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LEXINGTON, Ky., Oct. 21, 2013 /PRNewswire/ -- Rhino Resource Partners LP (NYSE: RNO) ("Rhino" or the "Partnership") today announced a cash distribution of
$0.445 per common unit, or
$1.78 per unit on an annualized basis. This distribution will be paid on
November 14, 2013 to all common unitholders of record as of the close of business on
November 1, 2013 and no distribution will be paid on the subordinated units.
Rhino today also announced that it plans to release its 2013 third quarter financial results on
Thursday, October 31, 2013, before the market opens. In connection with the earnings release, Rhino will host a conference call and webcast for investors and analysts to discuss its results for the quarter on
Thursday, October 31, 2013, at
11:00 am (ET).
Participants should call 866-510-0712 (
Canada) or 617-597-5380 (International) and utilize the confirmation code 82873319. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call 888-286-8010 (
Canada) or 617-801-6888 (International) and enter confirmation code 66872119. The recording will be available from
12:00 pm (ET) on
Thursday, October 31, 2013 through
Thursday, November 7, 2013 at
11:59 p.m. (ET). A live broadcast of the earnings conference call will also be available via the Internet at
www.rhinolp.com under 'Investor Relations'. The webcast will be archived on the site for one year.
In addition, Rhino is pleased to announce today that
Christopher I. Walton has been appointed President and Chief Executive Officer ("CEO") of Rhino GP LLC, the general partner of the Partnership. Rhino GP LLC has also finalized an employment agreement with
David G. Zatezalo, where Mr. Zatezalo has assumed the role of Chairman of the Board of Directors of Rhino GP LLC and will continue his employment with the Partnership in a role that requires a reduced time commitment.
Mark Zand, former Chairman, will remain a director of Rhino GP LLC.
Mark Zand commented "We are excited about the appointment of Chris as CEO and we are confident that Chris' knowledge, expertise and leadership will continue to successfully guide Rhino's operations, including the development of the new Pennyrile mine in western Kentucky. While his workload will be diminished, we also look forward to Dave's continued involvement at Rhino. In addition to the operational experience he brings, Dave will be able to increase his focus on Rhino's diversification efforts, including the ongoing development of the Utica Shale oil and gas property."
Chris Walton commented "I look forward to building Rhino into an even stronger diversified energy company. Our people, which are our number one asset, are safety oriented with knowledgeable managers and a dedicated workforce. By utilizing the expertise of our people during this current difficult coal market, along with the development of the Pennyrile mine and anticipated cash flows from our Utica Shale oil and gas investment, we expect to create substantial value for Rhino."
Dave Zatezalo commented, "I am proud of the outstanding safety and operating record that Rhino has established during my tenure and I am confident that Chris will continue to advance Rhino's safety and operational performance. I also look forward to my new role as Chairman as we continue to grow the Partnership."
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Rhino's distributions to non-U.S. investors as being attributable to income that is effectively connected with a
United States trade or business. Accordingly, Rhino's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
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
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
$4.1 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 a broad 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.