The company said the deal is projected to generate over $264m over the next five years.
The acquisition will now allow the company to expand into the coal energy market sector.
Universal Bioenergy president Vince M. Guest said the deal is major milestone for the company as it offers us a diverse energy product portfolio including natural gas, propane, oil and coal.
Full mining production from the Whitesburg is expected to start next month.
Universal and Whitesburg will mine, produce and market thermal/steam coal to sale to its electric utility customers for power generation.
The Whitesburg mining operations are the surface and high wall mining type, it also owns the leases for the coal mineral rights, has the mining permits from the US state of Kentucky.
