Massey Energy Statement on Davitt McAteer's UBB Report

JULIAN, W.Va., May 19, 2011 /PRNewswire/ -- Massey Energy Company (NYSE: MEE) today released the following statement regarding the release of Davitt McAteer's report on the Upper Big Branch (UBB) mine explosion:

"We have just received Davitt McAteer's report and are carefully reviewing it. We do have some initial observations.

"We agree with Mr. McAteer that the industry needs to examine whether it can achieve better methane monitoring technology. At UBB, all methane monitors were functional and yet the mine experienced a massive inundation of methane-rich natural gas that was not detected in time to prevent the explosion. We have been examining where improvements in methane monitoring can be made and we hope to develop some better technologies as a result of our investigation.

"We disagree with Mr. McAteer's conclusion that this was an explosion fueled by coal dust. Again, we believe that the explosion was caused by a massive inundation of methane-rich natural gas. Our experts feel confident that coal dust did not play an important role. Our experts continue to study the UBB explosion and our goal is to find answers and technologies that ultimately make mining safer."

Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal producer in Central Appalachia and is included in the S&P 500 Index.  

FORWARD-LOOKING STATEMENTS: Certain statements in this statement constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements are also subject to a number of assumptions regarding, among other things, future economic, competitive and market conditions. These assumptions are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of circumstances or events beyond our control. We disclaim any intent or obligation to update these forward-looking statements unless required by securities law, and we caution the reader to not rely on them unduly. Additional information can be found in press releases and Massey's public filings with the Securities and Exchange Commission, including Massey's Annual Report on Form 10-K for the year ended December 31, 2010, which was filed on March 1, 2011, and subsequently filed interim reports.

SOURCE Massey Energy Company

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.