Alpha Natural Resources 8-K Regulation FD Disclosure

1

1

Mining the Past…Powering the Future

March 4, 2008

Simmons & Company International

8th Annual Energy Conference

Las Vegas, NV

Exhibit 99.1

2

Statements in this presentation which are not statements of historical fact are

“forward-looking

statements”

within

the

“safe

harbor”

provision

of

the

Private

Securities Litigation Reform Act of 1995. These forward-looking statements are

based on the information available to, and the expectations and assumptions

deemed

reasonable

by,

Foundation

Coal

Holdings,

Inc.

at

the

time

this

presentation was made. Although Foundation Coal Holdings, Inc. believes that

the assumptions underlying such statements are reasonable, it can give no

assurance that they will be attained. Factors that could cause actual results to

differ materially from expectations include the risks detailed under the section

“Risk

Factors”

in

the

company’s

Form

10-K

filed

with

the

Securities

and

Exchange Commission.

Also, this presentation contains certain financial measures, such as EBITDA.

As

required

by

Securities

and

Exchange

Commission

Regulation

G,

reconciliations of these measures to figures reported in Foundation Coal’s

consolidated financial statements are provided in the company’s annual and

quarterly earnings releases.

FORWARD-LOOKING STATEMENTS AND

RECONCILIATION OF NON-GAAP MEASURES

3

PRESENTATION OVERVIEW

Industry

Overview

Global

Demand

Growth

U.S.

Market

Projections

Foundation

Coal Investment Highlights

Strong Safety Record

Attractive Asset Base & Diversified Operation

Positive Outlook for Organic Growth

Significant Leverage to Rising Price Environment

Track Record of Financial Performance

Summary

4

INDUSTRY OVERVIEW

5

WORLD ENERGY CONSUMPTION EXPECTED TO

INCREASE DRAMATICALLY

Source: Energy

Information

Administration,

International

Energy

Outlook

2006,

Reference

Case

&

International

Energy

Agency’s

“World

Energy

Outlook

2007”

Economic growth expected to drive primary energy consumption up 60% by 2030

Coal demand is expected to increase 73% from 2005 to 2030

Demand is expected to grow 119% in China, and 198% in India, from 2005 to 2030

Together, China and India accounted for 45% of 2005 demand, rising to 60% by

2030 (contributing 75% of all growth)

World Primary Energy Consumption

0

100

200

300

400

500

600

700

800

2004

2010

2015

2020

2025

2030

Petroleum

Natural Gas

Coal

Nuclear

Other

6

CATALYSTS DRIVING THE MARKET

Current Market Fundamentals

•Favorable US currency

•Relatively high natural gas prices

•Favorable ocean freight rates

•Close to normal domestic stockpiles

•Lead time to increase U.S. production

Recent International Events Create a “Perfect Storm”

•China –

Projected net importer beginning in 2008

•China –

Suspends coal exports through February/March

•India –

Utility stockpiles low

•Venezuela –

State-ordered contract re-pricing

•Australia –

Monsoon creates force majeure conditions

•South Africa –

Production issues, low utility inventories & power outages

7

IMPACT OF INCREASING GLOBAL DEMAND

Asian demand is key

Asia

naturally

draws

from

Australia,

but

export

growth

is

overwhelming

infrastructure

Asia now drawing thermal coal from South Africa, historically a supplier for Europe

Europe is relying increasingly on coal from the Americas

U.S.

exports

in

2007

were

59.1mm

tons,

a

19%

increase

YOY

U.S.

exports

should

rise,

tightening

supply:

75-80mm

tons

projected

in

2008

Source: Simmons & Company International Research and Various News Reports

8

U.S. ELECTRICITY GENERATION

Electricity Generation by Fuel Type

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2005

2010

2015

2020

2025

2030

Coal

Nuclear

Natural Gas

Petroleum

Renewables

Source: Energy Information Administration, Annual Energy Outlook

2007, Reference Case

+62%

Coal

now provides 50% of electricity generation in the U.S., anticipated to

increase to approximately 60% in 2030

Natural Gas

share varies depending on price from 16-22% through 2030

9

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

2007

2008

2009

2010

2011

2012

2013

2014

2015

2030

Electric Power

Coal-to-Liquids

Coking/Industrial/Other

U.S. COAL DEMAND

U.S. Domestic Coal Demand expected to increase approximately 3% in 2008; longer-term 1%

to 2% annual growth expected

2008 demand is expected to exceed supply

Expected growth in U.S. exports of steam and met coal should further tighten the U.S. market

Source: Energy Information Administration, Stifel Nicolaus projections

Projected Coal Demand By Sector Through 2030

10

Source: United States Department of Energy, National Energy Technology Laboratory, “Tracking New Coal-Fired Power Plants”, December 2007

