The Leading E&P Company in the Appalachian Basin

The Leading E&P Company in the Appalachian Basin #1 in Safety #1 in Market Capitalization #1 in Sales Revenue #1 in Profitability and Returns #1 in Balance Sheet Strength #1 in Production Growth #1 in Carbon Credit Generation

Cautionary Statements The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as unproved reserves and/or resources that the SEC's guidelines strictly prohibit us from including in filings with the SEC. We also caution you that the SEC views such unproved reserves and/or resources estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the gas industry. In this presentation, the term unproved reserves and/or resources refers to gas that CNX Gas believes is economically recoverable, as of available data on February 12, 2008, based on a $7.00 NYMEX gas price. The unproved reserve data contained in this presentation is based on a summary review of the title to coalbed methane and other gas rights we hold, as well as a summary review of the title to the coal from which many of our rights derive. As is customary in the gas industry, prior to the commencement of gas drilling operations on our properties, we conduct a thorough title examination and perform curative work with respect to significant defects. We are typically responsible for curing any title defects at our expense. This curative work may include the acquisition of additional property rights in order to perfect our ownership for development and production of the gas estate. This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934). These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements include estimates of unproved reserves, projections and estimates concerning the timing and rates of return of future projects, and our future production, revenues, income and capital spending. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update these statements unless required by the securities laws, and we caution you not to rely on them unduly.

Why CNX Gas? Why Now, in Volatile Times? #1 in Safety: 3 million employee manhourswithout a lost time accident #1 in Market Capitalization:$4.1 billion #1 in Sales Revenue: $191 million in Q3 #1 in Profitability and Returns: $67.4 million in net income and 24% ROCE in Q3 #1 in Balance Sheet Strength: $58 million in debt as of 9/30/08 #1 in Production Growth: 27% in 2008 and 15% in 2009 #1 in Carbon Credit Generation: 8.4 million tons of CO2 equivalent registered on the Chicago Climate Exchange CNX Gas has the financial strength to drill through any year-long weakness in pricing, were it to materialize. 3

CNX Gas Asset Profile Red represents CBM acres Blue represents O&G/Shale acres Gray represents both CBM and O&G/Shale acres Net Reserve Base/Resource Potential Proved reserves 1.343 Tcf Unproved reserves 0.941 Tcf Unrisked resources 1.3-5.2 Tcf Total 3.6-7.4 Tcf Total of 4.1 million gross acres CBM CBM Shale 4

Two-Pronged Growth Strategy Replicate coalbed methane (CBM) success in Virginia: Mountaineer CBM-2006 NittanyCBM-2007 Establish shale exploration program -2008 Marcellus Huron Chattanooga New Albany CNX Gas has evolved from a one-play CBM operator to a large E&P company with a portfolio of plays. 5

Solid Reserve Growth: 19% in last two years 1.004 1.343 1.265 1.130 1.045 Tcf 2003 2004 2005 2006 2007 CNX Gas has seen steady growth in its proved reserve base. 6

High Production Goals Bcf 48.4 74 85 Production doubles in 5 years 100 2006 2008 2009 2010 CNX Gas can attain production goals largely from CBM. 7

Hyper Growth in Acreage Position 1.1 A nearly 4-fold increase 4.1 2005 2008 CNX Gas has 2.7 million gross acres of Appalachian CBM and shale. 8

Coalbed Methane Our 20-Year Catalyst CNX Gas is the world leader in CBM production associated with active coal mining CNX Gas has rolled up the gas rights on the acreage of the two largest coal companies: CONSOL and Peabody CNX Gas is drilling 500 coalbed methane wells in 2007 9

Virginia CBM Operations CNX Gas is the leading gas producer in Virginia CNX Gas has thousands of potential remaining locations CNX Gas has opportunities to improve production from existing wells 10

Growth in Virginia Legacy CBM Production Bcf 10.9 10.8 10.7 10.6 10.5 10.4 10.3 10.2 10.1 10.0 9.9 Q1 2007 Production (left scale) Q2 2007 Q3 2007 Q4 2007 Workovers (right scale) Q1 2008 Q2 2008 Number Q3 2008 CBM Production has increased from wells drilled before 2007. 400 350 300 250 200 150 100 50 0 11

