Rhino Resource Partners produces metallurgical and steam coal in a variety of basins throughout the United States. It also owns oil and gas acreage in the Utica and Cana Woodford plays. Rhino previously invested in an 80,000 Utica Shale acre joint venture with Gulfport Energy and Wexford Capital. Rhino’s investment gives them a 10.8% interest. Since that initial investment, Gulfport and Wexford have continued to buy up Utica Shale acreage and now have leases for 125,000 acres (including the original 80,000). The partners have extended an offer to Rhino to get a piece of the bigger action, which Rhino is doing.
From Rhino’s press release announcing a new deal with Wexford: