The company reported record production of 15.9 billion cubic feet (Bcf), or 174.4 million cubic feet (MMcf) per day, for the quarter ended March 31, 2008, or approximately 10% higher than the 14.3 Bcf, or 158.9 MMcf per day, for the year-ago quarter.
After CXG shareholders demanded higher prices or threatened a lawsuit, CONSOL Energy has withdrawn its attempt at a stock for stock buyout CXG.
Natural gas prices continue to rally with other commodities in the futures market.
CNX Gas significantly lifted their reserve estimates and thus the earnings potential of the company.
CONSOL Energy makes public their intentions of taking the remaining float of CXG off of the market at a significant premium.