Marcellus Shale Success Continues - Raising 2009 Production
Guidance to 89 Bcf Earnings Impact of Low Spot Prices Partially
Mitigated by Attractive Hedges PITTSBURGH, July 30
/PRNewswire-FirstCall/ -- CNX Gas Corporation (NYSE: CXG) reported
net income attributable to CNX Gas shareholders of $33.0 million,
or $0.22 per diluted share for the quarter ended June 30, 2009.
This was just over one-half of the net income attributable to CNX
Gas shareholders of $64.3 million, or $0.42 per diluted share, for
the quarter ended June 30, 2008. Production was 22.5 billion cubic
feet (Bcf), or 247.0 million cubic feet (MMcf) per day, for the
quarter ended June 30, 2009. This was another quarterly production
record, and 20% higher than the 18.8 Bcf, or 206.5 MMcf per day,
for the year-ago quarter. "CNX Gas continued its operational
excellence by safely setting another quarterly production record,"
said J. Brett Harvey, chairman and chief executive officer. "With
our unfolding Marcellus Shale success, we are raising our 2009
production guidance by another 2 Bcf, to 89 Bcf. Also, our
excellent hedge position kept us from experiencing the full
financial effect of the collapse in spot gas prices. During this
period of low prices, our focus is on reducing costs while leasing
more Marcellus acreage in southwestern Pennsylvania. On July 28, we
announced the leasing of an additional 40,000 acres with Marcellus
Shale potential." Earnings for the quarter were negatively affected
by several items. The company took a $6 million charge for dry hole
and exploration costs because a test well in the Huron Shale in
Virginia proved to be uneconomic. Stock-based compensation expense
also increased by $4 million over the year-earlier quarter,
primarily due to fair value adjustments associated with the
exchange offer to convert CNX Gas performance share units into
CONSOL restricted stock units. Short-term incentive compensation
was also $2 million higher than the year-earlier quarter due to
achieving higher production and other targeted factors. TABLE 1
FINANCIAL AND OPERATIONAL RESULTS - Period-To-Period Quarter
Quarter Six Months Six Months Ended Ended Ended Ended June 30, June
30, June 30, June 30, 2009 2008 2009 2008 ------- ------- ---------
---------- Total Revenue $161.6 $205.8 $340.0 $366.4 and Other
Income ------ ------ ------ ------ Net Income attributable $33.0
$64.3 $87.9 $114.2 to CNX Gas shareholders ----- ----- ----- ------
Earnings per Share - Diluted $0.22 $0.42 $0.58 $0.75 ----- -----
----- ----- Net Cash from Operating Activities $87.6 $110.6 $214.1
$186.8 ----- ------ ------ ------ EBITDA $79.9 $122.6 $194.0 $220.8
----- ------ ------ ------ EBIT $55.0 $106.0 $146.3 $188.2 -----
------ ------ ------ Total Period Production (Bcf) 22.5 18.8 44.5
34.7 ---- ---- ---- ---- Average Daily Production (MMcf) 247.0
206.5 245.9 190.4 ----- ----- ----- ----- Capital Expenditures
$80.2 $149.3 $213.8 $235.8 ----- ------ ------ ------ Financial
results are in millions of dollars except per share amounts.
Production results are net of royalties. Quarter-to-Quarter
Discussion of Price and Costs Per Net Mcf The average price
realized for the company's gas production was $6.71 per Mcf for the
quarter ended June 30, 2009, or $2.92 lower than the $9.63 per Mcf
received for the quarter ended June 30, 2008. The average realized
price for the just-ended quarter included 12.5 Bcf hedged at $8.96
per Mcf. Unhedged production was sold at substantially lower
prices. Unit operating costs for company production, exclusive of
royalties, were $3.57 per Mcf in the just-ended quarter, or a
decrease of $0.12 from the $3.69 per Mcf for the quarter ended June
30, 2008. Overall, production costs were negatively affected by the
deferral of nearly 1.0 Bcf during the quarter from the idling of
Buchanan Mine. This mine-related gas is among the lowest cost gas
produced by CNX Gas. Pre-tax unit margins for company production
were $3.14 per Mcf in the June 30, 2009 quarter, a decrease of
$2.80 from the $5.94 per Mcf in the quarter ended June 30, 2008.
