The California-based company will now move forward with Whitesburg to mine, produce and market steam coal from the surface and highwall complex to electric utility customers.
Whitesburg owns the mineral right leases and holds the state mining permits.
Full mining production is expected next month.
The two project revenues will top the $264 million benchmark in the next half-decade.
“This acquisition marks a major milestone for us, as it gives us a diverse energy product portfolio including natural gas, propane, oil and coal,” Universal president Vince Guest said, adding that it was anticipating being able to up-list to NASDAQ and eye additional energy acquisitions.
The gross revenues target equates to $52.8 million in sales annually on average, in addition to an estimated $71.74 million in sales for last year.
Potential earnings from the acquisition are estimated at $5-8 million annually, just for Universal.
The company first announced plans to obtain a major stake in Whiteburg’s assets and interests from JLP & Partners on September 26, 2011.
At that time, Guest said the company projected the acquisition would provide it with a significant return on investment.
