While no buyers were identified, the company said it expected to complete the transaction within 90 days. It referred in a statement to “buyers” plural, stating that the purchasers “have credible assets”

Kentucky Energy said the coal divestiture would allow it to continue to shift its focus to oil and natural gas.

The company recently signed a venture development agreement with United States Energy for more than 3000 acres in Rockcastle County, Kentucky, for drilling project participation. Three of the sites have been surveyed to date and permits are being prepared.

"We are pleased to see all of the company's hard work rewarded as this pending sale of the Slater's Branch facility will result in a significant surplus of operating capital to commence our intended drilling efforts in the natural gas industry," Kentucky Energy president Eugene Chiaramonte Jr said.

Last September, the company hinted at plans to diversify operations, including ventures in oil and gas, in a monthly coal revenue report. That diversification, Chiaramonte said, would improve operational results while also hedging coal production and pricing.

“I remain excited about our future,” he told shareholders at the time.

Kentucky Energy changed its name from Quest Minerals and Mining in 2010.