CNX Gas Announces July 18th Investor/Analyst Meeting in Pittsburgh
11 July 2006 - 2:41AM
PR Newswire (US)
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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