not to be realizable could be increased.

11_Earnings_Per_Share

(11) Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Notes	'
(11) Earnings Per Share	'
	(11) Earnings Per Share
	Basic earnings per share (“EPS”) are computed by dividing net loss by the sum of the weighted average number of common shares outstanding, and the weighted average number of shares issuable under the Warrants, representing 9,737,182 shares (see Note 5 and 6). U.S. GAAP requires the inclusion of these Warrants in the calculation of basic EPS because they are issuable for minimal consideration. Non-vested restricted stock is excluded from the computation as these shares are not considered earned until vesting. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
		Successor			Successor			Predecessor
		Three Months			One Month			Two Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Net loss attributable to common stockholders	$	(14,620	)	$	(2,002	)	$	(16,062	)
	Basic weighted-average common stock outstanding		167,523			157,248			28,841
	Add: dilutive effects of common stock equivalents		—			—			—
	Diluted weighted-average common stock outstanding		167,523			157,248			28,841
	Basic loss per common share:	$	(0.09	)	$	(0.01	)	$	(0.56	)
	Diluted loss per common share:	$	(0.09	)	$	(0.01	)	$	(0.56	)
	Potentially dilutive securities excluded from the calculation of diluted shares outstanding include the following (in thousands):
		Successor			Successor			Predecessor
		Three Months			One Month			Two Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Stock issuable upon conversion of convertible notes		—			—			379
	Stock options		—			—			150
	Non-vested restricted stock		5,231			—			558
	Total potentially dilutive securities		5,231			—			1,087
		Successor			Successor			Predecessor
		Nine Months			One Month			Eight Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Net loss attributable to common stockholders	$	(28,650	)	$	(2,002	)	$	(45,437	)
	Basic weighted-average common stock outstanding		161,633			157,248			28,841
	Add: dilutive effects of common stock equivalents		—			—			—
	Diluted weighted-average common stock outstanding		161,633			157,248			28,841
	Basic loss per common share:	$	(0.18	)	$	(0.01	)	$	(1.57	)
	Diluted loss per common share:	$	(0.18	)	$	(0.01	)	$	(1.57	)
	Potentially dilutive securities excluded from the calculation of diluted shares outstanding include the following (in thousands):
		Successor			Successor			Predecessor
		Nine Months			One Month			Eight Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Stock issuable upon conversion of convertible notes		—			—			379
	Stock options		—			—			150
	Non-vested restricted stock		5,231			—			558
	Total potentially dilutive securities		5,231			—			1,087

12_Segment_Information

(12) Segment Information	9 Months Ended
	Sep. 30, 2013
Notes	'
(12) Segment Information	'
	(12) Segment Information
	Following our acquisitions of HIE and Texadian, we have four business segments, (i) natural gas and oil exploration and production, (ii) commodity transportation and marketing (iii) refining and (iv) retail. The retail segment is comprised of 31 retail locations that sell various refined products and merchandise to customers located across Oahu, Maui and Hawaii. Summarized financial information concerning reportable segments consists of the following (in thousands):
	For the three months ended September 30, 2013:	Natural Gas	Commodity	Refining	Retail	Trust	Total
		and Oil	Transportation			Litigation
		Exploration	and			and Settlements
		and	Marketing
		Production
	Sales and operating revenues	$2,182	$4,598	$26,133	$2,472	—	$35.38
	Operating income	648	1,952	405	494	-549	2,950
	Loss from unconsolidated affiliate	-907	—	—	—	—	-907
	Capital expenditures	37	—	—	—	—	37
	Capital additions from acquisitions*	—	—	101,103	4,670	—	105,773
	Depreciation, depletion, amortization and accretion	519	599	96	—		1,214
						—
	For the nine months ended September 30, 2013:	Natural Gas	Commodity	Refining	Retail	Trust	Total
		and Oil	Transportation and			Litigation
		Exploration	Marketing			and
		and				Settlements
		Production
	Sales and operating revenues	$5,988	$100,355	$26,133	$2,472	$—	$134,948
	Operating income (loss)	483	13,773	405	494	-5,713	9,442
	Loss from unconsolidated affiliate	-1,773	—	—	—	—	-1,773
	Capital expenditures	128	—	—	—	—	128
	Capital additions from acquisitions*	—	—	101,103	4,670	—	105,773
	Depreciation, depletion, amortization and accretion	1,291	1,631	96	—		3,018
						—
	* Includes only amounts capitalized as property, plant and equipment from the acquisition of HIE.
	At September 30, 2013, our reportable segment assets consisted of the following (in thousands):
		Natural Gas	Commodity	Refining	Retail	Trust Litigation and Settlements	Total
		and Oil	Transportation
		Exploration	and
		and	Marketing
		Production
	Current assets	3,273	$33,847	489,056	6,441	$720	533,337
	Property and equipment, net	4,697	47	103,715	2,120	—	110,579
	Investments in unconsolidated affiliates	102,923	—	—	—	—	102,923
	Goodwill and other intangible assets, net	—	15,593	9,801	—	—	25,394
	Other long term assets	9	—	17,132	—	—	17,141
	Totals	110,902	$49,487	619,704	8,561	$720	789,374
	Reconciliation of reportable segment assets to our consolidated totals is as follows (in thousands):
		September 30,
		2013
	Total assets for reportable segments	789,374
	Cash and restricted cash not allocated to segments	33,064
	Property and equipment	4,446
	Prepaid expenses and other assets	1,230
	Total assets	828,114
	For the comparable periods in 2012, 100% of our activities were natural gas and oil exploration and production so no comparable segment information has been provided.

13_Related_Party_Transactions

(13) Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Notes	'
(13) Related Party Transactions	'
	(13) Related Party Transactions
	Certain of our stockholders who are lenders under the Loan Agreement received Warrants exercisable for shares of common stock in connection with such loan (see Note 6).
	On September 17, 2013 (but effective January 1, 2013), we entered into letter agreements (the “Services Agreements”) with Equity Group Investments, an affiliate of ZCOF (“EGI”), and Whitebox.  Pursuant to the Services Agreements, EGI and Whitebox agreed to provide us with ongoing strategic, advisory and consulting services that may include, (i) advice on financing structures and our relationship with lenders and bankers, (ii) advice regarding public and private offerings of debt and equity securities, (iii) advice regarding asset dispositions, acquisitions or other asset management strategies, (iv) advice regarding potential business acquisitions, dispositions or combinations involving us or our affiliates, or (v) such other advice directly related or ancillary to the above strategic, advisory and consulting services as may be reasonably requested by us.
	EGI and Whitebox will not receive a fee for the provision of the strategic, advisory or consulting services set forth in the Services Agreements, but may be periodically reimbursed by us, upon request, for (i) travel and out of pocket expenses, provided that in the event that such expenses exceed $50,000 in the aggregate with respect to any single proposed matter, EGI or Whitebox, as applicable, will obtain our consent prior to incurring additional costs, and (ii) provided that we provide prior consent to their engagement with respect to any particular proposed matter, all reasonable fees and disbursements of counsel, accountants and other professionals incurred in connection with EGI’s or Whitebox’s, as applicable, services under the Services Agreements.  In consideration of the services provided by EGI and Whitebox unless the Services Agreements, we agreed to indemnity each of them for certain losses incurred by them relating to or arising out of the Services Agreements or the services provided thereunder.
	The Services Agreements have a term of one year and will be automatically extended for successive one-year periods unless terminated, by either party, at least 60 days prior to any extension date.

