During Tuesday’s trade, the partnership’s shares soared 21.1%, or 46c, to close at $US2.64.

Oxford released a statement Wednesday that its policy was not to comment on unusual market activity.

However, the surge might be attributed to a positive Seeking Alpha article published Tuesday that said: “A recent debt refinancing leaves Oxford free to execute on a turnaround plan. As coal reaches a positive inflection point, shares could have 50% to 150% upside.

“The recent refinancing of its credit facilities and the impact it has in terms of removing bankruptcy risk, improving liquidity and increasing financial flexibility, has gone largely unnoticed. Its units are still trading as if the company was going bankrupt,” the online stock analysis site reported.

“Oxford’s operations are turning around, and the company faces a positive outlook both in terms of improved production outlook at its mines in Northern Appalachia as well as the projected 2.79% annual growth rate in US coal pricing, based on the latest forecast from the U.S. Energy Information Administration.”

Oxford produces thermal coal in Northern Appalachia and the Illinois Basin from 19 active surface mines.