CXG Cnx Gas Corp

PITTSBURGH, July 10 /PRNewswire-FirstCall/ -- CNX Gas Corporation (NYSE:CXG) will host its 2006 Investor Day on July 18 in Pittsburgh. (Logo: http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO) CNX Gas will make a marketing presentation that will focus on the impending completion of Duke Energy's Jewell Ridge lateral and the options it creates for the sale of its production. The company will also provide an updated assessment of its gross acreage position and its net non-proved reserves. This analysis has been prepared with assistance from Schlumberger Data & Consulting Services, but has not been certified by them. The term "non- proved reserves" describes CNX Gas' estimate of reserves that it believes has the potential to be commercially recoverable at a NYMEX price of $7.00 per Mcf, based on available data. CNX Gas will also webcast a recorded version of the presentation for the benefit of those not attending. The recorded presentation and accompanying presentation materials will be placed on the investor relations portion of its website at http://www.cnxgas.com/. It will be available for viewing concurrently with the beginning of the live presentation at 8:00 a.m. Eastern Time on July 18. At the July 18 meeting, CNX Gas will not update its December 31, 2005 assessment of its proved reserves. The U.S. Securities and Exchange Commission (the "SEC") permits oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. In this release, we use the term "non-proved" to describe estimates of commercially recoverable reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. These estimates are, by their nature, more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the company. We also caution you that the SEC views such "non-proved" reserve estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the gas industry. References to "non-proved" reserves and their recoverability and economic viability are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934). These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. 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, contingencies and uncertainties relate to, among other matters, the following: our business strategy; our financial position; our cash flow and liquidity; declines in the prices we receive for our gas affecting our operating results and cash flow; uncertainties in estimating our gas reserves; 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, capacity constraints in or other limitations on the pipeline systems which deliver our gas; competition in the gas industry; the availability of personnel and supplies, increased costs, the effects of government regulation and permitting and other legal requirements; legal uncertainties regarding the ownership of the coalbed methane estate, costs associated with perfecting title for gas rights in some of our properties; our need to use unproven technologies to extract coalbed methane in some properties; our relationships and arrangements with CONSOL Energy; and other factors discussed under "Risk Factors" in the 10-K for the year ended December 31, 2005. We are including this cautionary statement in this release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf, of us. Description CNX GAS CORPORATION is an independent natural gas exploration, development, production and gathering company operating in the Appalachian Basin of the United States. In May 2006, Business Week cited CNX Gas in its survey of Hot Growth Companies. Effective June 30, 2006, CNX Gas was added to the membership of companies included in the Russell 3000(R) Index and the Russell Midcap(R) Index. Contact: Dan Zajdel Director - Investor and Public Relations (412) 854-6719 http://www.cnxgas.com/ http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO http://photoarchive.ap.org/ DATASOURCE: CNX Gas Corporation CONTACT: Dan Zajdel, Director - Investor and Public Relations of CNX Gas Corporation, +1-412-854-6719, or Web site: http://www.cnxgas.com/

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