Exhibit 99.1

UNITED REFINING COMPANY ANNOUNCES THIRD FISCAL QUARTER

AND NINE MONTHS RESULTS

Warren, PA. JULY 15/PRNewswire/—United Refining Company, a leading regional refiner and marketer of petroleum products announces operating results for the third fiscal quarter and nine month period ended May 31, 2015.

Net income for the third fiscal quarter ended May 31, 2015 was $34.7 million, an increase of $31.5 million from net income of $3.2 million for the third quarter ended May 31, 2014. Net income for the nine months ended May 31, 2015 was $53.9 million, a decrease of $5.9 million from net income of $59.8 million for the nine months ended May 31, 2014.

Earnings before interest, taxes, depreciation and amortization (EBITDA)¹ on a FIFO basis for the three months ended May 31, 2015 was $73.7 million, an increase of $18.6 million from $55.1 million for the three months ended May 31, 2014. EBITDA on a FIFO basis for the nine months ended May 31, 2015 was $29.1 million, a decrease of $95.5 million from $124.6 million for the nine months ended May 31, 2014.

EBITDA on a LIFO basis for the three months ended May 31, 2015 was $74.3 million, an increase of $54.8 million from $19.5 million for the three months ended May 31, 2014. EBITDA on a LIFO basis for the nine months ended May 31, 2015 was $140.7 million, an increase of $.4 million from $140.3 million for the nine months ended May 31, 2014.

Net sales for the fiscal quarter ended May 31, 2015 decreased $181.4 million, or 23.1%, to $602.9 million from $784.3 million for the quarter ended May 31, 2014. Net sales for the nine months ended May 31, 2015 decreased $441.2 million, or 18.0%, to $2,008.5 million from $2,449.7 million for the nine months ended May 31, 2014. Net sales decreased for the three month and nine month periods ended May 31, 2015 primarily due to a decrease in selling prices of 35% and 24% for each period, respectively.

United Refining Company uses the term EBITDA or Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization, which is a term not defined under United States Generally Accepted Accounting Principles. The Company uses this term because it is a widely accepted financial indicator utilized to analyze and compare companies on the basis of operating performance and is used to calculate certain debt coverage ratios included in several of the Company’s debt agreements. See reconciliation of EBITDA to net income in table set forth below. The Company’s method of computation of EBITDA may or may not be comparable to other similarly titled measures used by other companies.

As of May 31, 2015, the Company’s liquidity position included $146.3 million of cash and cash equivalents and there were no borrowings against the $175.0 million Revolving Credit Facility.

UNITED REFINING COMPANY

(dollars in thousands)


	Three Months Ended				Nine Months Ended
	May 31, 2015		May 31, 2014		May 31, 2015		May 31, 2014
	Unaudited				Unaudited

Net Sales	$	602,877	$	784,269	$	2,008,478	$	2,449,703
Operating Income	$	64,454	$	12,801	$	111,385	$	120,052
Net Income	$	34,707	$	3,232	$	53,924	$	59,815
Income Tax Expense	$	22,201	$	2,067	$	34,468	$	38,235
EBITDA -LIFO Basis ^(A)	$	74,339	$	19,494	$	140,677	$	140,306

(A)

EBITDA Reconciliation

UNITED REFINING COMPANY

(dollars in thousands)


	Three Months Ended					Nine Months Ended
	May 31, 2015		May 31, 2014			May 31, 2015		May 31, 2014
	Unaudited					Unaudited

Net Income	$	34,707	$	3,232		$	53,924	$	59,815
Interest Expense		6,680		6,689			20,043		20,006
Income Tax Expense		22,201		2,067			34,468		38,235
Depreciation		5,273		5,114			15,732		15,261
Amortization		5,478		2,392			16,510		6,989

EBITDA – LIFO Basis	$	74,339	$	19,494		$	140,677	$	140,306

LIFO Inventory Adjustment		610		(35,608	)		111,596		15,706

EBITDA – FIFO Basis	$	73,729	$	55,102		$	29,081	$	124,600

United operates a 70,000 bpd refinery in Warren, Pennsylvania. In addition to its wholesale markets, the Company also operates 357 Kwik Fill^® / Red Apple^® and Country Fair^® retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.

Certain statements contained in this release are forward looking, such as statements regarding the Company’s plans and strategies or future financial performance. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge, investors and prospective investors are cautioned that such statements are only projections and that actual events or results may differ materially from those expressed in any such forward-looking statements. In addition, the Company’s actual consolidated quarterly or annual operating results have been affected in the past, or could be affected in the future, by additional factors, including, without limitation, general economic, business and market conditions; environmental, tax and tobacco legislation or regulation; volatility of gasoline prices, margins and supplies; merchandising margins; customer traffic, weather conditions; labor costs and the level of capital expenditures.


Company Contact:		John A. Catsimatidis, Chairman and CEO Telephone: (212) 956-5803.
		James E. Murphy, Chief Financial Officer Telephone: (814) 723-1500.

UNITED REFINING CO 8-K