2_Summary_of_Significant_Accou1

(2) Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Policies	'
Fresh Start Accounting and The Effects of The Plan	'
	Fresh Start Accounting and the Effects of the Plan
	As required by U.S. GAAP, effective as of August 31, 2012, Par adopted fresh start accounting following the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 “Reorganizations” (“ASC 852”). Fresh start accounting results in us becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to August 31, 2012 reflect the operations of Delta prior to reorganization (hereinafter also referred to as “Predecessor”) and are not comparable to the consolidated financial statements presented on or after August 31, 2012. Accordingly, certain disclosures relating to the Predecessor’s financial statements for the two and eight months ended August 31, 2012 have been omitted. Fresh start accounting was required upon emergence from Chapter 11 because (i) holders of voting shares immediately before confirmation of the Plan received less than 50% of the emerging entity and (ii) the reorganization value of our assets immediately before confirmation of the Plan was less than our post-petition liabilities and allowed claims. Fresh start accounting results in a new basis of accounting and reflects the allocation of our estimated fair value to underlying assets and liabilities.
Cash Equivalents	'
	Cash Equivalents
	We consider all highly liquid investments with maturities at date of acquisition of three months or less to be cash equivalents.
Restricted Cash	'
	Restricted Cash
	As of September 30, 2013, restricted cash totaled approximately $1.7 million and consisted of approximately $720,000 designated to settle bankruptcy matters that is not available for operating activities (see Note 8) and approximately $1.0 million held at a commercial bank to support a letter of credit facility related to our acquisition of HIE. At December 31, 2012, restricted cash totaled approximately $24 million, including amounts held at a commercial bank to support a letter of credit facility totaling approximately $19.0 million (see Note 6) and approximately $4.8 million designated to settle bankruptcy matters. During the nine months ended September 30, 2013, the $19.0 million of restricted cash supporting a letter of credit facility was released to us and was made available for general corporate purposes.
Trade Receivables	'
	Trade Receivables
	Texadian’s customers primarily included major independent refining and marketing companies. HIE’s receivables include receivables from the sale of refined products and proprietary credit card receivables from sales at its retail locations. Customers are required to pay in advance or are granted credit on a short-term basis when credit risks are considered acceptable. We routinely review our trade receivables and make provisions for doubtful accounts based on existing customer and economic conditions; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables that are deemed uncollectible are removed from accounts receivable and from the allowance for doubtful accounts when collection efforts have been unsuccessful. As of September 30, 2013, we had no significant allowance for doubtful accounts. Several of Texadian’s physical purchases and sales are with the same counterparty and are settled on a net basis and therefore Texadian’s receivables are recorded net of any corresponding payables. Additionally, we provide an accrual for natural gas and oil sales using the sales method by estimating natural gas and oil volumes and prices for months in which revenues have not been received using production and pricing information provided by the operator.
Refined Product Exchanges	'
	Refined Product Exchanges
	As further described in Note 4, HIE has entered into supply and exchange contracts whereby it agrees to deliver a particular quantity and quality of refined products at a specified location and date to a particular counterparty and to receive from the same counterparty a particular quantity and quality of refined products at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions that are settled in kind on a volumetric basis, with the exception of associated grade or location differentials that are settled in cash each month. These transactions are not recorded as revenue because they involve the exchange of refined product inventories held for sale in the ordinary course of business to facilitate sales to customers. The exchange transactions are recognized at the carrying amount of the inventory transferred plus or minus any cash settlement due to grade or location differentials.
Inventories	'
	Inventories
	Texadian’s inventories, which consist of in-transit oil, are stated at the lower of cost or market. We record impairments, as needed, to adjust the carrying amount of inventories to the lower of cost or market.
	HIE acquires substantially all of its crude oil from Barclays Bank PLC (“Barclays”) under supply and exchange agreements as described in Note 4. Legal title to the crude oil is held by Barclays and the crude oil is stored in HIE’s storage tanks for the benefit of Barclays pursuant to a storage agreement until it is needed for further use in the refining process. At that time, certain nominated volumes are drawn out of the storage tanks and purchased by us. After processing and subject to the supply and exchange agreements described in Note 4, Barclays takes title to the refined products when the refined products enters the tanks which are then stored in HIE’s storage tanks until sold at HIE’s retail locations or to third parties. We record the inventory owned by Barclays on our behalf as inventory with a corresponding accrued liability on our balance sheet because we maintain the risk of loss until the refined products are sold to third parties. Inventories are stated at the lower of cost or market. We use last-in, first-out as the primary method to determine the cost of crude oil and refined product inventories in our refining and retail segments. We value merchandise along with spare parts, materials and supplies at average cost.
Investment in Unconsolidated Affiliate	'
	Investment in Unconsolidated Affiliate
	Investments in operating entities where we have the ability to exert significant influence, but do not control the operating and financial policies, are accounted for using the equity method. Our share of net income (loss) of these entities is recorded as income (loss) from unconsolidated affiliates in the consolidated statements of operations.
	Our investment in unconsolidated affiliates consisted of our ownership interest in Piceance Energy (see Note 3).
Property and Equipment	'
	Property and Equipment
	We account for our natural gas and oil exploration and development activities using the successful efforts method of accounting. Under such method, costs of productive exploratory wells, development dry holes and productive wells and undeveloped leases are capitalized. Natural gas and oil lease acquisition costs are also capitalized. Exploration costs, including personnel costs, certain geological or geophysical expenses and delay rentals for natural gas and oil leases, are charged to expense as incurred. Exploratory drilling costs are initially capitalized, then evaluated quarterly and charged to expense if and when the well is determined not to have found reserves in commercial quantities. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the units-of-production amortization rate. A gain or loss is recognized for all other sales of producing properties.
	Unproved properties with significant acquisition costs are assessed quarterly on a property-by-property basis and any impairment in value is charged to expense. If the unproved properties are determined to be productive, the related costs are transferred to proved oil and natural gas properties and are depleted. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain or loss until all costs have been recovered.
	Depreciation, depletion and amortization of capitalized acquisition, exploration and development costs is computed using the units-of-production method by individual fields (common reservoirs) using proved producing natural gas and oil reserves amortized as the related reserves are produced. Associated leasehold costs are depleted using the unit-of-production method based on total proved natural gas and oil reserves amortized as the related reserves are produced.
	HIE’s operations, especially those of the refining segment, are highly capital intensive. The refinery consists of a series of interconnected, highly integrated and interdependent crude oil processing facilities and supporting logistical infrastructure, and these units are regularly improved. We plan for these improvements by developing a multi-year capital program that is updated and revised based on changing internal and external factors.
	We capitalize the cost of additions, major improvements and modifications to property, plant and equipment. The cost of repairs and normal maintenance of property, plant and equipment is expensed as incurred. Major improvements and modifications of property, plant and equipment are those expenditures that either extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. We compute depreciation of property, plant and equipment using the straight-line method, based on the estimated useful life of each asset. The useful lives range from 8 to 47 years for refining assets, 3 to 30 years for logistics assets, 14 to 18 years for retail assets, 3 to 7 years for corporate assets and 3 for software. We record property under capital leases at the lower of the present value of minimum lease payments using our incremental borrowing rate or the fair value of the leased property at the date of lease inception. We depreciate leasehold improvements and property acquired under capital leases over the shorter of the lease term or the economic life of the asset.
Goodwill and Other Intangible Assets	'
	Goodwill and Other Intangible Assets
	We recorded goodwill as a result of our acquisitions of Texadian and have preliminarily recognized goodwill with the acquisition of HIE. Goodwill was attributable to opportunities expected to arise from combining our operations with Texadian’s and HIE’s, and specifically utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. In addition, as a result of our acquisitions of Texadian and HIE, we recorded certain other identifiable intangible assets. These intangible assets include relationships with suppliers and shippers, favorable railcar leases, trade names and trademarks. These intangible assets will be amortized over their estimated useful lives on a straight line basis.
Impairment of Goodwill and Long-lived Assets	'
	Impairment of Goodwill and Long-Lived Assets
	Goodwill is not amortized, but is tested for impairment. We assess the recoverability of the carrying value of goodwill during the fourth quarter of each year or whenever events or changes in circumstances indicate that the carrying amount of the goodwill of a reporting unit may not be fully recoverable. We first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors assessed for the reporting unit would include the competitive environments and financial performance of the reporting unit. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a two-step quantitative test is required. If required, we will review the carrying value of the net assets of the reporting unit to the estimated fair value of the reporting unit, based upon a multiple of estimated earnings. If the carrying value exceeds the estimated fair value of the reporting unit, an impairment indicator exists and an estimate of the impairment loss is calculated. The fair value calculation uses Level 3 (see Note 7) inputs and includes multiple assumptions and estimates, including the projected cash flows and discount rates applied. Changes in these assumptions and estimates could result in a goodwill impairment that could materially adversely impact our financial position or results of operations.
	We evaluate the carrying value of our intangible assets when impairment indicators are present or when circumstances indicate that impairment may exist under authoritative guidance. When we believe impairment indicators may exist, projections of the undiscounted future cash flows associated with the use of and eventual disposition of the intangible assets are prepared. If the projections indicate that their carrying values are not recoverable, we reduce the carrying values to fair value. These impairment tests are heavily influenced by assumptions and estimates that are subject to change as additional information becomes available.
	Our natural gas and oil assets, including our investment in our unconsolidated affiliate, are reviewed for impairment quarterly or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Estimates of expected future cash flows represent our best estimate based on reasonable and supportable assumptions and projections.
	For proved properties, if the expected future cash flows exceed the carrying value of the asset, no impairment is recognized. If the carrying value of the asset exceeds the expected future cash flows, an impairment exists and is measured by the excess of the carrying value over the estimated fair value of the asset. Any impairment provisions recognized are permanent and may not be restored in the future.
	We assess proved properties on an individual field basis for impairment each quarter when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For proved properties, the review consists of a comparison of the carrying value of the asset with the asset’s expected future undiscounted cash flows without interest costs.
	For unproved properties, the need for an impairment charge is based on our plans for future development and other activities impacting the life of the property and our ability to recover our investment. When we believe the costs of the unproved property are no longer recoverable, an impairment charge is recorded based on the estimated fair value of the property.
	We review property, plant and equipment and other long-lived assets whenever events or changes in business circumstances indicate the net book values of the assets may not be recoverable. Impairment is indicated when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ net book value. If this occurs, an impairment loss is recognized for the difference between the fair value and net book value. Factors that indicate potential impairment include: a significant decrease in the market value of the asset, operating or cash flow losses associated with the use of the asset and a significant change in the asset’s physical condition or use.
Asset Retirement Obligations	'
	Asset Retirement Obligations
	An asset retirement obligation (“ARO”) is an estimated liability for the cost to retire a tangible asset. Our AROs arise from plugging and abandonment liabilities for our natural gas and oil wells, as well as AROs arising from HIE’s refinery and retail operations. We record AROs at fair value in the period in which we have a legal obligation, whether by government action or contractual arrangement, to incur these costs and can make a reasonable estimate of the fair value of the liability. AROs are calculated based on the present value of the estimated removal and other closure costs using our credit-adjusted risk-free rate. When the liability is initially recorded, we capitalize the cost by increasing the book value of the related long-lived tangible asset. The liability is accreted to its estimated settlement value and the related capitalized cost is depreciated over the asset’s useful life. We recognize a gain or loss at settlement for any difference between the settlement amount and the recorded liability, which is recorded as a loss on asset disposals and impairments in our statements of consolidated operations. We estimate settlement dates by considering our past practice, industry practice, management’s intent and estimated economic lives.
	We cannot currently estimate the fair value for certain AROs associated with HIE primarily because we cannot estimate settlement dates (or range of dates) associated with these assets. These AROs include hazardous materials disposal (such as petroleum manufacturing by-products, chemical catalysts, and sealed insulation material containing asbestos), and removal or dismantlement requirements associated with the closure of our refining facility, terminal facilities or pipelines, including the demolition or removal of certain major processing units, buildings, tanks, pipelines or other equipment.
Environmental Matters	'
	Environmental Matters
	We capitalize environmental expenditures that extend the life or increase the capacity of facilities as well as expenditures that prevent environmental contamination. We expense costs that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation. We record liabilities when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. Cost estimates are based on the expected timing and extent of remedial actions required by governing agencies, experience gained from similar sites for which environmental assessments or remediation have been completed and the amount of our anticipated liability considering the proportional liability and financial abilities of other responsible parties. Usually, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Estimated liabilities are not discounted to present value and environmental expenses are recorded primarily in operating expenses in our statements of consolidated operations.
Derivatives and Other Financial Instruments	'
	Derivatives and Other Financial Instruments
	We may periodically enter into commodity price risk transactions to manage our exposure to natural gas and oil price volatility. These transactions may take the form of non-exchange traded fixed price forward contracts and exchange traded futures contracts, collar agreements, swaps or options. The purpose of the transactions will be to provide a measure of stability to our cash flows in an environment of volatile commodity prices.
Accrued settlement claims	'
	Accrued Settlement Claims
	As of September 30, 2013, we have accrued approximately $6.4 million relating to claims resulting from our bankruptcy (see Note 8). Professional fees relating to the settlement of bankruptcy claims are charged to earnings in the period incurred.
Income Taxes	'
	Income Taxes
	We use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the results of operations in the period that includes the enactment date. The realizability of deferred tax assets is evaluated quarterly based on a “more likely than not” standard, and to the extent this threshold is not met, a valuation allowance is recorded.
	We recognize in the financial statements the impact of an uncertain tax position only if it is more likely than not of being sustained upon examination by the relevant taxing authority based on the technical merits of the position. As a general rule, our open years for Internal Revenue Service (“IRS”) examination purposes are 2010, 2011, and 2012. However, since we have net operating loss carryforwards, the IRS has the ability to make adjustments to items that originate in a year otherwise barred by the statute of limitations under Section 6501 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to re-determine tax for an open year to which those items are carried. Therefore, in a year in which a net operating loss deduction is claimed, the IRS may examine the year in which the net operating loss was generated and adjust it accordingly for purposes of assessing additional tax in the year the net operating loss deductions was claimed. Any penalties or interest as a result of an examination will be recorded in the period assessed.
	We expect to incur state income tax liabilities as a result of HIE’s and Texadian’s operations.  They operate in states where we have no net operating loss carryovers available to offset taxable income generated within those states.  Accordingly, we have accrued state income tax expense of approximately $0 and $650,000 for the three and nine months ended September 30, 2013, respectively.
Stock Based Compensation	'
	Stock Based Compensation
	We recognize the cost of share based payments over the period the employee provides service, generally the vesting period, and includes such costs in general and administrative expense in the statements of operations. The fair value of equity instruments issued to employees is measured on the grant date and recognized over the service period on a straight-line basis.
Revenue Recognition	'
	Revenue Recognition
	Natural Gas and Oil
	Revenues are recognized when title to the products transfers to the purchaser. We follow the “sales method” of accounting for our natural gas and oil revenue and recognize sales revenue on all natural gas or oil sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of September 30, 2013, our aggregate natural gas and oil imbalances were not material to our consolidated financial statements.
	Marketing and Transportation
	We recognize revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met.
	Texadian earns revenues from the sale and transportation of oil and the rental of rail cars. Accordingly, revenues and related costs from sales of oil are recorded when title transfers to the buyer.  Transportation revenues are recognized when title passes to the customer, which is when risk of ownership transfers to the purchaser, and physical delivery occurs.   Revenues from the rental of railcars are recognized ratably over the lease periods.
	Refining and Retail
	HIE recognizes revenues upon delivery of goods or services to a customer. For goods, this is the point at which title is transferred and when payment has either been received or collection is reasonably assured. Revenues for services are recorded when the services have been provided. We record certain transactions in cost of sales in our statements of consolidated operations on a net basis. These transactions include nonmonetary crude oil and refined product exchange transactions used to optimize our refinery supply, and sale and purchase transactions entered into with the same counterparty that are deemed to be in contemplation with one another. We include transportation fees charged to customers in revenues in our statements of consolidated operations, while the related transportation costs are included in cost of sales or operating expenses. Federal excise and state motor fuel taxes, which are remitted to governmental agencies through our refining segment and collected from customers in our retail segment, are included in both revenues and cost of sales in our statements of consolidated operations
Foreign Currency Transactions	'
	Foreign Currency Transactions
	We may, on occasion, enter into transactions denominated in currencies other than our functional currency (“U.S. $”). Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains or losses, net in the accompanying consolidated statements of operations in the period in which the currency exchange rates change.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair value of assets and liabilities recorded under fresh start accounting, fair value of assets and liabilities recorded under purchase accounting, natural gas and oil reserves, bad debts, depletion and impairment of natural gas and oil properties, income taxes and the valuation allowances related to deferred tax assets, derivatives, asset retirement obligations, contingencies and litigation accruals. Actual results could differ from these estimates.