TABLE 2 PRICE AND COST DATA PER NET MCF - Period-To-Period
Comparison Quarter Quarter Six Months Six Months Ended Ended Ended
Ended June 30, June 30, June 30, June 30, 2009 2008 2009 2008
------- ------- --------- --------- Average Sales Price $6.71 $9.63
$7.04 $8.99 ----- ----- ----- ----- Costs - Production Lifting
$0.53 $0.64 $0.51 $0.57 ----- ----- ----- ----- Production Taxes
$0.07 $0.31 $0.05 $0.28 ----- ----- ----- ----- DD&A $0.87
$0.62 $0.84 $0.65 ----- ----- ----- ----- Total Production Costs
$1.47 $1.57 $1.40 $1.50 ----- ----- ----- ----- Costs - Gathering
Operating Costs $0.81 $0.93 $0.80 $0.89 ----- ----- ----- -----
Transportation $0.23 $0.14 $0.22 $0.13 ----- ----- ----- -----
DD&A $0.24 $0.26 $0.23 $0.29 ----- ----- ----- ----- Total
Gathering Costs $1.28 $1.33 $1.25 $1.31 ----- ----- ----- -----
Costs Administration $0.82 $0.79 $0.78 $0.80 ----- ----- -----
----- Total Costs $3.57 $3.69 $3.43 $3.61 ----- ----- ----- -----
Margin $3.14 $5.94 $3.61 $5.38 ----- ----- ----- ----- Note: Costs
Administration exclude incentive compensation and other corporate
items. Unit lifting costs were lower, in part, because of fewer
workovers conducted in the just-ended quarter. Higher production
volumes also helped to lower unit lifting costs. Unit production
taxes were much lower in the just-ended quarter because they are
calculated on average realized price before the effect of hedging.
Due to market conditions, these prices were significantly lower in
the just-ended quarter. Unit production DD&A was higher in the
just-ended quarter because of the impact of investment in 2008
relative to commensurate 2008 reserve additions. This ratio was
above historical levels in 2008, resulting in a higher unit charge
in 2009. Gathering operating costs were lower partly as the result
of turn backs of rented compressors, as the pace of drilling slowed
for low-pressure coalbed methane wells. Higher production volumes
also helped to lower unit costs. Firm transportation costs have
increased due to acquiring additional capacity in the Northern
Appalachian region in anticipation of greater production volumes.
Operations Update During the second quarter, CNX Gas employees
worked another quarter without incurring a lost time accident. This
raises the cumulative time worked by employees without a lost time
incident to over 3.8 million hours. CNX Gas drilled 55 vertical
frac wells in its Virginia CBM Operations during the second quarter
and 118 wells in the first six months. CNX Gas expects to drill 175
wells in Virginia in 2009. Results are now in from two horizontal
CBM wells drilled late in 2008. One well targeted the Pochahontas
#3 seam (the mineable seam), while the second targeted the
(shallower) Pocahontas #4 seam. Both achieved peak daily production
of 400 Mcf. One is producing 328 Mcf per day after 116 days, while
the other is producing 230 Mcf per day after 191 days. In the
Marcellus Shale, CNX Gas drilled, completed, and brought online its
sixth, seventh, and eighth horizontal wells during the quarter. The
peak daily production from these wells was 3.7 MMcf, 3.2 MMcf, and
4.1 MMcf, respectively. Drilling and completion costs continue to
improve. As previously reported, the fifth well in the table cost
$3.8 million. The wells drilled during this quarter cost $3.5
million or less. The table below summarizes results since the
inception of the company's horizontal Marcellus Shale program:
TABLE 3 HORIZONTAL MARCELLUS SHALE PROGRAM STATISTICS July 13
Cumulative Peak Daily Daily Production Production Production (MMcf)
Well Name Turn in date Peak date (MMcf) (MMcf) Through July 13
--------- ------------ --------- ------ ------ -------------- 1.