Mountaineer CBM Operations CNX Gas has drilled over 160 horizontal CBM wells in Mountaineer since 2005 CNX Gas has mastered the technology and is now applying it to the shales 12

World Leader in Horizontal CBM Drilling CNX Gas developed a second-generation well design that has improved well economics Drilling times were reduced from 21 to 15 days Drilling times were further reduced to 10 days through the use of Scientific Drilling s near-bit gamma detector 13

Value Creation at Mountaineer CBM Operations CNX Gas increased Mountaineer CBM production from 2.2 MMcf in 2005 to in excess of 40 MMcf per day currently, and, Drilling, gathering, and processing investment is about $200 million, so CNX Gas has invested about $5,000 per daily Mcf of flowing production CNX Gas will compare its Mountaineer CBM economics with the Marcellus Shale program of any other producer. 14

CNX Gas Shale Potential 1 Marcellus 2 Chattanooga The Compelling Case for 3 Undervaluation Huron 4 2 3 1 Play 4 New Albany Marcellus Chattanooga Huron New Albany Total Acres 185,000 235,000 203,000 336,000 959,000 CNX Gas has a leading position in eastern shales. 15

Marcellus Shale AP Story November 4, 2008 Estimated gas yield from Marcellus shale goes up ALBANY, N.Y. (AP) -A geologist says the Marcellus shale region of the Appalachians The Compelling could yield seven Case times for as much Undervaluation natural gas as he earlier estimated, meaning it could meet the entire nation's natural gas needs for at least 14 years. Penn State University geoscientist Terry Engelder said in a phone interview Monday that he now estimates 363 trillion cubic feet of natural gas could be recovered over the next few decades from the 31- million-acre core area of the Marcellus region, which includes southern New York, Pennsylvania, West Virginia and eastern Ohio. Each square mile in the Marcellus could contain 30 billion to 150 billion cubic feet of gas. 16

Marcellus Shale OH 79,000 acres WV NY 15,000 acres crisscross the area 33,000 acres PA 58,000 acres Advantages for CNX Gas: Existing CBM gas gathering system Current access to existing gas transmission lines that Operating synergies with existing CBM operations Status: Vertical well tested at 1.3 MMcf per day First horizontal well brought online on October 2 at 1.2 MMcf per day, now at 3.5 MMcf per day Second and third horizontal wells now being drilled CNX Gas enjoys unique synergies and timing advantages for its Tier I position. 17

Marcellus Shale CNX Gas Strategy for Marcellus Shale: Fast Follower Being first in something is not necessarily the best position to be in, Mr. Tillerson[ExxonMobil chairman and CEO] said. You can be more profitable for your shareholders by coming at a later stage. -New York Times, Nov. 16, 2008 Expected 2009 Activity: One vertical rig One horizontal rig CNX Gas cut its teeth on horizontal CBM drilling. 18

Additional Shales 336,000 acres New Albany 203,000 acres Huron Chattanooga 235,000 acres Chattanooga Shale: CNX Gas enjoys first mover advantage Expected 2009 Activity 2 rigs running 19

Returns on Capital Employed CXG 2007 13.6% 9 mos. 2008 20.1% KWK RRC SWN UPL 12.2% 11.0% 11.2% 28.5% 6.0% 13.6% 22.0% 38.2% As calculated by CNX Gas. SWN excludes gain from the sale of a utility. CNX Gas has earned returns well above its cost of capital. 20

Icing on the Cake: The Carbon Credit Machine CNX Gas captures methane ahead of coal mining operations. This methane is eligible for carbon emissions credits on the Chicago Climate Exchange. CNX Gas has registered 8.4 million tons of credits, which were generated from 2003-2007. On-going annual credits could be in the 2-3 million ton range. CNX Gas Announces Registration of Emission Credits on Chicago Climate Exchange, along with Virginia Gov. Kaine. CNX Gas is the only E&P company registered as an offset provider on the Chicago Climate Exchange. 21

One of the Lowest Finding Costs in the Industry CNX Gas Drill Bit Finding Costs of $1.25 per Mcf may be the second-lowest in the industry: Finding costs = Drilling Capex/(net reserve adds + production) = $170.5 million/136 Bcf = $1.25 per Mcf Analysts estimate the 2007 industry average was about $3.00 per Mcf. 22

