Raymond James 29

th

Annual

Institutional Investors Conference

March 4, 2008

Orlando, FL

Pursuant

to

Rule

425

under

the

Securities

Act

of

1933

and

deemed

filed

pursuant

to

Rule

14a-12

and

Rule

14d-2(b)

of

the

Securities

Exchange

Act

of

1934

Subject

Company:

CNX

Gas

Corporation

Commission

File

No.

001-32723

2

Cautionary Statements

Some

statements

in

this

presentation

contain

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Forward-looking

statements

may

relate

to,

among

other

things,

future

performance

generally,

business

development

activities,

future

capital

expenditures,

financing

sources

and

availability

and

the

effects

of

regulation

and

competition. For

additional

information,

please

see

our

2007

Form

10-K

under

“Risk

Factors,”

as

updated

by

any

subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.

In

addition,

this

presentation

contains

certain

financial

measures,

such

as

EBIT

and

EBITDA.

As

required

by

Securities

and

Exchange

Commission

Regulation

G,

reconciliations

of

these

measures

to

amounts

reported

in

CONSOL

Energy’s

consolidated

financial

statements

are

provided

in

its

quarterly

earnings

releases.

IMPORTANT

INFORMATION:

In

connection

with

the

proposed

exchange

offer

to

the

stockholders

of

CNX

Gas

Corporation,

CONSOL

Energy

expects

has

filed

a

registration

statement

on

Form

S-4

containing

an

exchange

offer

prospectus

and

related

materials

with

the

Securities

and

Exchange

Commission.

INVESTORS

AND

SECURITY

HOLDERS

OF

CNX

GAS

CORPORATION

ARE

URGED

TO

READ

THE

EXCHANGE

OFFER

PROSPECTUS

AND

THE

OTHER

RELEVANT

MATERIALS

WHEN

THEY

BECOME

AVAILABLE

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION

ABOUT

THE

OFFER

AND

CONSOL

Energy.

Investors

and

security

holders

may

obtain

a

free

copy

of

the

exchange

offer

prospectus

and

other

relevant

materials

(when

they

become

available)

and

other

documents

filed

by

CONSOL

Energy

with

the

commission

at

the

commission's

web

site,

www.sec.gov.

Copies

of

the

exchange

offer

prospectus

and

other

relevant

documents

(when

they

become

available)

may

also

be

obtained

without

charge

from

CONSOL

Energy.

Requests

to

CONSOL

Energy

should

be

made

in

writing

to

Thomas

F.

Hoffman,

Senior

Vice

President

-

External

Affairs,

CONSOL

Energy

Inc.,

1800

Washington

Road,

Pittsburgh,

PA

15241,

or

by

email

at

tomhoffman@consolenergy.com.

CONSOL Energy’s Assets

Coal Reserves

–

Large, contiguous blocks owned-in fee

–

Heat content

–

Location

Transportation

–

River transportation subsidiary

–

Dual rail access at several mines

–

Coal export terminal

Gas Company

4

U.S. data from EIA, Annual Energy Outlook 2008 Early Release, years 2006 and 2030; world data from IEA, World Energy Outlook 2007, years 2005 and 2030

Energy Demand Today

453 QBtu

/ Year

81% Fossil Energy

703 QBtu

/ Year

82% Fossil Energy

Energy Demand 2030

124 QBtu/Year

84% Fossil Energy

101 QBtu/Year

85% Fossil Energy

+24%

+55%

Global Long-Term Demand for Energy

Source: DOE NETL

United States

World

5

Domestic Electricity Generation Forecast

AEO’08 (early release)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

55.4%

55.4%

Petroleum

Petroleum

Coal

Coal

Natural gas

Natural gas

Renewables

Renewables

Nuclear

Nuclear

14.0%

14.0%

17.5%

17.5%

11.6%

11.6%

1.2%

1.2%

48.6%

48.6%

Source: DOE NETL

6

Largest Coal Reserve Holder East of MS. River

Northern Appalachia

•

Reserves ~ 2.7 billion tons

•

Production: 52.9 million tons

Central Appalachia

•

Reserves ~ 800 million tons

•

Production: 10.7 million tons

Illinois Basin

•

Reserves ~ 700 million tons

PRB

•

Reserves ~ 300 million tons

* 2007

production

includes

1.0

million

tons

from

Emery,

UT.

Reserves

include

31

mmt

assigned

to

UT

and

129

mmt

assigned

to

Western

Canada.

Profile of CONSOL Coal*

•

Reserves ~ 4.5 BNt

•

2007 Production:  64.6 Mt

•

Avg. Reserve Life:  25+ years

•

Operating Mine Complexes: 15

7

Coal Reserves Owned-in-fee ~ 77 QBtu

Advantages of ownership:

•

Leverage to higher pricing

•

Ability

to

forecast

and

control

future

costs

–

no

LBA

payments

Coal Reserves

Approx.

Approx.

Company

(billions of tons)

% Owned

QBtu Owned

CONSOL Energy

4.5

70%

76.9

                  

Peabody (excl. Patriot)

8.8

42%

70.2

                   

Patriot Coal

1.2

55%

16.5

                   

Foundation Coal

1.6

45%

15.1

                   

Massey Energy

2.3

18%

10.4

                   

Arch Coal

2.9

13%

9.0

                     

Alpha Natural Resources

0.5

5%

0.6

                     

Source: Company filings with the Securities and Exchange Commission.

