CONSOL Energy (CNX) Commences $1.75B Common Offering

CONSOL Energy Inc. (NYSE: CNX) announced today that it is commencing an offering of approximately $1.75 billion of its common stock. In connection with the offering, the Company will grant the underwriters an option for 30 days to purchase up to an additional $263 million of its common stock to cover over-allotments, if any. The offering is being made pursuant to the Company's automatic shelf registration statement on Form S-3 filed previously with the Securities and Exchange Commission (SEC) and a preliminary prospectus supplement, filed with the Securities and Exchange Commission on March 22, 2010.

The company plans to use the net proceeds of the offering to finance a portion of the $3.475 billion purchase price for the previously announced acquisition of the Appalachian oil and gas exploration and production business of Dominion Resources, Inc. except for certain assets located in natural gas storage fields and a portion of the cost for the previously announced acquisition of shares which it does not own of CNX Gas Corporation, its 83.3% subsidiary. The acquisition is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions. If either of these acquisitions is not completed, the company intends to use the net proceeds from the offering for general corporate purposes, which may include the financing of future acquisitions, capital expenditures, additions to working capital, repurchases, repayment or refinancing of debt or stock repurchases.