CNX#3 10/5/08 12/16/08 6.6 1.8 681 2. CNX#2 1/28/09 2/13/09 2.5 1.4
298 3. CNX#2A 2/13/09 3/4/09 2.0 1.2 232 4. GH10CV 4/6/09 4/9/09
5.5 1.9 292 5. GH10ACV 4/18/09 4/24/09 5.2 2.4 293 6. GH11CV
5/30/09 6/3/09 3.7 1.9 103 7. GH11ACV 5/30/09 6/3/09 3.2 2.2 110 8.
GH10BCV 6/27/09 7/15/09 4.1 3.5 44 Average Peak 4.1 The company is
now using a top hole rig to drill the 6,000-ft. vertical portion of
its Marcellus Shale wells, while using its one horizontal rig to
drill into the curve and the nearly 3,000-ft. lateral. This paired
rig concept has had the effect of increasing the number of
horizontal wells that the company can now drill every month from
one to two. It is also helping to lower costs. CNX Gas is also
placing more wells on a single pad. The eighth well drilled was the
third to be drilled on a single pad. By year-end, CNX Gas plans to
increase the number of horizontal Marcellus Shale wells drilled
from a single pad to six. "CNX Gas continues to refine its drilling
techniques in the Marcellus Shale," noted J. Brett Harvey. "As a
result, our finding costs in the Marcellus Shale could now be below
$1.00 per Mcf, assuming costs continue trending below $3.5 million,
and reserves exceed the type curve of 3.5 Bcf per well. With our
having completed eight successful horizontal wells, I feel that CNX
Gas is achieving results as good as any of our competitors.
Especially considering that our first horizontal Marcellus Shale
well only came online in October of last year, these are
outstanding results and are a credit to our technical and
operations teams." Acreage Update CNX Gas currently has
approximately 230,000 acres with Marcellus Shale potential, having
leased a total of 40,000 acres in two separate transactions
announced on July 28. Financial Update The company continues to
monitor and evaluate capital spending to ensure adequate liquidity
and to preserve options for possible external investment. With
regard to capital, CNX Gas intends to spend largely within its net
cash from operating activities for 2009. Capital expenditures were
$80.2 million during the second quarter. The company ended the
quarter with $81.0 million drawn on its $200 million credit
facility. This is up only $0.6 million from March 31, 2009. Cash on
hand was $7.6 million. CNX Gas also has outstanding letters of
credit of $14.9 million. Return on capital employed for the quarter
was 8.6%, on an after tax basis. Guidance The 2009 production
guidance is raised by 2 Bcf to 89 Bcf. If achieved, this means that
CNX Gas will have produced 16% more than the 76.6 Bcf produced in
2008. CNX Gas locked in the pricing on more of its production for
2009-2012 during the just-ended quarter. Management thought it
prudent to provide more revenue certainty over a greater portion of
its production, especially for 2010. TABLE 4 GUIDANCE 2009 2010
2011 2012 ---- ---- ---- ---- Total Yearly Production (Bcf) 89 NA
NA NA -- --- -- -- Volumes Hedged (Bcf) 47.5 45.6 11.3 15.1 ----
---- ---- ---- Average Hedge Price ($/Mcf) $9.10 $7.94 $6.89 $6.84
----- ----- ----- ----- CNX Gas and CONSOL Energy will co-host a
conference call today at 10:00 a.m. Eastern Daylight Time to
discuss the company's second quarter results. The teleconference
can be heard "live" at the investor relations portion of the
company web site: http://www.cnxgas.com/. Description CNX GAS
CORPORATION is the leading gas producer in the Appalachian Basin,
when measured by revenue, net income, and safety. Contact: Dan
Zajdel Vice President - Investor Relations (724) 485-4169
http://www.cnxgas.com/ Definition: EBIT is defined as earnings
(excluding cumulative effect of accounting change) before deducting
net interest expense (interest expense less interest income) and
income taxes. EBITDA is defined as earnings (excluding cumulative
effect of accounting change) before deducting net interest expense
(interest expense less interest income), income taxes, and
depreciation, depletion and amortization. Although EBIT and EBITDA
are not measures of performance calculated in accordance with
generally accepted accounting principles, management believes that
they are useful to an investor in evaluating CNX Gas because they
are widely used to evaluate a company's operating performance
before debt expense and its cash flow. EBIT and EBITDA do not
purport to represent cash generated by operating activities and
should not be considered in isolation or as a substitute for
measures of performance in accordance with generally accepted
accounting principles. In addition, because all companies do not
calculate EBIT and EBITDA identically, the presentation here may
not be comparable to similarly titled measures of other companies.
