Natural Resource Partners L.P. Closes Two Coal Acquisitions in Indiana and Maryland
30 Junio 2006 - 8:00AM
PR Newswire (US)
HOUSTON, June 30 /PRNewswire-FirstCall/ -- Natural Resource
Partners L.P. (NYSE:NRP) and (NYSE:NSP) today announced that it has
closed two acquisitions of coal reserves totaling $16.35 million.
The Partnership used cash to fund these acquisitions. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060109/NRPLOGO ) The first
acquisition for $10.85 million comprises coal reserves in Indiana.
The acquisition consists of 16.3 million tons of coal reserves and
an overriding royalty interest on an additional 2.4 million tons.
These reserves are leased to Triad Mining, a subsidiary of James
River Coal Company (NASDAQ:JRCC). The reserves are located in Pike,
Warrick and Gibson Counties in Indiana. Production on both the
owned and override property is anticipated to begin in mid-2007 and
NRP anticipates between $600 thousand to $700 thousand in revenues
in 2007, increasing to between $2.8 million and $3.0 million in
2009 when all properties are expected to be in full operation. The
Partnership has also closed a $5.5 million acquisition of 3.3
million tons of coal reserves in Allegany County, Maryland. The
property currently produces over 500,000 tons per year and should
generate royalty income to NRP of nearly $1.4 million per year.
Natural Resource Partners L.P. is headquartered in Houston, TX,
with its operations headquarters in Huntington, WV. NRP is a master
limited partnership that is principally engaged in the business of
owning and managing coal properties in the three major coal
producing regions of the United States: Appalachia, the Illinois
Basin and the Powder River Basin. The common units are traded on
the New York Stock Exchange (NYSE) under the symbol NRP and the
subordinated units are traded on the NYSE under the symbol NSP. For
additional information, please contact Kathy Hager at 713-751-7555
or . Further information about NRP is available on the
partnership's website at http://www.nrplp.com/ . This press release
may include "forward-looking statements" as defined by the
Securities and Exchange Commission. Such statements include the
estimated coal reserves, estimated coal reserves associated with
the overriding royalty interest, the anticipated start of coal
production, coal production volumes and estimated coal royalty
revenues. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that the partnership expects, believes or
anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made
by the partnership based on its experience and perception of
historical trends, current conditions, expected future developments
and other factors it believes are appropriate in the circumstances.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
partnership. These risks include, but are not limited to, decreases
in demand for coal; changes in operating conditions and costs;
production cuts by our lessees; commodity prices; unanticipated
geologic problems; changes in the legislative or regulatory
environment and other factors detailed in Natural Resource
Partners' Securities and Exchange Commission filings. Natural
Resource Partners L.P. has no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
http://www.newscom.com/cgi-bin/prnh/20060109/NRPLOGO
http://photoarchive.ap.org/ DATASOURCE: Natural Resource Partners
L.P. CONTACT: Kathy Hager of Natural Resource Partners L.P.,
+1-713-751-7555, or Web site: http://www.nrplp.com/
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