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Minerals Management Service Honors Foundation Wyoming Land Company With Major Stewardship Award

Posted on: Tuesday, 17 April 2007, 12:00 CDT

Foundation Wyoming Land Company an affiliate of Foundation Coal Holdings, Inc. (NYSE:FCL) has been selected by the U.S. Department of the Interior Minerals Management Service (MMS) to receive its highest honor for 2006: the Mineral Revenues Stewardship Award.

The Stewardship Award recognizes Foundation's exceptional performance in reporting production figures and paying royalties for mineral leases on federal and Indian lands. Established in 1987, the award centers on overall accuracy and timeliness of its payments and reports, as well as cooperation and responsiveness to compliance and enforcement requests. It also serves to elevate the awareness and importance of how proper reporting and payment practices contribute MMS's success in achieving its mission. More than 2,500 companies report production and pay royalties for federal and Indian mineral leases.

"We are honored to have our diligent administrative efforts acknowledged by the MMS," said James A. Olsen, Foundation Wyoming Land Company president. "Over many years and particularly in 2006, our employees have carried out Foundation's federal royalty reporting and payment responsibilities in an exemplary manner. I am especially appreciative of the commitment to excellence displayed by Bill Hartzler and Tammy Okray who are directly responsible for our success in this area. Overall, the award underscores Foundation's commitment to full accountability and responsibility in production and reporting excellence."

The MMS is the federal agency within the Department of the Interior that manages the nation's natural gas, oil and other mineral resources. The agency also collects, accounts for, and disburses revenues from federal offshore mineral leases and from onshore mineral leases on federal and Indian lands. These revenues totaled more than $10.2 billion in 2005 and more than $143 billion since the agency's inception in 1982.

Foundation Coal Holdings, Inc., through its affiliates is a major U.S. coal producer with 13 coal mines and related facilities in Pennsylvania, West Virginia, and Wyoming. Through its subsidiaries Foundation Coal employs approximately 3,000 people and produces approximately 72 million tons annually, largely for utilities generating electricity. Foundation's corporate offices are in Linthicum Heights, MD.

Source: Business Wire

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