Exhibit 99.1

Partnership Contact:

Jeff Gutman

(614) 643-0314

ir@OxfordResources.com

Oxford Resource Partners, LP Reports First Quarter 2012 Financial Results

Oxford Streamlining Illinois Basin Operations,

Actions Underway Expected to Enhance Liquidity by $30 to $35 Million in 2012

COLUMBUS, Ohio, May 3, 2012 – Oxford Resource Partners, LP (NYSE: OXF) (the “Partnership” or “Oxford”) today announced first quarter 2012 financial results.

Overview

Following a challenging quarter, Oxford’s management is highly focused on improving its profitability and liquidity through the actions below:

“We are taking rapid and decisive actions to improve operations,” said Oxford’s President and Chief Executive Officer Charles C. Ungurean. “We are focused on rightsizing our operations to match the currently challenging market conditions and to improve our profitability and liquidity. We are undertaking specific steps that include the ongoing restructuring of our Illinois Basin operations, which we expect will reduce Oxford’s overall cost profile and enhance the productivity of our Northern Appalachian operations. By redeploying idled Illinois Basin equipment to our Northern Appalachian operations and selling excess Illinois Basin equipment, among other actions, we will reduce our planned 2012 capital outlays by $10 million and strengthen our balance sheet.”

First Quarter 2012 Results

Net loss for the first quarter of 2012 was $15.8 million, or $0.75 per diluted limited partner unit, compared to a net loss for the first quarter of 2011 of $1.8 million, or $0.08 per diluted limited partner unit. First quarter 2012 results were impacted by impairment and restructuring charges related to the Illinois Basin operations and nonrecurring costs of $8.8 million, or $0.43 per diluted limited partner unit. Excluding these items, net loss for the first quarter of 2012 would have been $7.0 million, or $0.32 per diluted limited partner unit. Adjusted EBITDA¹ was $11.0 million for the first quarter of 2012 as compared to $14.0 million for the first quarter of 2011, impacted by a $4.88 per ton increase in cost of coal sales per ton primarily attributable to $3.8 million in higher diesel fuel costs. Distributable cash flow¹ was $0.1 million for the first quarter of 2012, down $5.4 million from the first quarter of 2011, reflecting the impact of a terminated sales contract, $3.8 million in higher diesel fuel costs and $0.8 million in higher cash interest expense.

Production and Sales Information Summary

Business Update

Northern Appalachian (NAPP) Operations

Oxford’s core Northern Appalachian business remains strong. As the largest producer of surface mined coal in Ohio, Oxford retains its position as a leading low-cost producer of steam coal in the Northern Appalachian region. Oxford’s sales book is fully contracted through 2013 underscoring its long-term customer relationships in the region. During the first quarter, Oxford amended a coal sales contract with a significant Northern Appalachian customer to compensate Oxford for tons not shipped to the customer through a corresponding increase in sales price. In addition, Oxford recently executed a 50,000 ton spot order with the same customer for delivery to a different power plant unit, further demonstrating the strength of Oxford’s customer relationships.

Illinois Basin (ILB) Operations

Oxford continues to execute the following strategic initiatives with respect to its Illinois Basin operations:

Throughout this process, Oxford remains committed to serving its Illinois Basin customers reliably and efficiently.

Liquidity

As of March 31, 2012, Oxford had available liquidity of $10.5 million. Oxford is currently in compliance with all of the covenants of its credit facility and does not expect any of the strategic initiatives or other contemplated actions to alter such compliance.

In April, Oxford sold oil and gas mineral rights on approximately 1,250 acres of land for $6.3 million. In the transaction, it retained royalty rights equivalent to a 20 percent net revenue interest once the wells are producing.

In total, Oxford expects to enhance its liquidity by $30 to $35 million in 2012. This additional liquidity is expected to come from the above-described mineral rights sale, coupled with the $10 to $15 million in estimated proceeds from future asset sales, the $10 million in expected capital expenditure savings and the $3.5 million in savings from the reduced first quarter subordinated distribution.

