Rhino Resource Partners LP Announces Acquisition of Illinois Basin Coal Leases and Property
LEXINGTON, Ky., May 8, 2012 /PRNewswire/ -- Rhino Resource Partners LP (NYSE: RNO) ("Rhino" or the "Partnership") today is pleased to announce the purchase of certain rights to coal leases and surface property located in Daviess and McLean counties in western Kentucky. The coal leases and property are estimated to contain approximately 30 million tons of non-reserve coal deposits and approximately 12,100 leased acres that are contiguous to the Green River. The property is undeveloped, but fully permitted, and provides the Partnership with access to Illinois Basin coal reserves adjacent to a navigable waterway, which is expected to provide enhanced export opportunity to non-U.S. customers.
Dave Zatezalo, President and Chief Executive Officer of Rhino's general partner, stated, "We are pleased to make an acquisition that provides inland waterway access from the Illinois Basin. This acquisition provides Rhino lower cost capability to develop a substantial footprint in a major coal producing basin, thus strengthening our product and market offerings."
About Rhino Resource Partners LP
Rhino Resource Partners LP is a growth-oriented limited partnership. Rhino produces metallurgical and steam coal in a variety of basins throughout the United States, it leases coal through its Elk Horn subsidiary, and it owns oil and gas acreage in the Utica and Cana Woodford plays.
About Wexford Capital LP
Rhino's general partner, Rhino GP LLC, is an affiliate of Wexford Capital LP ("Wexford"). Wexford is an SEC registered investment advisor with over $5.6 billion of assets under management. Wexford has particular expertise in the energy/natural resources sector with actively managed investments in coal, oil and gas exploration and production, energy services and related sectors. Through Wexford's extensive portfolio of energy, resource and related investments, it sees an extensive flow of potential new investment opportunities, many of which could be suitable for Rhino. Although Wexford has no obligation to provide such investment opportunities to Rhino, it has made available several of these investments to Rhino and expects to be in a position to continue to selectively source and underwrite for Rhino new coal, energy and related investment opportunities.
Additional information regarding Rhino and Wexford is available on their respective web sites – RhinoLP.com and Wexford.com.
SOURCE Rhino Resource Partners LP