This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CONSOL Energy Monetizes Additional Non-Producing Assets For $127 Million; Total Asset Sales For 2012 Exceed $350 Million

Stocks in this article: CNX

In the second transaction, effective December 20, 2012, CONSOL Energy agreed to sell its interest in other coal assets, subject to certain conditions, in Alberta, for $24 million. The buyer is Riversdale Resources, headquartered in Sydney, Australia. The primary asset is Grassy Mountain Surface Mine, where CONSOL's share of the recoverable reserves is estimated to be 30 million tons. CONSOL anticipates closing this transaction during the second quarter of 2013.

"These two sales represent a continuation of our successful strategy of pulling value forward and focusing on our near-term opportunity set," commented J. Brett Harvey, CONSOL Energy Chairman and CEO.

The $127 million in cash from these sales, when combined with the previous 2012 asset sales of $224 million, means that CONSOL Energy sold assets in excess of $350 million during the year. None of the assets sold in 2012 generated revenue during the year. The company expects to sell additional non-core assets in 2013.

About CONSOL Energy Inc.

CONSOL Energy Inc., the leading diversified fuel producer in the Eastern U.S., is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. It has 12 bituminous coal mining complexes in four states and reports proven and probable coal reserves of 4.5 billion tons. It is also a leading Eastern U.S. gas producer, with proved reserves of 3.5 trillion cubic feet.  Additional information about CONSOL Energy can be found at its web site: www.consolenergy.com.

About Forbes & Manhattan, Inc.

Forbes & Manhattan, Inc. is a leading private merchant bank with a global focus on the resource-based sectors.  F&M is headquartered in Toronto, Ontario, Canada with offices, operations and assets across the globe.  F&M uses its industry proven technical and financial team, along with its capital, to incubate, finance and manage public and private companies in the junior resource sectors.  F&M creates shareholder value by uniting a successful combination of assets, financial backing, technical strength and marketing support throughout the entire corporate lifecycle.  With a depth of financial, technical, legal and investor relations expertise in house, F&M is able to advance its group of portfolio companies to unlock shareholder value.

F&M has a successful track record of identifying high quality assets and advancing them from discovery through to production.  For more information, please visit www.forbesmanhattan.com.



2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,700.05 +343.18 1.98%
S&P 500 2,049.62 +36.73 1.82%
NASDAQ 4,727.0710 +82.7590 1.78%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs