Paramount Petroleum Corp. has been sold for...

Paramount Petroleum Corp. has been sold for $43 million, ending four years of operation under Chapter 11 of the U.S. Bankruptcy Code, to Paramount Acquisition Corp. The Santa Barbara-based investor group said it would use the facility to produce gasoline, diesel and jet fuel under contract to Unocal and to continue making asphalt. Paramount employs 170. The acquisition group is headed by J. Timothy Campbell, a principal of Alaska Pacific Inc.