Distributions

On April 27, 2012, the Partnership declared a cash distribution of $0.4375 per common unit for its first quarter ended March 31, 2012. The Partnership also declared a reduced cash distribution of $0.10 per subordinated unit for its first quarter. The distribution will be paid on May 15, 2012 to all common and subordinated unitholders of record as of the close of business on May 8, 2012.

Ungurean commented, “We are squarely focused on improving our long-term distributable cash flow. We expect to continue paying the full minimum quarterly distribution to the common unitholders and to return to paying the full distribution to the subordinated unitholders as soon as possible. We will make a determination on a quarterly basis as to the prudent level of subordinated distributions going forward based upon our progress from the restructuring efforts described above, future levels of profitability and the Partnership’s overall liquidity.”

Guidance

As operations return to targeted levels in coming quarters, including demonstrable results from restructuring and productivity initiatives, management looks forward to more fully articulating its view on the Partnership’s longer-term earnings and distribution potential.

Conference Call

Oxford will host a conference call at 10:00 a.m. Eastern Time today (May 3, 2012) to review its financial results for the first quarter of 2012. To participate in the call, dial (866) 730-5767 or (857) 350-1591 for international callers and provide passcode 17365686. The call will also be webcast live on the Internet in the Investor Relations section of Oxford’s website at www.OxfordResources.com.

An audio replay of the conference call will be available for seven days beginning at 12:00 p.m. Eastern Time on May 3, 2012 and may be accessed at (888) 286-8010 or (617) 801-6888 for international callers. The replay passcode is 19437693. The webcast will also be archived on Oxford’s website at www.OxfordResources.com for 30 days following the call.

About Oxford Resource Partners, LP

Oxford Resource Partners, LP is a low-cost producer of high value steam coal in Northern Appalachia and the Illinois Basin. Oxford markets its coal primarily to large electric utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts. The Partnership is headquartered in Columbus, Ohio.

For more information about Oxford Resource Partners, LP (NYSE: OXF), please visit www.OxfordResources.com. Financial and other information about the Partnership is routinely posted on and accessible at www.OxfordResources.com.

This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the Partnership’s distributions to foreign investors attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.

FORWARD-LOOKING STATEMENTS: Except for historical information, statements made in this press release are “forward-looking statements.” All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements, including the statements and information set forth under the headings “Overview,” “Business Update,” “Liquidity,” “Distributions” and “Guidance.”

These statements are based on certain assumptions made by the Partnership based on its management’s experience and perception of historical trends, current conditions, expected future developments and other factors the Partnership’s management believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Partnership’s control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: productivity levels, margins earned and the level of operating costs; weakness in global economic conditions or in customers’ industries; changes in governmental regulation of the mining industry or the electric power industry and the increased costs of complying with those changes; decreases in demand for electricity and changes in coal consumption patterns of U.S. electric power generators; the Partnership’s dependence on a limited number of customers; the Partnership’s inability to enter into new long-term coal sales contracts at attractive prices and the renewal and other risks associated with the Partnership’s existing long-term coal sales contracts, including risks related to adjustments to price, volume or other terms of those contracts; difficulties in collecting the Partnership’s receivables because of credit or financial problems of major customers, and customer bankruptcies, cancellations or breaches to existing contracts or other failures to perform; the Partnership’s ability to acquire additional coal reserves; the Partnership’s ability to respond to increased competition within the coal industry; fluctuations in coal demand, prices and availability due to labor and transportation costs and disruptions, equipment availability, governmental regulations, including those pertaining to carbon dioxide emissions, and other factors; significant costs imposed on the Partnership’s mining operations by extensive and frequently changing environmental laws and regulations, and greater than expected environmental regulations, costs and liabilities; legislation and regulatory and related judicial decisions and interpretations including issues pertaining to climate change and miner health and safety; a variety of operational, geologic, permitting, labor and weather-related factors, including those pertaining to both our mining operations and our underground coal reserves that we do not operate; limitations in the cash distributions the Partnership receives from its majority-owned subsidiary, Harrison Resources, LLC, and the ability of Harrison Resources, LLC to acquire additional reserves on economical terms from CONSOL Energy Inc. in the future; the potential for inaccuracies in estimates of the Partnership’s coal reserves, which could result in lower than expected revenues or higher than expected costs; the accuracy of the assumptions underlying the Partnership’s reclamation and mine closure obligations; liquidity constraints, including those resulting from the cost or unavailability of financing due to current capital markets conditions; risks associated with major mine-related accidents; results of litigation, including claims not yet asserted; the Partnership’s ability to attract and retain key management personnel; greater than expected shortage of skilled labor; the Partnership’s ability to maintain satisfactory relations with employees; and failure to obtain, maintain or renew security arrangements, such as surety bonds or letters of credit, in a timely manner and on acceptable terms.

