Rhino Resource Partners LP 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."
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