Tucson, AZ (PRWEB) January 4, 2006
Bronco Energy Fund, Inc., announced this morning that its wholly owned subsidiary, Bronco Coal Co., has acquired the land, equipment, permits, and mineral rights to the Hazleton Coal Mine located in Gibson County, Indiana, north of Evansville. The project, consisting of more than $35,000,000 in cash and debt instruments, marks Bronco’s entry into mining operations in the Illinois Basin, an area where Bronco’s President, Dan Baker, has extensive experience.
According to Dan Hodges, company Co-Founder and Executive Chairman, “The Hazleton was an easy choice for Bronco due to its Illinois VII seam of low-sulfur compliance coal, and the market demand for it. Bronco is not just after large coal reserves, but is making acquisition choices based on present and anticipated market demand, proximity to those markets, and ultimate profitability. That means some of our acquisitions will be in smaller niche mines. Standard Bank, plc, our project finance bank on this transaction, saw that conjoining the Hazleton Mine assets and operations with Bronco’s senior management mine experience was a good combination, and worked diligently clear through closing. Kudos to them.”
The mine is projected to produce 1.45 millions tons annually, with the majority already contracted out for two years to utilities directly for blending and compliance coal usage.
About Bronco Energy Fund, Inc.
Based in Tucson, AZ, Bronco Energy Fund, Inc., is an integrated energy company, with a focus of investing in companies and projects related to coal reserve exploitation, oil and gas exploration and production, “clean power” generation and coal-to-liquids production, and newly emerging technologies. Its subsidiary companies include Bronco Coal Co., Bronco Power Co., Bronco Petroleum Co., and Bronco Emerging Technologies, Inc. With a nine person professional Board of Directors, the Company seeks to make investment in projects or companies such as those indicated and welcomes presentation of candidates.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Bronco Energy Fund, Inc. has little or no control.
For more information, please visit our Website at http://www.broncoenergy.com. Or call (866) 305-0485.
On Behalf of the Board:
Bronco Energy Fund, Inc.
Daniel L. Hodges – Executive Chairman
# # #