December 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Xinergy, Ltd. (XRG.TO) (XRGYF.PK) said it has signed a purchase agreement to acquire 1,852,367 membership units of Elk Horn Coal Co., LLC. 

Elk Horn, which is located in eastern Kentucky, is a private entity engaged in the leasing of its coal reserves to other parties that mine, prepare, and market the coal. Its properties consist of mineral rights to 153,600 acres of coal bearing land.

According to Xinergy, the purchase agreement represents around 17.5% of the outstanding units in Elk Horn.

Jon Nix, CEO of Xinergy, said that his firm was taking advantage of opportunities it considers to be accretive on a near-term cash basis in the Central Appalachian region and that are contiguous to its current operations. 

Tennessee-based Xinergy is engaged in coal mining in eastern Kentucky and West Virginia. Currently, Xinergy sells coal to electric utilities and industrial companies throughout the south-eastern United States.

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