CONSOL Energy Inc. Completes Acquisition of CNX Gas Corporation

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Jun 01, 2010, 06:54 ET

PITTSBURGH, June 1 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. (NYSE: CNX) today announced that it has completed its acquisition of CNX Gas pursuant to a short-form merger in which CNX Gas became a wholly owned subsidiary of CONSOL. In connection with the merger, all public stockholders of CNX Gas, other than those who validly exercise appraisal rights, will receive $38.25 in cash for their shares. Letters of transmittal will be mailed shortly to registered holders along with the Notice of Merger. CNX Gas's common stock will no longer be traded on the New York Stock Exchange beginning June 1, 2010.

About CONSOL Energy

CONSOL Energy, a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. It was recently named one of the "Top 100 Most Trustworthy" companies for 2010 by Forbes. At year-end 2009, it had 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It is also the leading Appalachian gas producer, with proved reserves of 2.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its Web site: www.consolenergy.com.

SOURCE CONSOL Energy Inc.