Reconciliation of EBITDA and EBIT to the income statement is as
follows: CNX Gas EBIT & EBITDA Reconciliation (000) Omitted
Quarter Quarter Six Months Six Months Ended Ended Ended Ended June
30, June 30, June 30, June 30, 2009 2008 2009 2008 ---- ---- -----
------ Net Income attributable to CNX Gas shareholders $32,977
$64,255 $87,881 $114,176 ------- -------- ------- -------- Add:
Interest Expense 1,931 1,683 3,888 3,155 ------- -------- -------
------- Less: Interest Income (25) (84) (36) (242) ------- --------
------- ------- Add: Income Taxes 20,146 40,131 54,586 71,127
------- -------- ------- ------- Earnings Before Interest &
Taxes (EBIT) 55,029 105,985 146,319 188,216 ------- --------
------- ------- Add: Depreciation, Depletion, & Amortization
24,883 16,592 47,702 32,537 ------- ------- ------- ------- EBITDA
$79,912 $122,577 $194,021 $220,753 ======= ======== ========
========= CNX Gas Capital Employed and Return on Capital Employed
(000) Omitted Capital employed is a measure of net investment. When
viewed from the perspective of how the capital is used, it includes
CNX Gas' property, plant, and equipment and other assets less
liabilities. As of As of Capital Employed June 30, March 31, 2009
2009 ---- ---- Total assets $2,182,563 $2,216,936 ----------
---------- Less liabilities: Total current liabilities (other than
current portion of indebtedness) (161,349) (189,838) --------
-------- Total long-term liabilities (other than indebtedness)
(381,485) (396,881) --------- --------- Total Capital Employed
$1,639,729 $1,630,217 ========== ========== Return on average
capital employed (ROCE) is a performance measure ratio. ROCE is
defined as net income plus after-tax interest expense, divided by
average capital employed. Below is a calculation of ROCE for the
June 2009 quarter. In order to annualize the result on a compounded
basis, a "1" is added to the quarterly ROCE, before it is raised to
the fourth power. Quarter Ended Return on Capital Employed June 30,
2009 ---- Net Income $32,977 ------- Financing costs (after-tax):
(1,196) ------- Earnings excluding financing costs $34,173 -------
Average capital employed $1,634,973 ---------- Return on average
capital employed 2.1% ---- Return on average capital
employed-annualized 8.6% ---- Although ROCE is not a measure of
performance calculated in accordance with generally accepted
accounting principles, management believes that ROCE is a useful
measure because it indicates the return on all capital, which
includes equity and debt, employed in the business. Management
believes that ROCE is an additional measure of efficiency when
considered in conjunction with return on equity, which measures the
return on only the shareholders' equity component of total capital
employed. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS Various statements in this document, including those
that express a belief, expectation, or intention, as well as those
that are not statements of historical fact, are forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995). The forward-looking statements may include projections and
estimates concerning the timing and success of specific projects,
our future production, revenues, income and capital spending. When
we use the words "believe," "intend," "expect," "may," "should,"
"anticipate," "could," "would," "will," "estimate," "plan,"
"predict," "project," or their negatives, or other similar
expressions, the statements which include those words are usually
forward-looking statements. When we describe strategy that involves
risks or uncertainties, we are making forward-looking statements.
