CNX Gas Announces That the Jewell Ridge Pipeline is Placed Into Service
Posted on: Tuesday, 31 October 2006, 09:00 CST
PITTSBURGH, Oct. 31 /PRNewswire/ -- CNX Gas Corporation announces the placing in-service of the Jewell Ridge Pipeline. The 32-mile pipeline is owned and operated by East Tennessee Natural Gas, LLC (ETNG), a subsidiary of Duke Energy Gas Transmission. The Jewell Ridge pipeline connects CNX Gas' Virginia Operations, via the Cardinal States Gathering system, to the East Tennessee Natural Gas interstate pipeline to the south.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO )
Roland Campanelli, vice president of marketing, said, "In Virginia, CNX Gas has proved reserves of 1,095 billion cubic feet (Bcf) and net unproved reserves of 637 Bcf. Jewell Ridge provides an additional transportation outlet for this valuable resource." CNX Gas has entered into a 15-year transportation agreement with ETNG for firm transportation of 197,500 dekatherms per day on the Jewell Ridge Pipeline. In addition to providing CNX Gas with transportation flexibility, the Jewell Ridge Pipeline provides access to growing Southeastern and East Coast markets.
With the initiation of service on Jewell Ridge, CNX will begin a financial and strategic assessment of its Cardinal States Gathering system with the goal of maximizing shareholder value. CNX Gas will continue to provide gathering services on Cardinal States to third parties on a non-discriminatory basis, subject to available capacity.
Description
CNX GAS CORPORATION is an independent natural gas exploration, development, production and gathering company operating in the Appalachian Basin of the United States. In May 2006, Business Week cited CNX Gas in its survey of Hot Growth Companies. Effective June 30, 2006, CNX Gas was added to the membership of companies included in the Russell 3000(R) Index and the Russell Midcap(R) Index. Recently, CNX Gas was named as a finalist by Platts for its "Hydrocarbon Producer of the Year" award.
Contact: Dan Zajdel Vice President - Investor and Public Relations (412) 854-6719 danzajdel@cnxgas.com http://www.cnxgas.com/
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com
CNX Gas Corporation
Contact: Dan Zajdel, Vice President - Investor and Public Relations ofCNX Gas Corporation, +1-412-854-6719, or danzajdel@cnxgas.com
Web site: http://www.cnxgas.com/
Source: PRNewswire
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