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Rhino Resource Partners LP Announces Sale of Elk Horn Coal Leasing Company
Rhino Resource Partners LP Announces Sale of Elk Horn Coal Leasing Company.
About this update from Royal Energy Resources Inc
[{"type":"text","content":"\n \n \n Rhino Resource Partners LP Announces Sale of Elk Horn Coal Leasing Company\n \n \nRhino Resource Partners LP Announces Sale of Elk Horn Coal Leasing Company\n \n LEXINGTON, KY--(Marketwired - Aug 23, 2016) - Rhino Resource Partners LP (OTCQB: RHNO) (\"Rhino\" or the \"Partnership\") announced today it entered into an agreement to sell its Elk Horn coal leasing company to a third party for total cash consideration of $12.5 million. \n Joe Funk, Chief Executive Officer of Rhino's general partner, stated, \"The cash received from the sale of Elk Horn will continue to reduce our debt and provide us additional financial flexibility for our future coal operations. While Elk Horn has been a positive cash flow contributor to us since its acquisition in 2011, the ongoing weakness in the Central Appalachia steam coal markets has adversely impacted Elk Horn and its lessees. The Partnership determined the best value for our unitholders at this time was to monetize this asset. We appreciate the contributions and hard work the Elk Horn employees have provided to Rhino.\"\n The Partnership was also pleased to announce the following executive appointments: Rick Boone was promoted to the position of President of the general partner and all subsidiaries. Mr. Boone most recently served as Executive Vice President and Chief Financial Officer since 2014. Prior to that date, Mr. Boone served as Senior Vice President and Chief Financial Officer from 2005 to 2014. Mr. Boone brings years of senior management experience to this role. Mr. Boone stated, \"I appreciate the trust placed in me by our general partner and I look forward to helping navigate Rhino through the complexities of our industry as we move forward. Rhino has persevered during this extended market downturn and we are poised for growth and new opportunities as market conditions improve.\" Additionally, Scott Morris was promoted to the position of Vice President and Chief Financial Officer. Mr. Morris has served under Mr. Boone in different senior level financial roles since joining Rhino in 2010, most recently as Vice President of Finance, providing for a seamless transition for Rhino in this position. \n William Tuorto, the general partner's Chairman of the Board, will assume the position of Executive Chairman. Mr. Tuorto stated, \"Rhino has a proficient executive team that has r...