Massey Energy CEO Exercises Options Within Limited Trading Window

RICHMOND, Va., Feb. 9 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) announced today that Don L. Blankenship, the Company's chairman and chief executive officer, executed cashless stock option exercise transactions for 200,000 shares of Massey Energy Company common stock over a period of two trading days ending February 8, 2010.

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

The non-qualified stock options were granted under Mr. Blankenship's 2008-2009 employment letter agreement with the Company dated November 13, 2007, as amended December 23, 2008. The stock options vested on December 30, 2009 and were required to be exercised in the first 20 days that exercise was permissible pursuant to Massey's trading window policy and applicable securities laws or they would otherwise be forfeited. The exercise price of each option was $19.50 and the shares were sold at an average price of $38.74.

The transactions did not reduce Mr. Blankenship's beneficial ownership of Massey common stock, which totals 291,223 common shares. Mr. Blankenship's ownership level of Massey common stock remains well in excess of Massey's stock ownership guidelines for its senior executive officers, which for Mr. Blankenship is equal to five times his annual base salary.

Company Description

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.

SOURCE Massey Energy Company

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