Common use of Reserve Studies Clause in Contracts

Reserve Studies. The factual information underlying the estimates of the Company’s proven and probable coal reserves included or incorporated by reference in the General Disclosure Package and the Prospectus, which was supplied by the Company to each of the Reserve Engineers for the purposes of preparing their respective Reserve Studies was true and correct in all material respects on the dates such estimates were made and such information was supplied and was prepared in accordance with customary industry practices; other than intervening market commodity price fluctuations (which are not included in such reports), and except as disclosed in the General Disclosure Package, the Company is not aware of any facts or circumstances that would result in a material adverse change in the estimates of the Company’s proven and probable coal reserves, as reflected in the reports referenced in the Reserve Studies; the Company has no reason to believe that as of the dates of the Registration Statement, the General Disclosure Package and the Prospectus, such proven and probable coal reserves have materially declined or decreased since the dates of the reports referenced in the Reserve Studies (other than, in all cases, updates to previous reports prepared by the Reserve Engineers and disclosed by the Company to the Representatives).

Reserve Studies. The factual information underlying the estimates of the Company’s proven and probable coal reserves included or incorporated by reference in the General Disclosure Package and the Prospectus, which was supplied by the Company to each of the Reserve Engineers for the purposes of preparing their respective Reserve Studies was true and correct in all material respects on the dates such estimates were made and such information was supplied and was prepared in accordance with customary industry practices; other than intervening market commodity price fluctuations (which are not included in such reports), and except as disclosed in the General Disclosure Package, the Company is not aware of any facts or circumstances that would result in a material adverse change in the estimates of the Company’s proven and probable coal reserves, as reflected in the reports referenced in the Reserve Studies; the Company has no reason to believe that as of the dates of the Registration Statement, the General Disclosure Package and the Prospectus, such proven and probable coal reserves have materially declined or decreased since the dates of the reports referenced in the Reserve Studies (other than, in all cases, updates to previous reports prepared by the Reserve Engineers and disclosed by the Company to the Representatives).