3_Investments_in_Piceance_Ener1

(3) Investments in Piceance Energy: Equity Investment Change, Piceance Energy (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Equity Investment Change, Piceance Energy	'
		Three			Nine
		Months			Months
		Ended			Ended
		September 30,			September 30,
		2013			2013
		(in thousands)
	Beginning balance	$	103,815			$	104,434
	Income (loss) from unconsolidated affiliates		(907	)			(1,772	)
	Capitalized drilling costs obligation paid		15				261
	Ending balance	$	102,923			$	102,923

3_Investments_in_Piceance_Ener2

(3) Investments in Piceance Energy: Summary of Balance Sheet of Equity Investment (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Summary of Balance Sheet of Equity Investment	'
	Summarized balance sheet information and our share of the equity investment are as follows:
		30-Sep-13
			100%		Our Share
		(Unaudited)
		(in thousands)
	Assets
	Cash and equivalents	$	23		$	8
	Accounts receivable		3,486			1,162
	Prepaids and other assets		1,323			441
	Total current assets		4,832			1,611
	Natural gas and oil property, successful efforts method of accounting		549,327			183,146
	Other real estate and land		14,314			4,772
	Office furniture and equipment		3,110			1,037
	Total		566,751			188,955
	Less: accumulated depletion, depreciation and amortization		(107,216	)		(35,746	)
	Total property and equipment, net		459,535			153,209
	Deferred issue costs and other assets, net		953			318
	Total assets	$	465,320		$	155,138
		30-Sep-13
			100%		Our Share
		(Unaudited)
		(in thousands)
	Accounts payable and accrued liabilities	$	5,023		$	1,675
	Natural gas and oil sales payable		11,041			3,681
	Derivative liabilities		542			181
	Total current liabilities		16,606			5,537
	Note payable		90,000			30,006
	Asset retirement obligations		2,959			987
	Total non-current liabilities		92,959			30,993
	Total liabilities		109,565			36,530
	Members equity
	Members’ equity		365,046			121,706
	Accumulated deficit		(9,291	)		(3,098	)
	Total members’ equity		355,755			118,608
	Total liabilities and members’ equity	$	465,320		$	155,138

3_Investments_in_Piceance_Ener3

(3) Investments in Piceance Energy: Summary of Income Statement of Equity Investment (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Summary of Income Statement of Equity Investment	'
	Summarized income statement information and our share for the period for which our investment was accounted for under the equity method is as follows:
		Three Months Ended
		September 30, 2013
		100%			Our Share
		(Unaudited)
		(in thousands)
	Natural gas, oil and natural gas liquids revenues	$	14,622		$	4,875
	Natural gas and oil operating expenses		7,416			2,473
	Depletion, depreciation and amortization		6,897			2,299
	Management fee		1,950			650
	General and administrative		447			149
	Total operating expenses		16,710			5,571
	Loss from operations		(2,088	)		(696	)
	Other income (expense)
	Income from derivatives		106			35
	Interest expense and debt issue costs		(718	)		(239	)
	Other expense		(20	)		(7	)
	Total other expense, net		(632	)		(211	)
	Net loss	$	(2,720	)	$	(907	)
		Nine Months Ended
		September 30, 2013
		100%			Our Share
		(Unaudited)
		(in thousands)
	Natural gas, oil and natural gas liquids revenues	$	44,076		$	14,695
	Natural gas and oil operating expenses		22,160			7,388
	Depletion, depreciation and amortization		17,557			5,854
	Management fee		5,850			1,950
	General and administrative		2,420			807
	Total operating expenses		47,987			15,999
	Loss from operations		(3,911	)		(1,304	)
	Other income (expense)
	Income from derivatives		825			275
	Interest expense and debt issue costs		(2,139	)		(713	)
	Other expense		(91	)		(30	)
	Total other expense, net		(1,405	)		(468	)
	Net loss	$	(5,316	)	$	(1,772	)

4_Acquisition_Schedule_of_Reco

(4) Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	Intangible assets	$	8,809
	Goodwill		8,290
	Net non cash working capital		3,097
	Deferred tax liabilities		(2,757	)
	Total, net of cash acquired	$	17,439

4_Acquisition_Schedule_of_Purc

(4) Acquisition: Schedule of Purchase Price Allocation, Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Purchase Price Allocation, Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed	'
	Property, plant and equipment	$	66,144
	Land		39,800
	Goodwill		5,203
	Intangible assets		4,782
	Net working capital		462,427
	Contingent consideration liability		(10,500	)
	Other noncurrent liabilities		(8,249	)
	Total, net of cash acquired	$	559,607

5_Inventories_Schedule_of_Inve

(5) Inventories: Schedule of Inventory (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Inventory	'
		Titled Inventory		Supply and Exchange Agreements		Total
	Crude oil and feedstocks	$	—	$	128,871	$	128,871
	Refined products and blend stock		49,841		199,094		248,935
	Warehouse stock and other		17,992		—		17,992
		$	67,833	$	327,965	$	395,798

6_Debt_Repayment_of_Premium_Eq

(6) Debt: Repayment of Premium Equal to the Percentage of Principal Repaid (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Repayment of Premium Equal to the Percentage of Principal Repaid	'
	Period	Repayment
		Premium
	From the Emergence Date through the first anniversary of the Emergence Date		3	%
	From the day after the first anniversary of the Emergence Date through the second anniversary of the Emergence Date		2	%

6_Debt_Schedule_of_Longterm_De

(6) Debt: Schedule of Long-term Debt Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Long-term Debt Instruments	'
	Delayed Draw Term Loan Agreement, including interest in-kind	$	32,389
	New Tranche B Loan, including interest in-kind		18,760
	ABL Facility		21,000
	Less: unamortized debt discount – warrants and embedded derivative		(4,701	)
	Total debt, net of unamortized debt discount		67,448
	Less: current maturities		—
	Long term debt, net of current maturities and unamortized discount	$	67,448

6_Debt_Schedule_of_Debt_Instru

(6) Debt: Schedule of Debt Instruments Interest and Financing Costs (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Debt Instruments Interest and Financing Costs	'
	Interest and financing costs consists of the following:
		Three		Nine
		Months Ended		Months Ended
		30-Sep-13		September 30,
				2013
		(in thousands)
	Interest accrued in kind	$	2,395	$	5,196
	Amortization of debt discount relating to the warrants and embedded derivative		493		1,372
	Accretion of 3% repayment premium on the Delayed Draw Term Loan Agreement		24		72
	Accretion of 5% exit fee on the Tranche B Loan		—		1,750
	Accretion of 2.5% exit fee on the New Tranche B Loan		909		1,078
	Amortization of deferred loan costs		35		247
	Miscellaneous		79		91
	Interest and financing costs, net	$	3,935	$	9,806

