Carbon Energy Successfully Completes a $32 Million Capital Raising

The Board and Management are pleased to announce that it has successfully completed a $32 Million Capital Raising program. This funding is proposed to support installation of a 5MW power generation unit and associated facilities with operations to commence in late 2009. This is intended to be followed by front end engineering and design for the development of a 20 MW of power generation facility and associated field development in late 2010. These facilities will generate cash flow for CNX and demonstrate longer term viability of commercial scale gas production to potential major off-take partners, while providing ongoing detailed process data. In addition funds will be allocated for exploratory activities in Queensland, mid-west WA and market development initiatives in North America.

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