The forward-looking statements in this document speak only as of
the date of this document; we disclaim any obligation to update
these statements unless required by securities law, and we caution
you not to rely on them unduly. We have based these forward-looking
statements on our current expectations and assumptions about future
events. While our management considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. These risks,
uncertainties and contingencies include, but are not limited to:
our business strategy; our financial position, cash flow and
liquidity; the deteriorating economic conditions in the United
States and globally; declines in the prices we receive for our gas
affecting our operating results and cash flow; uncertainties in
estimating our gas reserves and replacing our gas reserves;
uncertainties in exploring for and producing gas; our inability to
obtain additional financing necessary in order to fund our
operations, capital expenditures and to meet our other obligations;
disruptions to, capacity constraints in or other limitations on the
pipeline systems which deliver our gas; the cost of disposing of
water from our coalbed methane and Marcellus Shale gas wells; the
cost of removing impurities from the gas we produce; the
availability of personnel and equipment, including our inability to
retain and attract key personnel; increased costs; the effects of
government regulation, permitting and other legal requirements;
legal uncertainties regarding the ownership of the coalbed methane
estate, and costs associated with perfecting title for gas rights
in some of our properties; litigation concerning real property
rights, intellectual property rights, royalty calculations and
other matters; our relationships and arrangements with CONSOL
Energy; and other factors discussed in our Annual Report on Form
10-K for the fiscal year ended December 31, 2008 under "Risk
Factors," as updated by any subsequent Form 10-Qs, which are on
file at the Securities and Exchange Commission. CNX GAS CORPORATION
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data) For the Three For the
Six Months Ended Months Ended June 30, June 30, -------- --------
2009 2008 2009 2008 ---- ---- ---- ---- Revenue and Other Income:
Outside Sales $150,428 $179,372 $311,768 $306,012 Related Party
Sales 435 1,547 1,435 5,448 Royalty Interest Gas Sales 8,666 22,515
21,298 39,019 Purchased Gas Sales 1,166 1,647 2,631 5,186 Other
Income 913 728 2,860 10,757 --- --- ----- ------ Total Revenue and
Other Income 161,608 205,809 339,992 366,422 Costs and Expenses:
Lifting Costs 13,628 17,960 25,056 29,467 Gathering and Compression
Costs 23,341 20,082 45,187 35,392 Royalty Interest Gas Costs 6,470
21,913 17,071 38,002 Purchased Gas Costs 390 1,522 1,920 4,943
Other 6,149 458 8,356 807 General and Administrative 18,366 14,883
34,616 27,721 Other Corporate Expenses 13,648 6,547 14,313 9,453
Depreciation, Depletion and Amortization 24,883 16,592 47,702
32,537 Interest Expense 1,931 1,683 3,888 3,155 ----- ----- -----
----- Total Costs and Expenses 108,806 101,640 198,109 181,477
------- ------- ------- ------- Earnings Before Income Taxes and
Noncontrolling Interest 52,802 104,169 141,883 184,945
Noncontrolling Interest (321) (217) (584) (358) ---- ---- ---- ----
Earnings Before Income Taxes 53,123 104,386 142,467 185,303 Income
Taxes 20,146 40,131 54,586 71,127 ------ ------ ------ ------ Net
Income Attributable to CNX Gas Shareholders $32,977 $64,255 $87,881
$114,176 ======= ======= ======= ======== Earnings Per Share: Basic
$0.22 $0.43 $0.58 $0.76 ===== ===== ===== ===== Dilutive $0.22
$0.42 $0.58 $0.75 ===== ===== ===== ===== Weighted Average Number
of Common Shares Outstanding: Basic 150,974,581 150,937,820
150,973,138 150,930,655 =========== =========== ===========
=========== Dilutive 151,328,744 151,438,737 151,275,369
151,381,574 ----------- ----------- ----------- ----------- CNX Gas
Corporation CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
--------------------- (Unaudited) June 30, December 31, 2009 2008
---- ---- ASSETS ------ Current Assets: Cash and Cash Equivalents
$7,570 $1,926 Accounts and Notes Receivable: Trade 32,990 61,764
Other Receivables 1,859 3,080 Recoverable Income Taxes - 30,302
