HOUSTON, October 16, 2014 – Westmoreland Coal Company (NasdaqGM: WLB, “Westmoreland”), Oxford Resource Partners, LP (NYSE: OXF, “Oxford”) and Oxford Resources GP, LLC, the general partner of Oxford (“Oxford GP”), today announced that Westmoreland will acquire Oxford GP and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. As a result, it is believed that Oxford will be able to resume quarterly distributions at $0.2000 per common unit (post-reverse split, as discussed below) and has secured a commitment to refinance its existing credit facilities on better terms, including additional credit capacity to fund future acquisitions. Following these transactions, Oxford will continue to operate as a stand-alone, publicly-traded master limited partnership (“MLP”) and Westmoreland will own 77% of the fully-diluted limited partner interests in Oxford.
Baker Botts Lawyers/Office Involved: Joshua Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston); Mike Bresson (Partner, Houston); Chuck Campbell (Special Counsel, Houston)
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