Massey Energy Announces Offering of Common Stock

RICHMOND, Va., March 22 /PRNewswire/ -- Massey Energy Company (NYSE: MEE) announced today that it intends to offer, subject to market and other conditions, 8.5 million shares of common stock in a registered underwritten public offering.  In connection with the offering, Massey intends to grant the underwriters an option for 30 days to purchase up to an additional 1.275 million shares of common stock to cover overallotments, if any.  

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Massey intends to use the proceeds of the offering to fund a portion of the cash consideration payable in connection with its recently announced $960 million combined cash and stock acquisition of Cumberland Resources Corporation and certain affiliated companies.  The consummation of the common stock offering is not contingent on the closing of the acquisition.  

UBS Securities LLC is acting as Sole-Book-Running Manager for the offering.  Stifel, Nicolaus & Company, Incorporated and PNC Capital Markets LLC are acting as Joint-Lead Managers for the offering.  FBR Capital Markets & Co. and Raymond James & Associates, Inc. are acting as Co-Managers of the offering.

The common stock offering is being made pursuant to a registration statement filed with the Securities and Exchange Commission (SEC) and available for review on the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statement, the applicable preliminary prospectus supplement and other related documents. Copies of these documents can be obtained from UBS Investment Bank, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171, at (888) 827-7275 (toll-free), extension 3884.

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.

FORWARD-LOOKING STATEMENTS: Statements in this press release relating to future events and other disclosures and statements that are not historical facts are forward-looking statements that involve risks and uncertainties. Caution must be exercised in relying on these forward-looking statements as actual results may differ materially from these forward-looking statements, which are based on our then current expectations as a result of market conditions, the actions by third parties, completion of the Cumberland acquisition, and many other factors. For a discussion of such risks and uncertainties related to Massey, which could cause actual results to differ from those contained in the forward-looking statements, see Massey's press releases and Massey's public filings with the Securities and Exchange Commission, including Massey's Annual Report on Form 10-K for the year ended December 31, 2009, which was filed on March 1, 2010.  Massey's filings are available either publicly, on the Investor Relations page of Massey's website, www.masseyenergyco.com, or upon request from Massey's Investor Relations Department: (866) 814-6512 (toll free).  For further information, please visit Massey's website at www.masseyenergyco.com.

SOURCE Massey Energy Company