Derivatives 175,463 150,564 Other 1,392 2,222 ----- ----- Total
Current Assets 219,274 249,858 Property, Plant and Equipment:
Property, Plant and Equipment 2,287,374 2,111,383 Less -
Accumulated Depreciation, Depletion and Amortization 372,770
322,470 ------- ------- Total Property, Plant and Equipment - Net
1,914,604 1,788,913 Other Assets: Investment in Affiliates 24,511
25,204 Derivatives 18,874 55,945 Other 5,300 5,053 ----- -----
Total Other Assets 48,685 86,202 TOTAL ASSETS $2,182,563 2,124,973
========== ========= CNX Gas Corporation CONSOLIDATED BALANCE
SHEETS (Dollars in thousands) --------------------- (Unaudited)
June 30, December 31, 2009 2008 ---- ---- LIABILITIES AND
STOCKHOLDERS' EQUITY ------------------------------------ Current
Liabilities: Accounts Payable $57,201 $100,565 Accrued Royalties
14,176 20,301 Accrued Severance Taxes 1,149 3,672 Related Parties
4,892 2,234 Short-Term Notes Payable 81,000 72,700 Deferred Income
Taxes 64,770 55,000 Accrued Income Taxes 8,940 - Current Portion of
Long-Term Debt 8,461 8,462 Other Current Liabilities 10,221 18,116
------ ------ Total Current Liabilities 250,810 281,050 Long-Term
Debt: Long-Term Debt 13,021 15,386 Capital Lease Obligations 57,485
59,296 ------ ------ Total Long-Term Debt 70,506 74,682 Deferred
Credits and Other Liabilities: Deferred Income Taxes 340,815
331,338 Gas Well Plugging 7,951 7,401 Postretirement Benefits Other
Than Pensions 2,917 2,728 Other 29,773 42,900 ------ ------ Total
Deferred Credits and Other Liabilities 381,456 384,367 Total
Liabilities 702,772 740,099 Stockholders' Equity: Common Stock,
$.01 par value; 200,000,000 Shares Authorized, 150,976,021 Issued
and Outstanding at June 30, 2009 and 150,971,636 Issued and
Outstanding at December 31, 2008 1,510 1,510 Capital in Excess of
Par Value 804,815 789,625 Preferred Stock, 5,000,000 Shares
Authorized; None Issued and Outstanding - - Retained Earnings
556,836 468,955 Other Comprehensive Income 118,246 124,784 -------
------- Total CNX Gas Shareholders' Equity 1,481,407 1,384,874
Noncontrolling Interest (1,616) - ------ -- Total Equity 1,479,791
1,384,874 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,182,563
$2,124,973 ========== ========== CNX GAS CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands) For the Six Months Ended June 30, --------
2009 2008 ---- ---- Operating Activities: Net Income Attributable
to CNX Gas Shareholders $87,881 $114,176 Adjustments to Reconcile
Net Income Attributable to CNX Gas Shareholders to Net Cash
Provided by Operating Activities: Depreciation, Depletion and
Amortization 47,702 32,537 Stock-based Compensation 4,842 1,654
(Gain) Loss on the Sale of Assets 73 - Change in Noncontrolling
Interest (584) (358) Deferred Income Taxes 24,440 53,988 Equity in
Earnings of Affiliates (557) (116) Changes in Operating Assets:
Accounts Receivable 29,995 (41,155) Related Party Receivable 2,658
(1,821) Other Current Assets 830 990 Changes in Other Assets 622
4,506 Changes in Operating Liabilities: Accounts Payable (11,364)
(1,951) Income Taxes 38,813 3,563 Other Current Liabilities
(16,543) 15,002 Changes in Other Liabilities (3,171) 6,070 Other
8,438 (306) ----- ---- Net Cash Provided by Operating Activities
214,075 186,779 Investing Activities: Capital Expenditures
(213,763) (199,806) Acquisition of Knox Energy - (36,000)
Investment in Equity Affiliates 1,250 1,081 Proceeds From Sales of
Assets 245 450 --- --- Net Cash Used in Investing Activities
(212,268) (234,275) Financing Activities: Capital Lease Payments
(1,900) (1,360) Variable Interest Entity Debt (2,383) 12,453
Proceeds from Short-Term Borrowings 8,300 27,000 Exercise of Stock
Options 14 278 Noncontrolling Interest Distribution (200) - Tax
Benefit from Stock Based Compensation 6 178 --- --- Net Cash
Provided by Financing Activities 3,837 38,549 Net Decrease in Cash
and Cash Equivalents 5,644 (8,947) Cash and Cash Equivalents at
Beginning of Period 1,926 32,048 ----- ------ Cash and Cash
Equivalents at End of Period $7,570 $23,101 ====== =======
DATASOURCE: CNX Gas Corporation CONTACT: Dan Zajdel, Vice
President, Investor Relations, +1-724-485-4169, Web Site:
http://www.cnxgas.com/
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