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Ohio Utica Shale

Rhino Resource increases Utica shale investment

By Bob Downing Published: August 9, 2012

From Kentucky-based Rhino Resource Partners LP:

LEXINGTON, Ky., Aug. 8, 2012 /PRNewswire/ -- Rhino Resource Partners LP (NYSE: RNO) ("Rhino") today is providing an update on its investment in the Utica Shale region of eastern Ohio.

Rhino's initial investment in the Utica Shale was for a 10.8% interest in the original 80,000 acres acquired by Gulfport Energy and an affiliate of Wexford Capital LP.

Gulfport Energy and an affiliate of Wexford Capital LP continued acquiring acreage in the Utica Shale region and have built the position to approximately 125,000 acres

Rhino has been given the opportunity from Wexford, and the board of directors of its general partner has approved, an exchange of Rhino's initial position for a pro rata interest in the full acreage position.

Rhino expects to ultimately have approximately a 5% net interest in the full acreage position, or approximately 6,250 net acres.

Gulfport Energy released results of its first Utica Shale horizontal well, the Wagner 1-28H, which tested at a peak rate of 17.1 MMCF of natural gas per day and 432 barrels of condensate per day. This information can be viewed on Gulfport's website.

Dave Zatezalo, president and chief executive officer of Rhino's general partner, commented, "We believe it is beneficial to the partnership to own a piece of a larger, more diversified portfolio. This reduces geological risk and allows Rhino to participate in the more recently acquired acreage, which has the potential to be more productive. While our Utica shale investment does not currently generate cash flow, we view it as a significant asset of the partnership and we believe it will provide us with value in the not too distant future."



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