Massey Energy Announces Pricing of Offering of Common Stock

RICHMOND, Va., March 23 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) announced today the pricing of its previously-announced registered underwritten public offering of common stock.  Massey has agreed to sell 8,500,000 shares of its common stock at a public offering price of $49.75 per share and has granted the underwriters an option for 30 days to purchase up to an additional 1,275,000 shares of its common stock on the same terms and conditions to cover over-allotments, if any.  The offering will yield gross proceeds to Massey of $422.9 million and, net of underwriting discount, proceeds of $406.0 million.  The offering is expected to close on March 29, 2010, subject to customary conditions.

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Massey intends to use the proceeds of the offering to fund a portion of the cash consideration payable in connection with its recently announced $960 million combined cash and stock acquisition of Cumberland Resources Corporation and certain affiliated companies.

UBS Securities LLC is acting as Sole Book-Running Manager for the offering.  Stifel, Nicolaus & Company, Incorporated and PNC Capital Markets LLC are acting as Joint Lead Managers for the offering.  FBR Capital Markets & Co., Raymond James & Associates, Inc. and Dahlman Rose & Company, LLC are acting as Co-Managers for the offering.

The common stock offering is being made pursuant to a registration statement filed with the Securities and Exchange Commission (SEC) and available for review on the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statement, the applicable preliminary prospectus supplement and other related documents.  Copies of these documents can be obtained from UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171, at (888) 827-7275 (toll-free), extension 3884.

Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal company in Central Appalachia and is included the S&P 500 index.

FORWARD-LOOKING STATEMENTS: Statements in this press release relating to future events and other disclosures and statements that are not historical facts are forward-looking statements that involve risks and uncertainties. Caution must be exercised in relying on these forward-looking statements as actual results may differ materially from these forward-looking statements, which are based on our then current expectations as a result of market conditions, the actions by third parties, completion of the Cumberland acquisition, and many other factors. For a discussion of such risks and uncertainties related to Massey, which could cause actual results to differ from those contained in the forward-looking statements, see Massey's press releases and Massey's public filings with the Securities and Exchange Commission, including Massey's Annual Report on Form 10-K for the year ended December 31, 2009, which was filed on March 1, 2010.  Massey's filings are available either publicly, on the Investor Relations page of Massey's website, www.masseyenergyco.com, or upon request from Massey's Investor Relations Department: (866) 814-6512 (toll free).  For further information, please visit Massey's website at www.masseyenergyco.com.

SOURCE Massey Energy Company