Massey Energy Announces Review of Strategic Alternatives

RICHMOND, Va., Nov. 22, 2010 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) today announced that its Board of Directors, as part of its annual review of the Company's strategy, has directed the Company to engage in a formal review of strategic alternatives to enhance shareholder value.  The Board's Strategic Alternatives Review Committee will advise and report to the Board on this process.  

(Logo:  http://photos.prnewswire.com/prnh/20071031/MASSEYENERGYLOGO )

The Company has retained Perella Weinberg Partners LP and Cravath, Swaine & Moore LLP as financial and legal advisors, respectively, to advise the committee and the Board in its review.

The Company has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the approval or completion of any transaction.  The Company does not intend to disclose developments regarding this process unless and until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives.

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.

FORWARD-LOOKING STATEMENTS: Certain statements in this statement constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements are also subject to a number of assumptions regarding, among other things, future economic, competitive and market conditions. These assumptions are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of circumstances or events beyond our control. We disclaim any intent or obligation to update these forward-looking statements unless required by securities law, and we caution the reader to not rely on them unduly. Additional information can be found in 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, and subsequently filed interim reports.

SOURCE Massey Energy Company