7_Fair_Value_Measurements_Fair

(7) Fair Value Measurements: Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	'
		Fair Value at			Fair Value
		25-Sep-13			Technique
		(in thousands)
	Net working capital	$	462,427		(a)
	Property, plant and equipment		66,144		(b)
	Land		39,800		(c)
	Trade names and trade marks		4,782		(d)
	Goodwill		5,203		(e)
	Contingent consideration liability		(10,500	)	(f)
	Other noncurrent liabilities		(8,249	)	(g)
		$	559,607
	(a)       Current assets acquired and liabilities assumed were recorded at their estimated fair value.
	(b)       The estimated fair value of the property, plant and equipment was estimated using the cost approach. Under the cost approach, the total replacement cost of the property is determined based on industry sources with adjustments for regional factors. The total cost is then adjusted for depreciation based on the physical age of the assets and external obsolescence.
	(c)       The estimated fair value of the land was estimated using the sales comparison approach. Under this approach, the sales prices of similar properties are adjusted to account for differences in land characteristics. We consider this to be a Level 3 fair value measurement.
	(d)       The estimated fair value of the trade names and trademarks was estimated using a form of the income approach, the Relief from Royalty Method. Significant inputs used in this model include estimated revenue attributable to the trade names and trademarks and a royalty rate. An increase in the estimated revenue or royalty rate would result in an increase in the value attributable to the trade names and trademarks. We consider this to be a Level 3 fair value measurement.
	(e)       The excess of the purchase price paid over the fair value of the identifiable assets acquired and liabilities assumed is allocated to goodwill.
	(f)        The estimated fair value of the liability for contingent consideration was estimated using Monte Carlo Simulation. Significant inputs used in the model include estimated future gross margin, annual gross margin volatility and a present value factor. An increase in estimated future gross margin, volatility or the present value factor would result in an increase in the liability. We consider this to be a Level 3 fair value measurement.
	(g)       Other noncurrent assets and liabilities are recorded at their estimated net present value as estimated by management.

7_Fair_Value_Measurements_Fair1

(7) Fair Value Measurements: Fair Value, Liabilities Measured on Recurring Basis (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Fair Value, Liabilities Measured on Recurring Basis	'
	Our liabilities measured at fair value on a recurring basis as of September 30, 2013 consist of the following (in thousands):
			30-Sep-13
			Fair Value				Level 1		Level 2		Level 3
	Liabilities
	Derivatives:
	Warrants		$	(17,437	)		$	—	$	—	$	(17,437	)
	Contingent consideration liability			(10,500	)		$	—		—		(10,500	)
	Embedded derivatives			-153				—		—		(153	)
			$	(28,090	)		$	—	$	—	$	(28,090	)
		Location on		Fair Value at
		Consolidated		September 30, 2013
		Balance Sheet
				(in thousands)
	Warrant derivatives	Noncurrent liabilities		$	(17,437	)
	Contingent consideration liability	Noncurrent liabilities		$	(10,500	)
	Embedded derivative	Noncurrent liabilities		$	(153	)

7_Fair_Value_Measurements_Fair2

(7) Fair Value Measurements: Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	'
	A rollforward of Level 3 derivative warrants and the embedded derivative measured at fair value using Level 3 on a reoccurring basis for the nine months ended September 30, 2013 is as follows (in thousands):
	Description
	Balance, at December 31, 2012		$	(10,945	)
	Purchases, issuances, and settlements			(10,500	)
	Total unrealized losses included in earnings			(6,645	)
	Transfers			—
	Balance, at September 30, 2013		$	(28,090	)
	The following table summarizes the pretax effect resulting from changes in fair value of derivative instruments charged directly to earnings (in thousands):
		For the three months ended September 30, 2013
		Income Statement Classification		Gain (loss) recognized in income
	Derivatives not designated as hedges:
	Warrants	Other income (expense)		$	(1,390	)
	Embedded derivatives	Other income (expense)			285
	Commodities - exchange traded futures	Other income (expense)			—
	Commodities - physical forward contracts	Other income (expense)			—
		For the nine months ended September 30, 2013
		Income Statement Classification		Gain (loss) recognized in income
	Derivatives not designated as hedges:
	Warrants	Other income (expense)		$	(6,645	)
	Embedded derivatives	Other income (expense)			45
	Commodities - exchange traded futures	Other income (expense)			104
	Commodities - physical forward contracts	Other income (expense)			306

8_Commitments_and_Contingencie1

(8) Commitments and Contingencies: Schedule Of Reorganization Distributions To Satisfy Allowed Claims (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule Of Reorganization Distributions To Satisfy Allowed Claims	'
			Emergence-Date							From Emergence-Date through December 31, 2012
			August 31, 2012
			Filed Claims							Settled Claims											Remaining Filed
																					Claims
																	Consideration
			Count				Amount			Count			Amount				Cash		Stock		Count		Amount
	U.S. Government Claims			3			$	22,364,000			—		$	—			$	—		—		3	$	22,364,000
	Former Employee Claims			32				16,379,849			13			3,685,253				229,478		202,231		19		12,694,596
	Macquarie Capital (USA) Inc.			1				8,671,865			—			—				—		—		1		8,671,865
	Swann and Buzzard Creek Royalty Trust			1				3,200,000			—			—				—		—		1		3,200,000
	Other Various Claims*			69				23,113,659			12			2,914,859				29,427		522		57		20,198,800
	Total			106			$	73,729,373			25		$	6,600,112			$	258,905		202,753		81	$	67,129,261
		For the Nine Months Ended September 30, 2013
		Settled Claims										Remaining Filed
												Claims
								Consideration
		Count			Amount			Cash		Stock		Count			Amount
	U.S. Government Claims		1		$	—		$	—		—		2		$	22,364,000
	Former Employee Claims		19			12,694,596			339,588		1,614,988		—			—
	Macquarie Capital (USA) Inc.		—			—			—		—		1			8,671,865
	Swann and Buzzard Creek Royalty Trust		1			3,200,000			2,000,000		—		—			—
	Other Various Claims*		26			1,620,177			397,754		398,785		31			18,578,623
	Total		47		$	17,514,773		$	2,737,342		2,013,773		34		$	49,614,488

8_Commitments_and_Contingencie2

(8) Commitments and Contingencies: Schedule of Future Minimum Payments for Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Future Minimum Payments for Operating Leases	'
	2013	$	12,105
	2014		11,312
	2015		10,384
	2016		9,432
	2017		8,712
	Thereafter		32,172
	Total minimum rental payments	$	84,117

8_Commitments_and_Contingencie3

(8) Commitments and Contingencies: Schedule of Future Minimum Lease Payments for Capital Leases (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Future Minimum Lease Payments for Capital Leases	'
	2013	$	382
	2014		382
	2015		382
	2016		382
	2017		382
	Thereafter		840
	Total minimum lease payments		2,750
	Less amount representing interest		968
	Total minimum rental payments	$	1,782

9_Stockholders_Equity_Schedule

(9) Stockholders' Equity: Schedule of Share-based Compensation, Activity (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Share-based Compensation, Activity	'
		Shares		Weighted-
				Average
				Grant Date Fair
				Value
	Stock Awards:
	Non vested balance, beginning of period		2,191,834	$	1.09
	Granted		3,094,168		1.77
	Vested		—		—
	Forfeited		—		—
	Non vested balance, end of period		5,286,002	$	1.49

11_Earnings_Per_Share_Schedule

(11) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Earnings Per Share, Basic and Diluted	'
		Successor			Successor			Predecessor
		Three Months			One Month			Two Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Net loss attributable to common stockholders	$	(14,620	)	$	(2,002	)	$	(16,062	)
	Basic weighted-average common stock outstanding		167,523			157,248			28,841
	Add: dilutive effects of common stock equivalents		—			—			—
	Diluted weighted-average common stock outstanding		167,523			157,248			28,841
	Basic loss per common share:	$	(0.09	)	$	(0.01	)	$	(0.56	)
	Diluted loss per common share:	$	(0.09	)	$	(0.01	)	$	(0.56	)

11_Earnings_Per_Share_Schedule1

(11) Earnings Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	'
		Successor			Successor			Predecessor
		Three Months			One Month			Two Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Stock issuable upon conversion of convertible notes		—			—			379
	Stock options		—			—			150
	Non-vested restricted stock		5,231			—			558
	Total potentially dilutive securities		5,231			—			1,087
		Successor			Successor			Predecessor
		Nine Months			One Month			Eight Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Net loss attributable to common stockholders	$	(28,650	)	$	(2,002	)	$	(45,437	)
	Basic weighted-average common stock outstanding		161,633			157,248			28,841
	Add: dilutive effects of common stock equivalents		—			—			—
	Diluted weighted-average common stock outstanding		161,633			157,248			28,841
	Basic loss per common share:	$	(0.18	)	$	(0.01	)	$	(1.57	)
	Diluted loss per common share:	$	(0.18	)	$	(0.01	)	$	(1.57	)
	Potentially dilutive securities excluded from the calculation of diluted shares outstanding include the following (in thousands):
		Successor			Successor			Predecessor
		Nine Months			One Month			Eight Months
		Ended			Ended			Ended
		September 30,			September 30,			August 31,
		2013			2012			2012
	Stock issuable upon conversion of convertible notes		—			—			379
	Stock options		—			—			150
	Non-vested restricted stock		5,231			—			558
	Total potentially dilutive securities		5,231			—			1,087