QBtu calculated using an estimated Btu average that is dependent on coal basin ownership mix.

8

Heating Value ~ 99% of Production is High-Btu

8,400

13,000

12,500

8,800

11,500

0

5,000

10,000

15,000

PRB

PRB

ILB

CAPP

NAPP

Btu’s per pound of coal

Approx. 80% of CONSOL’s coal production

Approx. 19% of CONSOL’s coal production

* Remaining

1%

of

production

includes

approximately

1.0

million

tons

from

Emery,

UT. 

9

Close Proximity to Scrubbed Customers

By 2012, ~ 142 gigawatts

scrubbed East of MS. River

60 generating units

within 50 miles of CONSOL’s

Pitt8 coal reserves

CONSOL’s Assets in Appalachia

•

Producing Complexes: 14

•

Reserves: 3.5 billion tons

10

Scrubber Builds Are Being Completed

Since 2006, CONSOL has signed 6 multi-year, multi-million ton agreements with

domestic customers that in aggregate ~ 250 million tons of high-Btu coal

62%

28%

10%

Thru 12/31/08

2009-2010

2011+

Percentage of Gigawatts Scrubbed by Year

11

NAPP Pricing Has Converged with CAPP

Source: EIA

Why the convergence?

1. Sulfur disadvantage

no longer exists

2. Stockpiles low in NAPP

3. Metallurgical customers

shopping for NAPP steam

coal for substitution

12

Up Cycle Just Beginning for Steam Coal?

API #2 to ARA

$-

$20

$40

$60

$80

$100

$120

$140

Last up cycle for coal ~ 2 years

Current price ~ $134

for 2009 delivery

API #2 to ARA ($/metric tonne)

110

$      

130

$      

150

$      

Implied pricing of 3.4# NAPP ($/short ton)

57

$        

72

$        

87

$        

*assumes vessel rate to ARA of $35

13

100% Ownership of Coal Export Terminal

Largest exporter of coal in the U.S.

Served by two rail lines

–

Norfolk Southern

–

CSX Transport

Capacity

–

Practical: 12 million tons

Export Terminal at the Port of Baltimore

Export Terminal at the Port of Baltimore

Ground storage

–

1.2 million tons

Coal exports

–

For 2007, approx. 6.9 mm tons

–

For 2008, up another ~25%

Countries served

–

Denmark, England, France, Germany, Ireland, Portugal

14

Forecast: Coal Exports Up 20 million tons in 2 years

Coal Exports

69.6

57.6

49.6

0

20,000

40,000

60,000

80,000

100,000

120,000

Sources: EIA, PIRA.  Estimates include steam and metallurgical coal.

15

Unpriced Volumes…Ability to Capitalize on Up Cycle

33.4

4.5

53.1

5.1

62.8

5.2

0

20

40

60

2009

2010

2011

Unpriced Steam Coal

Unpriced Low-Vol Met Coal

2009

2010

2011

Production Guidance

70 –

74

76.6 –

80.6

76.7 –

80.7

(mm of Tons)

16

Appalachian Brownfield Opportunities

Potential

to

grow

Appalachian

production

through

brownfield

expansion

by

~

25

million

tons

over

next

10

years

Longwall Face Extensions

Birch

Shoemaker

Additional Longwalls

17

Margin Focused and Production Disciplined

$2.45

$6.91

$10

$15

$20

$25

$30

$35

$40

2001

2002

2003

2004

2005

2006

2007

60

64

68

72

76

80

Avg. Production Cost

Coal Margin

Coal Production

$35.61

$24.66

$26.76

$27.61

$30.06

$38.99

Avg. Realized Pricing

$40. 66

As of December 31, 2007

18

River Transportation Subsidiary

Assets on the inland waterways of Northern Appalachia

750 Barges

25 Tow Boats

5 Harbor Boats

24+ Million tons per year capability

Alicia Dock

19

Transportation Flexibility at Mines

(Millions of tons)

2006

Northern Appalachia

Production

CSX

NS

Barge

Rail-to-Barge

Enlow Fork

10.7

X

X

X

McElroy

10.5

X

Bailey

10.2

X

X

X

Loveridge

6.4

X

X

X

Robinson Run

5.7

X

X

Blacksville

5.0

X

X

X

Mine 84

3.5

X

X

Shoemaker

1.0

X

X

Central Appalachia

Buchanan (metallurgical)

5.0

X

X

Amvest (~10% metallurgical)

4.9

X

X

X

Jones Fork

3.1

X

X

Mill Creek

2.1

X

X

Southern WV Resources

1.2

X

X

Miller Creek

0.9

X

X

Amonate (metallurgical)

0.5

X

X

Western U.S.

Emery

1.1

Railroads

Truck-to-Rail

Coal Delivery Options

Unique Investment Proposition

Coal Reserves

–

Large, contiguous blocks owned-in fee

–

Location

Transportation

–

River transportation subsidiary

–

Coal export terminal

Gas Company

Raymond James 29

th

Annual

Institutional Investors Conference

March 4, 2008

Orlando, FL