The company’s proven and probable coal reserves rose to 4.5 billion tons in 2004, compared with approximately 4.1Bt in 2003.
The company re-evaluated drill hole data over its West Virginia holdings where it has active mines. About 90% of the increase was attributable to re-evaluation of the company's Pittsburgh seam holdings located in Wetzel, Monongalia, Marion, Harrison, and Doddridge counties.
"Our asset base and our people create the value in Consol Energy," said J Brett Harvey, president and chief executive officer. "By continuing to evaluate and define those assets, we can increase the value of the company for its shareholders."
Consol Energy plans to continue its re-evaluation of other coal seams in the various coal producing regions where the company owns or controls reserves, noting that accurate and transparent reserve reporting allows investors to better compare and evaluate the asset base of various coal producers.