12_Segment_Information_Schedul

(12) Segment Information: Schedule of Segment Reporting Information, by Segment (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Segment Reporting Information, by Segment	'
	For the three months ended September 30, 2013:	Natural Gas	Commodity	Refining	Retail	Trust	Total
		and Oil	Transportation			Litigation
		Exploration	and			and Settlements
		and	Marketing
		Production
	Sales and operating revenues	$2,182	$4,598	$26,133	$2,472	—	$35.38
	Operating income	648	1,952	405	494	-549	2,950
	Loss from unconsolidated affiliate	-907	—	—	—	—	-907
	Capital expenditures	37	—	—	—	—	37
	Capital additions from acquisitions*	—	—	101,103	4,670	—	105,773
	Depreciation, depletion, amortization and accretion	519	599	96	—		1,214
						—
	For the nine months ended September 30, 2013:	Natural Gas	Commodity	Refining	Retail	Trust	Total
		and Oil	Transportation and			Litigation
		Exploration	Marketing			and
		and				Settlements
		Production
	Sales and operating revenues	$5,988	$100,355	$26,133	$2,472	$—	$134,948
	Operating income (loss)	483	13,773	405	494	-5,713	9,442
	Loss from unconsolidated affiliate	-1,773	—	—	—	—	-1,773
	Capital expenditures	128	—	—	—	—	128
	Capital additions from acquisitions*	—	—	101,103	4,670	—	105,773
	Depreciation, depletion, amortization and accretion	1,291	1,631	96	—		3,018
						—
	* Includes only amounts capitalized as property, plant and equipment from the acquisition of HIE.
	At September 30, 2013, our reportable segment assets consisted of the following (in thousands):
		Natural Gas	Commodity	Refining	Retail	Trust Litigation and Settlements	Total
		and Oil	Transportation
		Exploration	and
		and	Marketing
		Production
	Current assets	3,273	$33,847	489,056	6,441	$720	533,337
	Property and equipment, net	4,697	47	103,715	2,120	—	110,579
	Investments in unconsolidated affiliates	102,923	—	—	—	—	102,923
	Goodwill and other intangible assets, net	—	15,593	9,801	—	—	25,394
	Other long term assets	9	—	17,132	—	—	17,141
	Totals	110,902	$49,487	619,704	8,561	$720	789,374
	Reconciliation of reportable segment assets to our consolidated totals is as follows (in thousands):
		September 30,
		2013
	Total assets for reportable segments	789,374
	Cash and restricted cash not allocated to segments	33,064
	Property and equipment	4,446
	Prepaid expenses and other assets	1,230
	Total assets	828,114

1_Reorganization_Under_Chapter1

(1) Reorganization Under Chapter 11 (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Aug. 31, 2012	Jun. 04, 2012	Sep. 30, 2013	Sep. 30, 2013	Jun. 04, 2012	Sep. 30, 2013	Jun. 04, 2012	Sep. 30, 2013	Jun. 04, 2012
			Reorganized Delta Petroleum	Reorganized Delta Petroleum	Piceance Energy	Piceance Energy	Piceance Energy	Piceance Energy	Piceance Energy	Piceance Energy	Piceance Energy
								Laramie	Laramie	Reorganized Delta Petroleum	Reorganized Delta Petroleum
Equity Method Investment, Ownership Percentage	'	'	'	'	'	'	'	'	66.66%	33.34%	33.34%
Line of Credit Facility, Amount Outstanding	'	'	'	$13,000,000	$90,000,000	$90,000,000	$100,000,000	'	'	'	'
Debtor-in-Possession Financing, Amount Arranged	'	'	'	'	'	'	'	'	24,900,000	'	72,600,000
Significant shareholder ownership percentage	'	'	5.00%	'	'	'	'	'	'	'	'
Number of members in board of directors	'	'	5	'	'	'	'	'	'	'	'
Common Stock, shares issued	299,053,989	150,080,927	147,700,000	'	'	'	'	'	'	'	'
Management Fee Expense, per month	'	'	'	'	$1,950	$5,850	'	$650,000	'	'	'

2_Summary_of_Significant_Accou2

(2) Summary of Significant Accounting Policies: Restricted Cash (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Restricted cash	$1,750,000	$23,970,000
Letter of Credit	'	'
Restricted cash	1,000,000	19,000,000
Bankruptcy Settlement Interests	'	'
Restricted cash	$720,000	$4,800,000

2_Summary_of_Significant_Accou3

(2) Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Feb. 20, 2013
Assets Held-for-sale, Long Lived	'	$2,900,000
Gain on disposal of other assets	50,000	'
Long-term Debt, Fair Value	61,300,000	'
Other Income	797,000	'
Proceeds from Income Tax Refunds	483,000	'
Proceeds from Legal Settlements	$200,000	'
Borrowings	'	'
Fair Value Inputs, Discount Rate	5.70%	'

2_Summary_of_Significant_Accou4

(2) Summary of Significant Accounting Policies: Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment, Depreciation Methods	'straight-line method
Refining Assets | Minimum	'
Property, Plant and Equipment, Useful Life	'8 years
Refining Assets | Maximum	'
Property, Plant and Equipment, Useful Life	'47 years
Logistics Assets | Minimum	'
Property, Plant and Equipment, Useful Life	'3 years
Logistics Assets | Maximum	'
Property, Plant and Equipment, Useful Life	'30 years
Retail Assets | Minimum	'
Property, Plant and Equipment, Useful Life	'14 years
Retail Assets | Maximum	'
Property, Plant and Equipment, Useful Life	'18 years
Corporate Assets | Minimum	'
Property, Plant and Equipment, Useful Life	'3 years
Corporate Assets | Maximum	'
Property, Plant and Equipment, Useful Life	'7 years
Software and Software Development Costs	'
Property, Plant and Equipment, Useful Life	'3 years

2_Summary_of_Significant_Accou5

(2) Summary of Significant Accounting Policies: Accrued settlement claims (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Details	'
Bankruptcy Claims, Amount of Claims Filed	$6.40

2_Summary_of_Significant_Accou6

(2) Summary of Significant Accounting Policies: Income Taxes (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Details	'	'
Deferred State and Local Income Tax Expense (Benefit)	$0	$650,000

3_Investments_in_Piceance_Ener4

(3) Investments in Piceance Energy (Details) (USD $)	9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2013	Jun. 04, 2012
Number of hedging units	15,000	'
Derivative, Floor Price	$3.37	'
Derivative, Average Cap Price	$4.28	'
Derivative, Average Floor Price	$3.46	'
Reorganized Delta Petroleum	'	'
Line of Credit Facility, Amount Outstanding	'	$13
Piceance Energy	'	'
Partners' Capital Account, Contributions	60	'
Secured revolving credit facility	400	'
Initial borrowing base	140	'
Line of Credit Facility, Amount Outstanding	90	100
Equity Value in Excess of Carrying Value	15.7	'
Piceance Energy | Reorganized Delta Petroleum	'	'
Equity Method Investment, Ownership Percentage	33.34%	33.34%
Partners' Capital Account, Distributions	$20	'

3_Investments_in_Piceance_Ener5

(3) Investments in Piceance Energy: Equity Investment Change, Piceance Energy (Details) (Piceance Energy, USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Piceance Energy	'	'
Beginning balance	$103,815	$104,434
Income (loss) from unconsolidated affiliates	-907	-1,772
Capitalized drilling costs obligation paid	15	261
Ending balance	$102,923	$102,923

3_Investments_in_Piceance_Ener6

(3) Investments in Piceance Energy: Summary of Balance Sheet of Equity Investment (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accounts receivable	$93,625	$17,730
Total current assets	567,632	59,926
Office furniture and equipment	1,853	'
Total	116,752	6,219
Less accumulated depreciation, depletion, and amortization	-1,728	-373
Total property and equipment, net	115,024	5,846
Total assets	828,114	189,582
Total current liabilities	431,368	69,977
Total liabilities	552,946	88,825
Accumulated deficit	-37,489	-8,839
Piceance Energy	'	'
Cash and equivalents	23	'
Accounts receivable	3,486	'
Prepaids and other assets	1,323	'
Total current assets	4,832	'
Natural gas and oil property, successful efforts method of accounting	549,327	'
Other real estate and land	14,314	'
Office furniture and equipment	3,110	'
Total	566,751	'
Less accumulated depreciation, depletion, and amortization	-107,216	'
Total property and equipment, net	459,535	'
Deferred issue costs and other assets, net	953	'
Total assets	465,320	'
Accounts payable and accrued liabilities	5,023	'
Natural gas and oil sales payable	11,041	'
Derivative liabilities	542	'
Total current liabilities	16,606	'
Note payable	90,000	'
Asset retirement obligations	2,959	'
Liabilities, Noncurrent	92,959	'
Total liabilities	109,565	'
Members' equity	365,046	'
Accumulated deficit	-9,291	'
Total Members' Equity	355,755	'
Total liabilities and members' equity	465,320	'
Piceance Energy | Parent Company	'	'
Cash and equivalents	8	'
Accounts receivable	1,162	'
Prepaids and other assets	441	'
Total current assets	1,611	'
Natural gas and oil property, successful efforts method of accounting	183,146	'
Other real estate and land	4,772	'
Office furniture and equipment	1,037	'
Total	188,955	'
Less accumulated depreciation, depletion, and amortization	-35,746	'
Total property and equipment, net	153,209	'
Deferred issue costs and other assets, net	318	'
Total assets	155,138	'
Accounts payable and accrued liabilities	1,675	'
Natural gas and oil sales payable	3,681	'
Derivative liabilities	181	'
Total current liabilities	5,537	'
Note payable	30,006	'
Asset retirement obligations	987	'
Liabilities, Noncurrent	30,993	'
Total liabilities	36,530	'
Members' equity	121,706	'
Accumulated deficit	-3,098	'
Total Members' Equity	118,608	'
Total liabilities and members' equity	$155,138	'

3_Investments_in_Piceance_Ener7

(3) Investments in Piceance Energy: Summary of Income Statement of Equity Investment (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Net loss	'	($28,650,000)
Piceance Energy	'	'
Natural gas, oil and natural gas liquids revenues	14,622	44,076
Natural gas and oil operating expenses	7,416	22,160
Depletion, depreciation and amortization	6,897	17,557
Management fee	1,950	5,850
General and administrative	447	2,420
Total operating expenses	16,710	47,987
Loss from operations	-2,088	-3,911
Income from derivatives	106	825
Interest expense and debt issue costs	-718	-2,139
Other expense	-20	-91
Total other expense, net	-632	-1,405
Net loss	-2,720	-5,316
Piceance Energy | Parent Company	'	'
Natural gas, oil and natural gas liquids revenues	4,875	14,695
Natural gas and oil operating expenses	2,473	7,388
Depletion, depreciation and amortization	2,299	5,854
Management fee	650	1,950
General and administrative	149	807
Total operating expenses	5,571	15,999
Loss from operations	-696	-1,304
Income from derivatives	35	275
Interest expense and debt issue costs	-239	-713
Other expense	-7	-30
Total other expense, net	-211	-468
Net loss	($907)	($1,772)

