LEXINGTON, KY, Feb. 26, 2014 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (NYSE: RNO) ("Rhino"
or the "Partnership") is pleased to announce that it has entered
into a binding letter of intent to sell its oil and gas properties
in the Utica Shale to Gulfport Energy Corporation for a purchase
price of approximately $185 million.
Dave Zatezalo, Chairman of the Board of
Directors of Rhino GP LLC, the general partner of the Partnership,
stated, "This transaction is extremely significant for Rhino.
This allows us to eliminate the company's debt and will give us
tremendous financial flexibility. Our goal has been to create
value for our unitholders in the energy sector, and this investment
has been a great success. In an environment where many coal
producers are burdened with high debt levels, this will give us
great flexibility to opportunistically expand our operations and
increase our cash flow."
About Rhino Resource Partners
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 and it
leases coal through its Elk Horn subsidiary.
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CONTACT: Scott Morris
Rhino Resource Partners LP