The Partnership undertakes no obligation to publicly update or revise any forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. Further information on risks and uncertainties is available in the Partnership’s periodic reports filed with the U.S. Securities and Exchange Commission or otherwise publicly disseminated by the Partnership.

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except for unit data)

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except for unit data)

OXFORD RESOURCE PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

NON-GAAP FINANCIAL MEASURES TABLE

Reconciliation of net loss attributable to Oxford Resource Partners, LP unitholders to adjusted EBITDA and distributable cash flow:

Adjusted EBITDA

Adjusted EBITDA for the period represents net income (loss) attributable to our unitholders for that period before interest, taxes, DD&A, impairment and restructuring charges, amortization of below-market coal sales contracts, non-cash equity-based compensation expense, loss on asset disposals, certain non-recurring costs and the non-cash change in future asset retirement obligations (“ARO”). The non-cash change in future ARO is included in cost of coal sales in our financial statements. Although adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, our management believes that it is useful in evaluating our financial performance and our compliance with certain credit facility financial covenants. Because not all companies calculate adjusted EBITDA identically, our calculation may not be comparable to the similarly titled measure of other companies.

Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements, such as investors and lenders, to assess:

Distributable Cash Flow

Distributable cash flow for a period represents adjusted EBITDA less cash interest expense (net of interest income), estimated reserve replacement expenditures and other maintenance capital expenditures. Cash interest expense represents the portion of our interest expense accrued and paid in cash during the reporting periods presented or that we will pay in cash in future periods as the obligations become due. Estimated reserve replacement expenditures represent an estimate of the average periodic (quarterly or annual, as applicable) reserve replacement expenditures that we will incur over the long term and then applied to the applicable period. We use estimated reserve replacement expenditures to calculate distributable cash flow instead of actual reserve replacement expenditures, consistent with our partnership agreement which requires that we deduct estimated reserve replacement expenditures when calculating operating surplus. Due to the restructuring of our Illinois Basin operations, starting in the first quarter of 2012, we are no longer estimating reserve replacement expenditures with respect to our Illinois Basin operations. Other maintenance capital expenditures include, among other things, actual cash expenditures for plant, equipment, mine development and cash expenditures relating to our ARO. Distributable cash flow should not be considered as an alternative to net income (loss) attributable to our unitholders, income from operations, cash flows from operating activities or any other measure of performance presented in accordance with GAAP. Although distributable cash flow is not a measure of performance calculated in accordance with GAAP, our management believes distributable cash flow is a useful measure to investors because this measurement is used by many analysts and others in the industry as a performance measurement tool to evaluate our operating and financial performance and to compare it with the performance of other publicly traded limited partnerships. We also compare distributable cash flow to the cash distributions we expect to pay our unitholders. Using this measure, management can quickly compute the coverage ratio of distributable cash flow to planned cash distributions.