4_Acquisition_Details

(4) Acquisition (Details) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
		Membership Interest Purchase Agreement	Texadian Energy Inc
Payments to Acquire Businesses, Gross	'	$75,000,000	$14,000,000
Business acquisition purchase price allocation working capital	'	'	4,000,000
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs	'	'	18,000,000
Purchase of HIE, net of cash acquired	'	40,000,000	'
Significant Acquisitions and Disposals, Terms	'	'The earnout payments, if any, are to be paid annually following each of the three calendar years beginning January 1, 2014 through the year ending December 31, 2016, in an amount equal to 20% of the consolidated annual gross margin of HIE in excess of $165.0 million during such calendar years, with an annual cap of $20.0 million	'
Total operating expenses	'	28,000,000	'
Deposit Assets	'	15,000,000	'
Significant Acquisitions and Disposals, Description	'	'The next $5.0 million of Startup Expenses were borne by the Seller, with all Startup Expenses in excess of $20.0 million borne by Hawaii Pacific Energy. Due to the Startup Expenses exceeding $20.0 million, Hawaii Pacific Energy made an additional deposit of $7.0 million for the Startup Expenses on August 5, 2013. In addition, Hawaii Pacific Energy funded $2.3 million on July 23, 2013 for a major overhaul of a gas turbine engine used in the operations of the refinery's steam cogeneration.	'
Funding of purchase of HIE from supply and exchange agreements	384,900,000	'	'
Acquisition Related Expense	$1,000,000	'	'

4_Acquisition_Schedule_of_Reco1

(4) Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Total assets	$828,114	$189,582
Texadian Energy Inc	'	'
Intangible assets	'	8,809
Goodwill	'	8,290
Net non cash working capital	'	3,097
Deferred tax liabilities	'	-2,757
Total assets	'	$17,439

4_Acquisition_Schedule_of_Purc1

(4) Acquisition: Schedule of Purchase Price Allocation, Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Property and equipment, net	$115,024	$5,846
Land	39,800	'
Goodwill	13,309	7,756
Other liabilities	19,408	512
Total assets	828,114	189,582
Membership Interest Purchase Agreement	'	'
Property and equipment, net	66,144	'
Land	39,800	'
Goodwill	5,203	'
Intangible Assets, Current	4,782	'
Net non cash working capital	462,427	'
Business Combination, Contingent Consideration, Liability	-10,500	'
Other liabilities	-8,249	'
Total assets	$559,607	'

5_Inventories_Schedule_of_Inve1

(5) Inventories: Schedule of Inventory (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Crude oil and feedstocks	$128,871
Refined products and blend stock	248,935
Warehouse stock and other	17,992
Titled Inventory	'
Refined products and blend stock	49,841
Warehouse stock and other	17,992
Supply and Exchange Agreements	'
Crude oil and feedstocks	128,871
Refined products and blend stock	$199,094

6_Debt_Details

(6) Debt (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 28, 2012

Sep. 30, 2013

Sep. 25, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 27, 2012

Sep. 30, 2013

Aug. 31, 2012

Sep. 30, 2013

Dec. 27, 2012

Sep. 30, 2013

Dec. 31, 2012

Tranche B Term Loan

Tranche B Term Loan

Tranche B Term Loan

Tranche B Term Loan

Senior Secured Delayed Draw Term Loan

Senior Secured Delayed Draw Term Loan

ABL Revolving Credit Facility

ABL Revolving Credit Facility

Texadian Uncommitted Credit Agreement

Letter of Credit Facility

Letter of Credit Facility

Letter of Credit Facility

Letter of Credit Facility

Financial Standby Letter of Credit

Financial Standby Letter of Credit

Warrant Issuance Agreement

Warrant Issuance Agreement

Fourth Amendment to Loan Agreement

Sixth Amendment to Loan Agreement

Eighth Amendment to Loan Agreement

Tenth Amendment to Loan Agreement

Tranche B Term Loan

Senior Secured Delayed Draw Term Loan

Senior Secured Delayed Draw Term Loan

Secured revolving credit facility

'

'

'

'

'

'

'

$125,000,000

'

$50,000,000

'

$30,000,000

'

$30,000,000

'

'

'

'

Letter of credit issued

'

'

'

'

'

'

'

'

'

'

'

'

'

13,000,000

'

11,710,000

'

'

Line of Credit Facility, Increase (Decrease), Net

'

'

'

'

'

'

'

'

'

'

'

'

17,000,000

'

'

'

'

'

Interest rate under credit facility

'

'

'

'

'

9.75%

'

'

'

'

'

'

'

'

'

'

'

'

Minimum repayment premium

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate after an event of default

'

'

'

'

'

11.75%

'

'

'

'

'

'

'

'

'

'

'

'

Repayment As Percentage Of Principal Amount

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

Percent Of Prepayment Premium

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of embedded derivatives

'

'

'

'

'

65,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date

'

31-Dec-13

'

31-Aug-16

'

31-Aug-16

'

'

'

'

'

'

'

'

'

'

'

'

Term loan facility

'

'

'

'

'

'

35,000,000

'

'

'

'

'

'

'

'

'

'

'

Terms of Net Cash Proceeds

'

'(a) 50% of the net cash proceeds are to be applied to pay (i) first, an amendment fee and (ii) second, to repay the Tranche B Loan in accordance with each Tranche B Lender’s pro rata share, and (ii) 50% of the net cash proceeds are to be retained by us and used for general corporate purposes.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument Prepayment Terms

'

'other than net cash proceeds from asset sales for fair market value resulting in no more than $150,000 in net cash proceeds per disposition (or series of related dispositions) and less than $300,000 in aggregate net cash proceeds before the Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Long-term Debt

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

General Partners' Contributed Capital

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash Deposits

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Short-term Debt, Refinanced, Description

'

'

'

'we entered into an Eighth Amendment to our Loan Agreement, pursuant to which the Lenders agreed to refinance and replace the Tranche B Loan outstanding immediately prior to the Eighth Amendment with new Tranche B Loans in the aggregate principal amount of $65.0 million (the “New Tranche B Loans”). The proceeds from the New Tranche B Loans were applied to prepay in full the Existing Tranche B Loans, to make payments due under the Purchase Agreement, to consummate acquisitions permitted under the Loan Agreement and for working capital and general corporate purposes.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum

'

'

'

9.75%

9.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum

'

'

'

14.75%

14.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate Terms

'

'

'

'At any time after an event of default has occurred and is continuing, (i) all outstanding obligations will, to the extent permitted by applicable law, bear interest at a rate per annum equal to 2% plus the rate otherwise applicable and (ii) all interest accrued and accruing will be payable in cash on demand.

'At any time after an event of default has occurred and is continuing, (i) all outstanding obligations will, to the extent permitted by applicable law, bear interest at a rate per annum equal to 2% plus the rate otherwise applicable and (ii) all interest accrued and accruing will be payable in cash on demand.

'

'

'Outstanding balances on the ABL Facility bear interest at the base rate specified below (“Base Rate”) plus a margin (based on a sliding scale of 1.00% to 1.50% depending on the borrowing base usage) or the adjusted LIBO rate specified below (“LIBO Rate”) plus a margin (based on a sliding scale of 2.00% to 2.50% depending on the borrowing base usage). Notwithstanding the foregoing, for the remainder of the current fiscal year of the ABL Borrowers, the margin will be 1.25% for Base Rate loans and 2.25% for LIBO Rate loans. The Base Rate is equal to the highest of (i) the prime lending rate of the ABL Agent, (ii) the Federal Funds Rate plus 0.5% per annum, and (iii) the LIBO Rate for a LIBO Rate loan denominated in dollars with a one-month interest period commencing on such day plus 1.00%. The LIBO Rate for a particular interest period is equal to the rate determined by the ABL Agent at approximately 11:00 a.m. (London time) on the date that is two business days prior to the commencement of the particular interest period by reference to the Reuters Screen LIBOR01 for deposits in dollars for a particular interest period

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Maturities, Repayment Terms

'

'

'

'We may prepay the New Tranche B Loans at any time, provided that any prepayment is in an integral multiple of $100,000 and not less than $100,000 or, if less, the outstanding principal amount of the New Tranche B Loans. Amounts to be applied to prepayment of New Tranche B Loans shall be applied (i) first, towards payment of interest then outstanding and fees then due, and (ii) second, towards payment of principal then outstanding.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash Deposits

'

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Capacity Available for Issuances of Letters of Credit

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Amount Outstanding

'

'

'

'

'

'

'

'

15,000,000

'

'

'

'

'

'

'

'

'

Debt Instrument, Fee

'

'

'

'

'

'

'

'The ABL Borrowers agreed to pay commitment fees for the ABL Facility equal to 0.375% if the borrowing base usage is greater than 50% and 0.500% if the borrowing base usage is less than or equal to 50%. Outstanding letters of credit will be charged a participation fee at a per annum rate equal to the margin applicable to LIBO Rate loans, a facing fee and customary administrative fees.

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Covenant Description

'

'

'

'

'

'

'

'The ABL Facility requires HIE and its subsidiaries and Hawaii Pacific Energy to comply with various affirmative and negative covenants affecting its business and operations, including compliance by HIE in certain circumstances with a minimum ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted, to total fixed charges of 1.0 to 1.0.

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Collateral

'

'

'

'

'

'

'

'

'

'Loans and letters of credit issued under the Uncommitted Credit Agreement are secured by a security interest in and lien on substantially all of Texadian’s assets, including, but not limited to, cash, accounts receivable, and inventory, a pledge by Texadian of 65% of its ownership interest in Texadian Canada, and a pledge by us of 100% of our ownership interest in Texadian.

'

'

'

'

'

'

'

'

Line of Credit Facility, Covenant Terms

'

'

'

'

'

'

'

'

'

'The Uncommitted Credit Facility does not permit, at any time, Texadian’s consolidated leverage ratio to be greater than 5.00 to 1.00 or its consolidated gross asset coverage to be equal to or less than zero.

