CXG Cnx Gas Corp

PITTSBURGH, Sept. 6 /PRNewswire-FirstCall/ -- CNX Gas Corporation (NYSE:CXG) will be presenting at the Lehman Brothers' 2006 CEO Energy Conference in New York on Thursday, September 7, at 12:20 p.m. Ronald E. Smith, Executive Vice President and Chief Operating Officer, will be representing CNX Gas. The presentation will also be webcast live on the investor relations portion of the CNX Gas web site, at http://www.cnxgas.com/, or directly, through the following link: http://customer.talkpoint.com/LEHM002/090506a_jw/default.asp?entity=CNX (Logo: http://www.newscom.com/cgi-bin/prnh/20051213/CNXLOGO) Ron Smith will be providing an update on the company's drilling in its Mountaineer play (formerly known as Northern Appalachia). Through August 31, CNX Gas has drilled and completed six wells from its 2006 Mountaineer drilling program. Three of these are online: - B11-N is a three-legged horizontal CBM well with 9,145 feet of horizontal exposure to the Pittsburgh 8 coal seam. This well is producing at 392 Mcf/day. Associated water is 200 barrels/day. We're currently holding 60 pounds of back pressure on the well. - B11-S is a two-legged horizontal CBM well with 7,317 feet of horizontal exposure. This well is producing at 267 Mcf/day. Associated water is over 400 barrels/day and back pressure is at 74 pounds. - B13 is a horizontal CBM well with 4,847 feet of horizontal exposure. This well is producing at 66 Mcf/day. Associated water is 50 barrels/day and back pressure is 52 pounds. The high volumes of water and high back pressures are encouraging signs for these wells. We will gradually lower the back pressure during the de- watering process and expect that daily production will hit its peak at the end of this process. Collectively, the three wells have current production of 725 Mcf/day with 21,309 feet of horizontal exposure. In Mountaineer, a typical three-legged turkeyfoot design will have a horizontal exposure of approximately 9,000- 12,000 feet. In order to meet our production expectations for the Blacksville area of Mountaineer, our wells will need to achieve nearly 4.0 Mcf/day of peak production per hundred feet of horizontal exposure. As a group, the three wells are on target to achieve this expectation. The three wells awaiting tie-in are B25-N, B25-S, and B24. These wells are each de-watering at a rate of 250 barrels/day. Three additional wells are currently being drilled. CNX Gas expects to drill 18 wells in Mountaineer during 2006. CNX Gas continues to affirm its 2006 guidance, which can be found in its earnings release dated July 26, 2006. 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/ CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS Various statements in this release, 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). 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 equipment; 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. 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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