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CONSOL to Shift Focus to Natural Gas Production

On a conference call following the announcement of CONSOL Energy Inc.’s $3.5 billion sale of its longwall coal mines in West Virginia to Murray Energy, CONSOL President Nick DeIuliis stated that the deal would allow CONSOL to go from a coal company with natural gas exploration and production to a natural gas exploration and production company that now has coal, reported the Charleston Daily Mail.  CONSOL’s press release for the deal states that it will enable the company to extend its gas growth production targets beyond 2014, citing expected 30% annual gas production growth rates in 2015 and 2016.