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June 14, 2011 /PRNewswire/ -- Rhino Resource Partners LP (NYSE: RNO) ("Rhino" or the "Partnership") is pleased to announce the acquisition of approximately 32,600 acres of metallurgical grade coal resources and associated surface rights in
West Virginia. These properties were acquired at a total acquisition cost of approximately
$7,500,000. These development stage properties are unpermitted and contain no infrastructure. Rhino intends to fully explore these resources with the hope of proving up a mineable underground metallurgical coal reserve and eventually commencing production.
David G. Zatezalo, President & CEO of Rhino GP LLC, the General Partner of Rhino , commented, "We are very excited about this acquisition and in fully exploring the property. We believe it gives us exposure to a potentially significant amount of metallurgical coal resources at a very reasonable cost. We hope to be mining in this geographic area on a long-term basis."
About Rhino Resource Partners LP
Rhino is a growth-oriented limited partnership formed to control and operate steam and metallurgical coal properties and related assets in Central Appalachia, Northern Appalachia, the
Illinois Basin and the Western Bituminous region. In addition, the Company intends to expand its operations through strategic acquisitions, including the acquisition of stable, cash generating non-coal natural resource assets to enable Rhino to increase its cash distributions over time.
About Wexford Capital LP
Rhino's general partner, Rhino GP LLC, is an affiliate of Wexford Capital LP. Wexford Capital is an SEC registered investment advisor with over
$7 billion of assets under management. Formed in 1994, Wexford manages a series of private equity and hedge funds. Wexford prides itself on its independent thinking and opportunistic investment style and has particular expertise in the energy / natural resources sector with investments in coal, oil and gas exploration and production assets, energy services, and related sectors.
Additional information regarding Rhino and Wexford is available on their respective web sites – RhinoLP.com and Wexford.com.