Ranger Energy Investments has entered into an agreement to acquire National Coal, a central and southern Appalachian coal producer.
Under the terms of the agreement, Ranger Energy will pay $1 per share in cash for each share of National Coal common stock, including shares issuable upon exercise of options.
The transaction is expected to close prior to 15 December 2010, and upon closing, National Coal will become a wholly owned subsidiary of Ranger Energy.
In April of 2010, Ranger Energy acquired certain National Coal assets located in Devonia, Tennessee, and in and on its New River Tract site for an aggregate sales price of $11.8m.
Headquartered in Knoxville, National Coal is engaged in coal mining in east Tennessee and sells steam coal to electric utilities in the southeastern US.