Crow Tribe of Indians Legislature Votes to Approve Option and Exploration Agreements with Cloud Peak Energy
Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal
producers, and the Crow Tribe of Indians today announced that the Crow
Tribal Legislature has voted to approve the option and exploration
agreements. The Crow Tribe′s Constitution assigns negotiating authority
to the Executive Branch and approval authority to the Legislative
Branch. With the Legislature′s approval, the Tribal Chairman is now
authorized to execute the agreements on behalf of the Tribe. The date
for a signing is pending and is expected to take place within the next
month. Once signed, the agreements will be submitted to the U.S.
Department of the Interior for review and requested approval within 180
days. Department of the Interior approval is required in order to
consummate the transactions contemplated by the agreements.
The agreements provide for exploration and three exclusive options to
lease three separate coal deposits containing approximately 1.4 billion
tons of Northern Powder River Basin coal on the Crow Indian Reservation
over an initial five-year term, with two extension periods through 2035
if certain conditions are met. For additional information regarding the
Option and Exploration Agreements, refer to Cloud Peak Energy Inc.′s
July 23, 2012 press release.
About Cloud Peak Energy ?
Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming and
is one of the largest U.S. coal producers and the only pure-play PRB
coal company. As one of the safest coal producers in the nation, Cloud
Peak Energy specializes in the production of low sulfur, subbituminous
coal. The company owns and operates three surface coal mines in the PRB,
the lowest cost major coal producing region in the nation. The Antelope
and Cordero Rojo mines are located in Wyoming and the Spring Creek mine
is located near Decker, Montana. Cloud Peak Energy also owns rights to
substantial undeveloped coal and complementary surface assets in the
Northern PRB, further building the company′s long-term position to serve
Asian export and domestic customers. With approximately 1,600 employees,
the company is widely recognized for its exemplary performance in its
safety and environmental programs. Cloud Peak Energy is a sustainable
fuel supplier for approximately 4% of the nation′s electricity.
About the Crow Tribe of Indians
The Crow Tribe of Indians (Apsáalooke Nation) is a federally-recognized
Indian tribe, whose 13,000 members occupy a 2.2 million acre Reservation
in southeastern Montana. Under the Tribe′s 2001 Constitution, the Tribal
Government consists of an Executive Branch, a Legislative Branch, and an
independent Judicial Branch.
Cautionary Note Regarding Forward Looking Statements
This release contains 'forward-looking statements? within the meaning of
the safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are not statements of historical facts and often contain
words such as 'may,? 'will,? 'expect,? 'believe,? 'anticipate,? 'plan,?
'estimate,? 'seek,? 'could,? 'should,? 'intend,? 'potential,? or words
of similar meaning. Forward-looking statements are based on management's
current expectations or beliefs as well as assumptions and estimates
regarding our company, industry, economic conditions, government
regulations and energy policies and other factors. Forward-looking
statements may include, for example, (1) our current estimates of the
quantity and quality of the Tribal coal, (2) any future exercise of the
options and development, production and marketing of the coal, (3) the
anticipated timing and ability to obtain required DOI and other
approvals, (4) the future execution and delivery of definitive
agreements, (5) business development and growth initiatives and
strategies; (6) potential synergies of this anticipated transaction, (7)
the potential development of the Youngs Creek Mine and (8) other
statements regarding this anticipated transaction and our plans,
strategies, prospects and expectations concerning our business,
industry, economic conditions, operating results, financial condition
and other matters that do not relate strictly to historical facts. These
statements are subject to significant risks, uncertainties, and
assumptions that are difficult to predict and could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, including the risks that (i) required DOI
and other approvals and permits are not obtained in a timely manner or
at all, (ii) definitive agreements are not entered into and the
potential transaction with the Crow Tribe is not consummated, (iii)
economic tons are substantially less than the currently estimated
in-place tons, (iv) sufficient additional West Coast terminal capacity
is not developed at all or in a timely manner, (v) Asian export demand
and domestic demand for PRB coal weakens, (vi) future development and
operating costs significantly exceed our expectations, or (vii)
anticipated synergies of the potential transaction are not achieved. For
a discussion of some of the additional factors that could adversely
affect our future results or the anticipated benefits of this potential
transaction, refer to the risk factors described from time to time in
the reports and registration statements we file with the Securities and
Exchange Commission ('SEC?), including those in Item 1A - Risk Factors
in our most recent Form 10-K and any updates thereto in our Forms 10-Q
and current reports on Forms 8-K. There may be other risks and
uncertainties that are not currently known to us or that we currently
believe are not material. We make forward-looking statements based on
currently available information, and we assume no obligation to, and
expressly disclaim any obligation to, update or revise publicly any
forward-looking statements made in this release, whether as a result of
new information, future events or otherwise, except as required by law.
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Cloud Peak Energy Inc.
Karla Kimrey, 720-566-2932
Vice
President, Investor Relations