'

'

'

'

'

'

'

'

Line of Credit Facility, Expiration Date

'

'

'

'

'

'

'

'

'

'

26-Dec-13

'

'

'

5-Feb-13

'

'

'

Cash pledged as percentage of undrawn amount of all outstanding letters of credit

'

'

'

'

'

'

'

'

'

'

105.00%

'

'

'

'

'

'

'

Letter of credit fee

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

Non-Option Equity Instruments, Granted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,592,125

Class of Warrant or Right, Exercise Price of Warrants or Rights

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.01

'

Common stock warrant expiration date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31-Aug-22

'

Exercise price of warrants multiplier fraction, numerator

9,737,182

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

147,655,815

'

Stock issued to settle bankruptcy claims

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,232,934

'

Fair Value Of Warrants At Grant Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6,600,000

'

6_Debt_Repayment_of_Premium_Eq1

(6) Debt: Repayment of Premium Equal to the Percentage of Principal Repaid (Details)	9 Months Ended
	Sep. 30, 2013
First Anniversary	'
Percentage Of Repayment Premium	3.00%
Second Anniversary	'
Percentage Of Repayment Premium	2.00%

6_Debt_Schedule_of_Longterm_De1

(6) Debt: Schedule of Long-term Debt Instruments (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Total debt, net of unamortized debt discount	$67,448
Long term debt, net of current maturities and unamortized discount	67,448
Warrant	'
Debt Instrument, Unamortized Discount	-4,701
New Tranche B Term Loan	'
Loans Payable, Noncurrent	18,760
Senior Secured Delayed Draw Term Loan	'
Loans Payable, Noncurrent	32,389
ABL Revolving Credit Facility	'
Loans Payable, Noncurrent	$21,000

6_Debt_Schedule_of_Debt_Instru1

(6) Debt: Schedule of Debt Instruments Interest and Financing Costs (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Paid-in-Kind Interest	$2,395	$5,196
Amortization of Debt Discount (Premium)	493	1,372
Amortization of Financing Costs	35	247
Interest Expense, Debt, Excluding Amortization	79	91
Interest Costs Incurred	3,935	9,806
3% Repayment Premium | Delayed Draw Term Loan Agreement	'	'
Accretion Expense	24	72
5% Exit Fee | Tranche B Term Loan	'	'
Accretion Expense	'	1,750
2.5% Exit Fee | New Tranche B Term Loan	'	'
Accretion Expense	$909	$1,078

7_Fair_Value_Measurements_Fair3

(7) Fair Value Measurements: Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 25, 2013	Sep. 25, 2013	Sep. 25, 2013
	Net working capital	Property, plant and equipment	Land	Trade names and trade marks	Goodwill	Contingent consideration liability	Other Noncurrent Liabilities	Purchase Price Allocation of HIE	Purchase Price Allocation of HIE	Purchase Price Allocation of HIE
									Property, Plant and Equipment, Other Types	Land
Net working capital	'	'	'	'	'	'	'	$462,427	'	'
Property, Plant, and Equipment, Fair Value Disclosure	'	'	'	'	'	'	'	'	66,144	39,800
Trade names and trade marks	'	'	'	'	'	'	'	4,782	'	'
Goodwill	'	'	'	'	'	'	'	5,203	'	'
Contingent consideration liability	'	'	'	'	'	'	'	-10,500	'	'
Other noncurrent liabilities	'	'	'	'	'	'	'	-8,249	'	'
Fair Value, Net Asset (Liability)	'	'	'	'	'	'	'	$559,607	'	'
Fair Value Measurements, Valuation Techniques	'Current assets acquired and liabilities assumed were recorded at their estimated fair value.	'The estimated fair value of the property, plant and equipment was estimated using the cost approach. Under the cost approach, the total replacement cost of the property is determined based on industry sources with adjustments for regional factors. The total cost is then adjusted for depreciation based on the physical age of the assets and external obsolescence.	'The estimated fair value of the land was estimated using the sales comparison approach. Under this approach, the sales prices of similar properties are adjusted to account for differences in land characteristics. We consider this to be a Level 3 fair value measurement.	'The estimated fair value of the trade names and trademarks was estimated using a form of the income approach, the Relief from Royalty Method. Significant inputs used in this model include estimated revenue attributable to the trade names and trademarks and a royalty rate. An increase in the estimated revenue or royalty rate would result in an increase in the value attributable to the trade names and trademarks. We consider this to be a Level 3 fair value measurement.	'The excess of the purchase price paid over the fair value of the identifiable assets acquired and liabilities assumed is allocated to goodwill.	'The estimated fair value of the liability for contingent consideration was estimated using Monte Carlo Simulation. Significant inputs used in the model include estimated future gross margin, annual gross margin volatility and a present value factor. An increase in estimated future gross margin, volatility or the present value factor would result in an increase in the liability. We consider this to be a Level 3 fair value measurement.	'Other noncurrent assets and liabilities are recorded at their estimated net present value as estimated by management.	'	'	'

7_Fair_Value_Measurements_Deta

(7) Fair Value Measurements (Details) (Fair Value, Inputs, Level 3, USD $)	9 Months Ended
	Sep. 30, 2013
Fair Value, Inputs, Level 3	'
Stock Price	$1.81
Fair Value Assumptions, Exercise Price	$0.01
Fair Value Assumptions, Expected Term	'8 years 11 months 1 day
Fair Value Assumptions, Risk Free Interest Rate	2.42%
Fair Value Assumptions, Expected Volatility Rate	72.50%
Fair Value Assumptions Historical Volatilities Period	'10 years
Fair value of warrants issued, per share	$1.79
Fair value of warrants issued	$17,400,000
Derivative Liability	$153,000

7_Fair_Value_Measurements_Fair4

(7) Fair Value Measurements: Fair Value, Liabilities Measured on Recurring Basis (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Derivative Liability, Fair Value, Gross Liability	($28,090)
Warrant	'
Derivative Liability, Fair Value, Gross Liability	-17,437
Contingent consideration liability	'
Derivative Liability, Fair Value, Gross Liability	-10,500
Embedded Derivative	'
Derivative Liability, Fair Value, Gross Liability	-153
Fair Value, Inputs, Level 3	'
Derivative Liability, Fair Value, Gross Liability	-28,090
Fair Value, Inputs, Level 3 | Warrant	'
Derivative Liability, Fair Value, Gross Liability	-17,437
Fair Value, Inputs, Level 3 | Contingent consideration liability	'
Derivative Liability, Fair Value, Gross Liability	-10,500
Fair Value, Inputs, Level 3 | Embedded Derivative	'
Derivative Liability, Fair Value, Gross Liability	($153)

7_Fair_Value_Measurements_Fair5

(7) Fair Value Measurements: Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Warrant	'	'
Total unrealized losses included in earnings	($1,390)	($6,645)
Gain (loss) recognized in income	-1,390	-6,645
Embedded Derivative	'	'
Total unrealized losses included in earnings	285	45
Gain (loss) recognized in income	285	45
Exchange Traded Futures	'	'
Total unrealized losses included in earnings	0	104
Gain (loss) recognized in income	0	104
Physical Forward Contacts	'	'
Total unrealized losses included in earnings	0	306
Gain (loss) recognized in income	0	306
Fair Value, Inputs, Level 3	'	'
Balance, at December 31, 2012	'	-10,945
Purchases, issuances, and settlements	'	-10,500
Total unrealized losses included in earnings	'	-6,645
Transfers	'	0
Balance, at September 30, 2013	-28,090	-28,090
Gain (loss) recognized in income	'	($6,645)

8_Commitments_and_Contingencie4

(8) Commitments and Contingencies (Details) (USD $)	9 Months Ended	4 Months Ended	9 Months Ended			9 Months Ended	12 Months Ended		13 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2013
		Macquarie Capital (USA) Inc.	Macquarie Capital (USA) Inc.	Subsequent Event	Subsequent Event	Predecessor	Wapiti Oil And Gas	Wapiti Trust	Wapiti Trust
					Macquarie Capital (USA) Inc.
Recovery Trust Funded Amount	$1,000,000	'	'	'	'	'	'	'	'
One Time Cash Payment As Consideration For Release Of Claims	'	'	'	'	'	'	1,500,000	'	'
Distribution From Trust	'	'	'	'	'	'	'	1,000,000	5,200,000
Percentage Of Beneficial Interest Owned	'	'	'	'	'	2.42%	'	'	'
Shares Of Beneficial Interest Owned Per $1,000 of claim	'	'	'	'	'	544	'	'	'
Loss Contingency, Estimate of Possible Loss	6,400,000	'	'	'	'	'	'	'	'
Bankruptcy Claims, Amount Paid to Settle Claims	'	0	0	145,000	2,500,000	'	'	'	'
Bankruptcy Claims, Number of Claims Settled	'	0	0	2	'	'	'	'	'
Bankruptcy Claims, Amount of Claims Settled	'	0	0	678,000	'	'	'	'	'
Stock issued to settle bankruptcy claims	'	0	0	46,935	'	'	'	'	'
Terminaling and storage agreement	$28,000,000	'	'	'	'	'	'	'	'

