National Coal Corp. to Be Acquired by Ranger Energy Investments at $1 per Share

National Coal Corp. NCOC announced today that it has agreed to be acquired by Ranger Energy Investments, LLC (Ranger Energy), an acquisition vehicle for Jim Justice, a businessman and operator of Appalachian coal assets. Under the terms of the agreement, Ranger Energy will pay $1.00 per share in cash for each share of National Coal common stock, including shares issuable upon exercise of options. The per share consideration represents a 54% premium to National Coal's closing price of $0.65 per share on September 27, 2010. In April of 2010, Ranger Energy acquired certain National Coal assets located in Devonia, Tennessee, and in and on its New River Tract site for an aggregate sales price of $11.8 million. At about the same time, Ranger Investments, LLC, an affiliate of Ranger Energy Investments, LLC, acquired $30.3 million of the Company's $42 million senior secured notes due December 15, 2010.