St. Clairsville, OH — Murray Energy, an economic powerhouse in West Virginia, has declared bankruptcy. With the declaration, the company has also announced a change in leadership. Under a reorganization proposal, Robert Moore would become president and chief executive of the newly formed Murray New Co. Moore has already been executive vice president, chief operating officer and chief financial officer at the company. Founder Bob Murray would become chairman of the board. The bankruptcy plan was announced today but has been rumored for weeks. Murray Energy announced in early October that it had struck a temporary agreement with lenders after missing debt payments. That agreement was extended until Oct. 28. At the center of a Chapter 11 bankruptcy filing is a reorganization plan with an ad hoc lender group with more than 60 percent of about $1.7 billion in claims. Murray intends to continue operations during Chapter 11 with cash on hand plus $350 million new money from the lending group, subject to bankruptcy court approval. The lender group intends to form a new entity, Murray New Co, to eventually take over the company. Voluntary bankruptcy petitions have also been filed for all of the company’s main operating subsidiaries. Those include American Energy Corporation, The Harrison County Coal Company, The Marion County Coal Company, The Marshall County Coal Company, The Monongalia County Coal Company, The Ohio County Coal Company, Utah American Energy, Inc., Murray South America, Inc., The Muhlenberg County Coal Company and The Western Kentucky Coal Company, LLC, which operate mining complexes located in Ohio, West Virginia, Utah, Kentucky and Colombia. NOT filing voluntary petitions and not part of the company’s Chapter 11 cases were Foresight Energy LP and Foresight Energy GP LLC, including their direct and indirect subsidiaries, as well as Murray Metallurgical Coal Holdings, LLC, Murray Eagle Mining, LLC, Murray Alabama Minerals, LLC, Murray Maple Eagle Coal, LLC, Murray Alabama Coal, LLC and Murray Oak Grove, LLC.

                                                                                                                                              Robert E. Murray