CONSOL Energy Announces Acquisition of AMVEST Corporation Note: CONSOL Energy will host a conference call today, Monday, June 18,

2007 at 10 a.m. EDT to discuss the acquisition of AMVEST Corporation. The

call will be webcast on the 'Investor Information' section of the company's

website at www.consolenergy.com. Supplemental slides for the conference

call will also be available on the website.



    PITTSBURGH, June 18 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. (NYSE:  
 CNX), a high-Btu bituminous coal and coalbed methane company, has agreed to
 acquire AMVEST Corporation and certain of its subsidiaries and affiliates,
 including AMVEST West Virginia Coal (AMVEST Coal) and Vaughan Railroad
 Company, for approximately $335 million, subject to adjustments. The
 acquisition will be financed using cash and debt. Closing of the
 acquisition is expected early in the third quarter.
     "This acquisition allows us to create a solid Central Appalachian
 platform for future growth and profitability," said J. Brett Harvey, CONSOL
 Energy president and CEO. "By combining the reserves and the other assets
 of the two companies in the central West Virginia area, we expect to create
 operations that not only will be at the lower end of the Central
 Appalachian cost curve but will have access to numerous markets because of
 the excellent transportation infrastructure available to these operations."
     Harvey said the acquisition creates one of the last large, contiguous
 blocks of coal remaining in Central Appalachia. "When combined with our
 adjacent reserves to the north, we will have created a reserve block of
 nearly 300 million tons of surface and underground mineable coal consisting
 of thick seams more typical of an earlier generation of mining in Central
 Appalachia," he said.
     In addition to approximately 200 million tons of low-sulfur coal
 reserves being acquired, CONSOL Energy will acquire four coal preparation
 plants, several fleets of modern mining equipment, and a common carrier
 rail line. "Infrastructure is a key part of this acquisition because it
 substantially reduces the cost to develop our existing reserves in the
 area," Harvey explained. "The existing preparation plants will be able to
 process coal from our Birch and Canfield reserves as they are developed."
     Harvey noted that the Fola plant was expanded in 2005. "AMVEST has an
 excellent track record of regular investment in their facilities. We are
 acquiring top-of-the-line assets."
     AMVEST West Virginia Coal is comprised of Fola Coal Company, Little
 Eagle Coal Company, Powellton Coal Company, and Terry Eagle Coal Company
 and utilizes surface, underground, and highwall mining methods. AMVEST's
 coal reserves consist of approximately 200 million tons of high quality,
 low sulfur steam and high-vol metallurgical coal. During 2006, AMVEST
 shipped approximately 4.9 million tons of coal to customers, 84 percent of
 which were domestic and international utilities, with the remaining sales
 going to metallurgical and industrial customers.
     Harvey said he also expected substantial value to be created with the
 addition of the AMVEST workforce. "In addition to high-quality reserves, we
 are acquiring a highly-skilled workforce proficient in Central Appalachian
 surface mining," Harvey said. "This complements our underground mining
 expertise and will allow us to build and transfer knowledge among
 operations to focus the best skill sets against the development
 requirements of the various parts of this reserve block."
     In addition, CONSOL has acquired the Vaughan Railroad Company as part
 of this transaction. The Vaughan Railroad Company is a common carrier short
 line railroad that connects the Fola and Little Eagle coal operations and
 other potential shippers to the CSX and Norfolk Southern rail interchanges.
 The 18 miles of track that comprises the Vaughan Railroad is capable of
 accommodating 130 car trains. "This infrastructure will give us the ability
 to transport coal from the future Birch and Canfield operations to mainline
 rail service of either the NS or CSX without an extensive investment into
 new rail haulage."
     Harvey said AMVEST is a well-run, private company that has produced
 strong cash flows and steady growth in net income since 1970. The company
 has minimal legacy liabilities and no debt. "The acquisition of AMVEST
 increases our production capacity in Central Appalachia to 18 million to 20
 million tons annually," Harvey explained. "We have acquired quality
 reserves and equipment that fit well with our extensive reserve base in the
 area. But most importantly, like our Buchanan Mine in Virginia, we now have
 a strong production platform in the Central Appalachian Basin with a cost
 structure that will allow us to be profitable and very competitive in
 nearly any pricing environment."
     Harvey said that CONSOL Energy will retain a disciplined approach to
 developing new production. "But given the likely cost structure and
 transportation advantage that we expect this reserve area to have," he
 concluded, "I am optimistic that we have substantially strengthened our
 hand in Central Appalachian production."
     CONSOL Energy Inc., a member of the Standard & Poor's 500 equity index,
 has annual revenues of $3.7 billion. The company was named one of America's
 most admired companies in 2005 by Fortune magazine. It received the U.S.
 Department of the Interior's Office of Surface Mining National Award for
 Excellence in Surface Mining for the company's innovative reclamation