8_Commitments_and_Contingencie5

(8) Commitments and Contingencies: Schedule Of Reorganization Distributions To Satisfy Allowed Claims (Details) (USD $)	0 Months Ended	4 Months Ended	9 Months Ended
	Aug. 31, 2012	Dec. 31, 2012	Sep. 30, 2013
Bankruptcy Claims, Amount of Claims Filed	'	'	$6,400,000
U.S. Government Claims	'	'	'
Filing Claims Count	106	81	34
Bankruptcy Claims, Amount of Claims Filed	73,729,373	67,129,261	49,614,488
Bankruptcy Claims, Number of Claims Settled	'	0	47
Bankruptcy Claims, Amount of Claims Settled	'	0	0
Bankruptcy Claims, Amount Paid to Settle Claims	'	0	0
Stock issued to settle bankruptcy claims	'	0	0
Former Employee Claims	'	'	'
Filing Claims Count	32	19	0
Bankruptcy Claims, Amount of Claims Filed	16,379,849	12,694,596	0
Bankruptcy Claims, Number of Claims Settled	'	0	19
Bankruptcy Claims, Amount of Claims Settled	'	0	0
Bankruptcy Claims, Amount Paid to Settle Claims	'	0	0
Stock issued to settle bankruptcy claims	'	0	0
Macquarie Capital (USA) Inc.	'	'	'
Filing Claims Count	1	1	1
Bankruptcy Claims, Amount of Claims Filed	8,671,865	8,671,865	8,671,865
Bankruptcy Claims, Number of Claims Settled	'	0	0
Bankruptcy Claims, Amount of Claims Settled	'	0	0
Bankruptcy Claims, Amount Paid to Settle Claims	'	0	0
Stock issued to settle bankruptcy claims	'	0	0
Swann and Buzzard Creek Royalty Trust	'	'	'
Filing Claims Count	1	1	0
Bankruptcy Claims, Amount of Claims Filed	3,200,000	3,200,000	0
Bankruptcy Claims, Number of Claims Settled	'	0	1
Bankruptcy Claims, Amount of Claims Settled	'	0	0
Bankruptcy Claims, Amount Paid to Settle Claims	'	0	0
Stock issued to settle bankruptcy claims	'	0	0
Other Various Claims	'	'	'
Filing Claims Count	69	57	31
Bankruptcy Claims, Amount of Claims Filed	23,113,659	20,198,800	18,578,623
Bankruptcy Claims, Number of Claims Settled	'	0	26
Bankruptcy Claims, Amount of Claims Settled	'	0	0
Bankruptcy Claims, Amount Paid to Settle Claims	'	$0	$0
Stock issued to settle bankruptcy claims	'	0	0

8_Commitments_and_Contingencie6

(8) Commitments and Contingencies: Schedule of Future Minimum Payments for Operating Leases (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Details	'
2013	$12,105
2014	11,312
2015	10,384
2016	9,432
2017	8,712
Thereafter	32,172
Total minimum rental payments	$84,117

8_Commitments_and_Contingencie7

(8) Commitments and Contingencies: Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Details	'
2013	$382
2014	382
2015	382
2016	382
2017	382
Thereafter	840
Total minimum lease payments	2,750
Less amount representing interest	968
Total minimum rental payments	$1,782

9_Stockholders_Equity_Details

(9) Stockholders' Equity (Details) (USD $)	9 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended		9 Months Ended
	Sep. 30, 2013	Dec. 20, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 13, 2013	Sep. 30, 2013	Sep. 30, 2013
			Restricted Stock	Restricted Stock	Restricted Stock	Employee	Common stock	Common stock	Common stock	Common stock	Common stock
						Restricted Stock				Key Employees and Directors	Bankruptcy Settlement
Sale of Stock, Price Per Share	'	'	'	'	'	'	'	'	$1.39	'	'
Sale of Stock, Number of Shares Issued in Transaction	'	'	'	'	'	'	143,884,892	'	'	'	'
Proceeds from sale of common stock, net of offering cost	'	'	'	'	'	'	'	$200,000,000	'	'	'
Stock issued to settle bankruptcy claims, shares	'	'	'	'	'	'	'	2,014,000	'	'	2,014,000
Stock based compensation, shares	'	'	'	'	'	'	'	2,509,000	'	3,129,000	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	'	16,000,000	'	'	'	'	'	'	'	'	'
Equity Instruments Other than Options, Grants in Period	3,094,168	'	'	3,094,168	2,191,834	'	'	'	'	'	'
Award Vesting Period	'	'	'	'	'	'5 years	'	'	'	'	'
Allocated Share-based Compensation Expense	'	'	210,000	491,000	'	'	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	'	'	$6,300,000	$6,300,000	'	'	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'	'	'	'4 years 7 months 6 days	'	'	'	'	'	'	'

9_Stockholders_Equity_Schedule1

(9) Stockholders' Equity: Schedule of Share-based Compensation, Activity (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Details	'
Non vested balance, beginning of period	2,191,834
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance	$1.09
Granted	3,094,168
Granted, Weighted Average Grant Date Fair Value	$1.77
Vested	0
Vested, Weighted Average Grant Date Fair Value	$0
Forfeited	0
Forfeited, Weighted Average Grant Date Fair Value	$0
Non vested balance, end of period	5,286,002
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$1.49

10_Income_Taxes_Details

(10) Income Taxes (Details) (USD $)	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013
Details	'	'	'
Operating Loss Carryforwards, Change in Amount	'	'	$230,000,000
State and Local Income Tax Expense (Benefit), Continuing Operations	$0	$650,000	'

11_Earnings_Per_Share_Details

(11) Earnings Per Share (Details)	Sep. 30, 2013
Details	'
Class of Warrant or Right, Outstanding	9,737,182

11_Earnings_Per_Share_Schedule2

(11) Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $)	1 Months Ended	3 Months Ended	9 Months Ended	2 Months Ended	8 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Aug. 31, 2012	Aug. 31, 2012
	Successor	Successor	Successor	Predecessor	Predecessor
Net loss attributable to common stockholders	($2,002)	($14,620)	($28,650)	($16,062)	($45,437)
Basic weighted-average common stock outstanding	157,248	167,523	161,633	28,841	28,841
Diluted weighted-average common stock outstanding	157,248	167,523	161,633	28,841	28,841
Basic loss per common share:	($0.01)	($0.09)	($0.18)	($0.56)	($1.57)
Diluted loss per common share:	($0.01)	($0.09)	($0.18)	($0.56)	($1.57)

11_Earnings_Per_Share_Schedule3

(11) Earnings Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

2 Months Ended

8 Months Ended

2 Months Ended

8 Months Ended

2 Months Ended

8 Months Ended

2 Months Ended

8 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Aug. 31, 2012

Successor

Successor

Successor

Successor

Successor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Non-Vested Restricted Stock

Non-Vested Restricted Stock

Stock Issuable upon Conversion of Convertible Notes

Stock Issuable upon Conversion of Convertible Notes

Equity Option

Equity Option

Non-Vested Restricted Stock

Non-Vested Restricted Stock

Total potentially dilutive securities

'

5,231

5,231

5,231

5,231

1,087

1,087

379

379

150

150

558

558

Net loss attributable to common stockholders

($2,002)

($14,620)

($28,650)

'

'

($16,062)

($45,437)

'

'

'

'

'

'

Basic weighted-average common stock outstanding

157,248

167,523

161,633

'

'

28,841

28,841

'

'

'

'

'

'

Diluted weighted-average common stock outstanding

157,248

167,523

161,633

'

'

28,841

28,841

'

'

'

'

'

'

Basic loss per common share:

($0.01)

($0.09)

($0.18)

'

'

($0.56)

($1.57)

'

'

'

'

'

'

Diluted loss per common share:

($0.01)

($0.09)

($0.18)

'

'

($0.56)

($1.57)

'

'

'

'

'

'

12_Segment_Information_Schedul1

(12) Segment Information: Schedule of Segment Reporting Information, by Segment (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013		Sep. 30, 2013		Sep. 30, 2013		Sep. 30, 2013		Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013		Sep. 30, 2013		Sep. 30, 2013
			Natural Gas and Oil Exploration and Production	Natural Gas and Oil Exploration and Production	Commodity Transportation and Marketing	Commodity Transportation and Marketing	Refining		Refining		Retail		Retail		Trust Litigation and Settlements	Trust Litigation and Settlements	Reportable Segments		Reportable Segments		Reconciliation of Reportable Segment
Total revenues	'	'	$2,182,000	$5,988,000	$4,598,000	$100,355,000	$26,133,000		$26,133,000		$2,472,000		$2,472,000		'	'	$35,385		$134,948,000		'
Loss from operations	'	'	648,000	483,000	1,952,000	13,773,000	405,000		405,000		494,000		494,000		-549,000	-5,713,000	2,950,000		9,442,000		'
Loss from unconsolidated affiliates	'	'	-907,000	-1,773,000	'	'	'		'		'		'		'	'	-907,000		-1,773,000		'
Capital expenditures	'	'	37,000	128,000	'	'	'		'		'		'		'	'	37,000		128,000		'
Capital additions from acquisitions*	'	'	'	'	'	'	101,103,000	[1]	101,103,000	[1]	4,670,000	[1]	4,670,000	[1]	'	'	105,773,000	[1]	105,773,000	[1]	'
Depreciation, depletion, amortization and accretion	'	'	519,000	1,291,000	599,000	1,631,000	96,000		96,000		'		'		'	'	1,214,000		3,018,000		'
Total current assets	567,632,000	59,926,000	3,273,000	3,273,000	33,847,000	33,847,000	489,056,000		489,056,000		6,441,000		6,441,000		720,000	720,000	533,337,000		533,337,000		789,374,000
Property and equipment, net	115,024,000	5,846,000	4,697,000	4,697,000	47,000	47,000	103,715,000		103,715,000		2,120,000		2,120,000		'	'	110,579,000		110,579,000		4,446,000
Investment in unconsolidated affiliate	102,923,000	104,434,000	102,923,000	102,923,000	'	'	'		'		'		'		'	'	102,923,000		102,923,000		'
Intangible Assets, Net (Including Goodwill)	'	'	'	'	15,593,000	15,593,000	9,801,000		9,801,000		'		'		'	'	25,394,000		25,394,000		'
Other long-term assets	17,141,000	11,000	9,000	9,000	'	'	17,132,000		17,132,000		'		'		'	'	17,141,000		17,141,000		'
Total assets	828,114,000	189,582,000	110,902,000	110,902,000	49,487,000	49,487,000	619,704,000		619,704,000		8,561,000		8,561,000		720,000	720,000	789,374,000		789,374,000		828,114,000
Restricted Cash and Cash Equivalents	'	'	'	'	'	'	'		'		'		'		'	'	'		'		33,064,000
Prepaid Expense	'	'	'	'	'	'	'		'		'		'		'	'	'		'		$1,230,000
[1]	* Includes only amounts capitalized as property, plant and equipment from the acquisition of HIE.

13_Related_Party_Transactions_

(13) Related Party Transactions (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Details	'
Professional and Contract Services Expense	$50,000
Consulting Agreement Service, Description	'The Services Agreements have a term of one year and will be automatically extended for successive one-year periods unless terminated, by either party, at least 60 days prior to any extension date.