Oil s Big Players Have an Edge Well-capitalized companies also can take advantage of the current market panic to snap up assets and companies trading at fire-sale prices, another route to increase production and reserves. Wall Street Journal, October 28,2008 CNX Gas has a similarity to Big Oil: Almost no debt. 23

CNX Gas Has a Very Strong Balance Sheet MUR0.13 CXG 0.23 SWN EOG OXY CLR APA NBL 0.24 0.27 0.31 0.42 Q308 Net Debt to 2009 Cash Flow The 0.43 0.51 Compelling Case for Undervaluation XEC DVN UPL SM NFX DNR COG EAC XTO PXP APC RRC WLL EQT HK FST CHK CRZ PXD KWK XCO SD VQ 0.59 At $60 Oil/ $6 Gas 0.62 0.69 0.94 1.25 1.28 1.46 1.62 1.81 1.87 2.19 2.3 2.31 2.45 2.72 2.88 2.9 3.04 3.28 x x x x x x x 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Source: Credit Suisse: 14 November 2008 E&P Median: 1.76x 4.12 4.71 5.06 5.44 24

Hedge Position CNX Gas uses an opportunistic ladder approach to lock in future cash flows: 12.8 Bcf hedged in Q4 of 2008 at $9.44 per Mcf. 41.9 Bcf hedged in 2009 at $9.74 per Mcf. 22.8 Bcf hedged in 2010 at $9.61 per Mcf. Hedged prices reflect the positive Appalachian basis differential. 25

CNX Gas: Pre-tax Revenue per Share: 2005 vs. 2009 2005 2009 Unit Margins ($/Mcf) $3.18 $4.50 42% higher Share Price The Compelling Case 48.4 for Undervaluation 85 Production (Bcf) Shares O/S (MM) Pre-tax revenue stream per share: (margin x prod / # shares) 151 $1.02 $16 151 $2.53??? Note: 2009 CXG margin assumes $7.00 NYMEX, when combined with 2009 hedge book. 75% higher 150% higher Why isn t CXG sshare price above $40? 26

CNX Gas vs. Equitable Resources: Q3 Results EQT Average Sales Price ($/Mcfe) $ 5.62 CXG $ 9.73 Lifting costs Production taxes $ 0.39 $ 0.68 $ 0.77 $ 0.29 DD&A $ 0.94 $ 0.91 Operating costs $ 2.01 $ 1.97 Unit operating margins $ 3.61 $ 7.76 Notes: EQT unit costs are based on net sales volumes. CXG DD&A includes midstream. CXG has unit operating margins that are $4 higher than EQT. 27

CNX Gas vs. Equitable Resources: Q3 Results and Projections EQT CXG Current short term debt ($ MM) $83 $58 Projected short term debt: 12/31/2009 ($MM) $700-800 $100 Q3 E&P Capex Latest 2010 Production Guidance $250 100 Bcf $170 100 Bcf Notes: EQT projection from Q3 conference call. CXG projection assumes 2009 Capex that roughly equals cash flow. High margins mean CXG can self-fund its 2009 production growth. 28

CNX Gas vs. Ultra Petroleum: Q3 Results UPL ($ 000) ($/Mcfe) Revenue 297,627 $8.20 ($ 000) CXG 191,199 ($/Mcfe) $9.73 Operating Taxes/Other 8,501 $0.23 20,709 The Compelling 31,625 Case for $0.87Undervaluation 872 G&A 2,138 $0.06 13,527 $0.69 Incentive Comp 2,104 $0.06 $0.00 Gathering/transportation 20,288 $0.56 23,642 $1.20 Interest 5,183 $0.14 2,412 $0.12 DD&A 45,652 $1.26 17,803 $0.91 Total Costs 11,5491 $3.18 78,965 $4.02 Pretax Margin $5.02 $5.71 Once again, CXG has the industry s highest unit margins. $1.05 $0.04 29

The CONSOL Buyback Analogy VW shares skyrocket as Porsche increases ownership to 71.4%. CONSOL Energy announces and commences buyback of CXG shares. 30