 practices in 2002 and 2003. Also in 2003, the company was listed in
 Information Week magazine's "Information Week 500" list for its information
 technology operations. In 2002, the company received a U.S. Environmental
 Protection Agency Climate Protection Award. Additional information about
 the company can be found at its web site: www.consolenergy.com.
     Forward-Looking Statements
     We are including the following cautionary statement in this document 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. With the exception of historical
 matters 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) that 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. The
 forward-looking statements may include projections and estimates concerning
 the timing and success of specific projects and 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, the following:
     -- an extended decline in prices we receive for our coal and gas affecting
        our operating results and cash flows;
     -- reliance on customers extending existing contracts or entering into new
        long-term contracts for coal;
     -- reliance on major customers;
     -- our inability to collect payments from customers if their
        creditworthiness declines;
     -- the disruption of rail, barge and other systems that deliver our coal;
     -- a loss of our competitive position because of the competitive nature of
        the coal industry and the gas industry, or a loss of our competitive
        position because of overcapacity in these industries impairing our
        profitability;
     -- our inability to hire qualified people to meet replacement or expansion
        needs;
     -- coal users switching to other fuels in order to comply with various
        environmental standards related to coal combustion;
     -- the inability to produce a sufficient amount of coal to fulfill our
        customers' requirements which could result in our customers initiating
        claims against us;
     -- the risks inherent in coal mining being subject to unexpected
        disruptions, including geological conditions, equipment failure, timing
        of completion of significant construction or repair of equipment,
        fires, accidents and weather conditions which could cause our results
        to deteriorate;
     -- increases in the price of commodities used in our mining operations
        could impact our cost of production;
     -- obtaining governmental permits and approvals for our operations;
     -- the effects of government regulation;
     -- the effects of stringent federal and state safety regulations;
     -- the effects of mine closing, reclamation and certain other liabilities;
     -- uncertainties in estimating our economically recoverable coal and gas
        reserves;
     -- we do not insure against all potential operating risks;
     -- the outcomes of various legal proceedings, which proceedings are more
        fully described in our reports filed under the Securities Exchange Act
        of 1934;
     -- increased exposure to employee related long-term liabilities;
     -- our participation in multi-employer pension plans may expose us to
        obligations beyond the obligation to our employees;
     -- lump sum payments made to retiring salaried employees pursuant to our
        defined benefit pension plan;
     -- our ability to comply with laws or regulations requiring that we obtain
        surety bonds for workers' compensation and other statutory
        requirements;
     -- acquisitions that we recently have made or may make in the future
        including the accuracy of our assessment of the acquired businesses and
        their risks, achieving any anticipated synergies, integrating the
        acquisitions and unanticipated changes that could affect assumptions we
        may have made;
     -- the anti-takeover effects of our rights plan could prevent a change of
        control;
     -- risks in exploring for and producing gas;
     -- new gas development projects and exploration for gas in areas where we
        have little or no proven gas reserves;
     -- the disruption of pipeline systems which deliver our gas;
     -- the availability of field services, equipment and personnel for
        drilling and producing gas;
     -- replacing our natural gas reserves which if not replaced will cause our
        gas reserves and gas production to decline;
     -- costs associated with perfecting title for gas rights in some of our
        properties;
     -- we need to use unproven technologies to extract coalbed methane on some
        of our properties;
     -- location of a vast majority of our gas producing properties in three
        counties in southwestern Virginia, making us vulnerable to risks
        associated with having our gas production concentrated in one area;
     -- other persons could have ownership rights in our advanced gas
        extraction techniques which could force us to cease using those
        techniques or pay royalties;
     -- the coalbeds from which we produce methane gas frequently contain water
        that may hamper production; and
     -- other factors discussed in our 2006 Form 10-K under "Risk Factors," as
        updated by any subsequent Form 10-Qs, which are on file at the
        Securities and Exchange Commission.
     CONSOL Energy undertakes no obligation to update these statements
 unless otherwise required by applicable law.
 
 

SOURCE CONSOL Energy Inc.

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