CONSOL Energy Adds 517 Bcf from Drilling in 2011; Achieves Drill Bit Finding Cost of $0.47 per Mcf; Replaces 528% of 2011 Gas Production; Ends 2011 With 3.5 Tcf of Proved Gas Reserves

During 2011, CONSOL Energy Inc. (NYSE: CNX) announced net proved reserve adds through extensions and discoveries of 517 Bcf. The company's estimate of 2011 drilling and completion costs incurred and directly attributable to extensions and discoveries was $237.4 million. This number, when divided by the extensions and discoveries of 517 Bcf, yields a drill bit finding and development cost of $0.47 per mcf. CONSOL Energy attributes this excellent result to superb geology, continued refinement of drilling and completion technology, and its held-by-production (HBP) acreage in the Marcellus Shale. The HBP acreage enables the company to achieve economies of scale by drilling multiple wells from the same pad. During 2011, CONSOL Energy believes it achieved an industry first in the Marcellus Shale, by drilling 10 wells from its Hutchinson pad, in northwestern Westmoreland County, Pa.

CONSOL Energy also replaced 528% of gas production, when considering all increases from extensions and discoveries (517 Bcf), as well as performance (306 Bcf) and price (-10 Bcf) revisions. Production in 2011 was 154 Bcf (net to CONSOL).