CONSOL Energy Sells Rights to Certain Illinois Basin Coal for $53 Million
PITTSBURGH, June 20 /PRNewswire-FirstCall/ — CONSOL Energy Inc. , a high-Btu bituminous coal and natural gas company, has sold the rights to Alliance Resource Partners, L.P. certain western Kentucky coal in the Illinois Basin for $53.3 million cash paid at closing. The amount received will be reflected in the Company’s second quarter financial results.
The assets, located in Webster and Hopkins counties, Kentucky, are not core to CONSOL Energy’s long-range, strategic plan. The assets sold consist primarily of approximately 13,500 acres of leased and fee coal reserves and resources, which, in the aggregate, are estimated to contain 78.4 million tons of steam coal from the Kentucky No. 9, No. 11, and No 13 coal seams.
About CONSOL Energy Inc.
CONSOL Energy Inc., a high-Btu bituminous coal and coal bed methane company, is a member of the Standard & Poor’s 500 Equity Index and has annual revenues of $3.7 billion. It has 15 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.3 billion tons. In addition, the company is a majority shareholder in one of the largest U.S. producers of coalbed methane gas, CNX Gas Corporation. CONSOL Energy was named one of America’s most admired companies in 2005 by Fortune magazine. It received the U.S. Department of the Interior’s Office of Surface Mining National Award for Excellence in Surface Mining for the company’s innovative reclamation practices in 2002, 2003 and 2004. Also in 2003, the company was listed in Information Week magazine’s “Information Week 500″ list for its information technology operations. In 2002, the company received a U.S. Environmental Protection Agency Climate Protection Award. Additional information about the company can be found at its web site: http://www.consolenergy.com/.
CONSOL Energy Inc.
CONTACT: Thomas F. Hoffman, +1-412-831-4060; or Charles E. Mazur, Jr.,+1-412-831-4340, both of CONSOL Energy Inc.
Web site: http://www.consolenergy.com/