Massey Energy Comments on Media Reports

JULIAN, W.Va., May 26 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) issued the following statement today regarding various media reports indicating that Massey is preparing the Company for sale.  These reports are not true.  Massey does continue to have discussions with several entities regarding various asset sales and/or Joint Venture opportunities that it feels will bring value to the shareholders.

(Logo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO )

In January of this year, Massey announced it had signed a memorandum of understanding (MOU) with Jindal Steel & Power Limited (JSPL), a leading international player in the steel, power, mining, oil & gas and infrastructure industries. Under the MOU, the parties have agreed to work together and bid for the development and operation of underground coal mining projects. The major focus of the announced collaboration will be on, but not limited to, potential projects in India, Mongolia, Australia and the United States.

Under the terms of the agreement, Jindal Steel & Power Limited will identify various underground coal mining projects in India and other countries and obtain necessary licenses, permits and approvals from the respective government authorities. Massey will provide technical mining expertise and will be responsible for the development of detailed underground mine project plans. Massey will also provide the technical manpower and project management to ensure continuity and successful project implementation.

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

SOURCE Massey Energy Company

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