Walter buys HighMount assets

Walter Natural Gas LLC, a subsidiary of Tampa-based Walter Energy, has purchased the natural gas assets of HighMount Exploration & Production LLC for $210 million in cash.

Walter Energy's core competency is coal production, and this gas-focused purchase appears to compliment that core effort. Interim CEO Joe Leonard explained the deal's relevance in a release.

“This acquisition,” he said, “is more important to us because it helps ensure that future coal production areas will be properly degasified, thereby improving the safety and operational efficiency of our existing and future underground coking coal production.”