U.S. COAL-FIRED GENERATION GROWTH

11

PRICES INCREASING IN ALL US REGIONS

Northern Appalachia (NAPP)

More scrubbers

Increasing exports (crossover Pittsburgh #8)

Lead times for production expansion

Coal inventories at utilities served by NAPP

coal currently well below the 5-year average

Central Appalachia (CAPP)

Regulation threatens to impede future production

Strong worldwide demand for met coal

Powder River Basin (PRB)

Most new coal-fired generation under construction is

in the Midwest and West

Western coal reaching wider market in part due to the

pull of Eastern coal exports

PRB

prices tend to follow and lag Eastern coal

prices—beginning to show strength

19

34

34

10

16

0

6

12

18

24

30

36

2008

2009

2010

2011

2012

Newly Scrubbed Capacity (GWs)

12

COAL –

CENTRAL TO ENERGY INDEPENDENCE IN

THE UNITED STATES

Low-cost source of baseload electricity generation

Over 200 years of known reserves

United States can rely on domestic supply

Limited supply & high/volatile cost of other energy sources

Technological advancements expected

to

address

CO

2

concerns

Coal’s role in U.S. electricity generation expected to grow

Coal-to-Liquids commercialization expected to expand

U.S. Economy

Imported Energy

Domestic Coal

U.S. Economy

13

FOUNDATION COAL OVERVIEW

14

A COMMITMENT TO SAFETY

Incident Rates of Non-Fatal Occupational Injuries by Industrial Category

Source:  Bureau of Labor Statistics, 2006; Foundation Coal 2007

0

2

4

6

8

10

12

15

Headquarters

Baltimore, MD

Notes:

Shipments, sales, average realization for the twelve months ended 12/31/07, reserve figures as of 2/25/08.

(1) Shipments, sales, and average realization include tons that were purchased and resold.

(2) Includes Illinois Basin

Powder River Basin (PRB)

Production Capacity (tons MM)

55.0

LTM Shipments (tons MM)

51.6

LTM Sales ($ MM)

$468.9

LTM Avg. Realization ($/Ton)

$9.08

Reserves (tons MM)

844

Btu

Low

Sulfur Content

Compliance

Central Appalachia (CAPP)

Production Capacity (tons MM)

7.0

LTM Shipments (tons MM)

8.5

LTM Sales ($ MM)

$446.2

LTM Avg. Realization ($/Ton)

$52.60

Reserves (tons MM)

191

Btu

High

Sulfur Content

Compliance & Low

Northern Appalachia (NAPP)

Production Capacity (tons MM)

14.0

LTM Shipments (tons MM)

13.0

LTM Sales ($ MM)

$521.6

LTM Avg. Realization ($/Ton)

$40.14

Reserves (tons MM)

742

Btu

High

Sulfur Content

Medium

Production Capacity (tons MM)

76.0

LTM Shipments

1,2

(tons MM)

73.6

LTM Sales

1,2

($ MM)

$1,453

LTM Avg. Realization

1,2

($/Ton)

$19.74

Reserves²

(tons MM)

1,840

Illinois Basin

Reserves ~ 65 MM tons

DIVERSIFIED OPERATIONS

16

2008E Production Capacity by Mine Type

Total = 76MM Tons

CM

Longwall

Truck &

Shovel

DIVERSIFIED MINING & TRANSPORTATION

MINING METHODS TAILORED TO EACH REGION

Truck & shovel surface operations

74% of production capacity –

PRB & CAPP

Longwall mines in NAPP

18% of production capacity

CM operations in CAPP account for the remainder

FCL is a technology leader in all three areas

DIVERSIFIED TRANSPORATION PROVIDES DELIVERY FLEXIBILITY

Railroads (all major carriers: NS, CSX, BNSF, & UP)

86% of shipments

Barge and Truck

14% of shipments, with access to major waterways via

loadouts on the Monongahela and Big Sandy Rivers

56.5

5.5

14.0

17

17

2008 Sale (Successful)

255 Million Tons

Eagle Butte LBA   

65

10

Phase III (2011)

New Capacity (MM tons/yr)

Expansion (MM tons/yr)

Wyoming Operations

Belle Ayr     LBA   

Phase I & II

(completed 2006 & 2007)

2009 Sale

200 Million Tons

55

10

Powder River Basin

Powder River Basin

Harts Creek

Mine

Production (MM tons/yr)

Current Reserve (MM tons)

2 (New)

~ 64

Central Appalachia

Central Appalachia

7 –

14 (potential 21)

~ 420

Foundation

Freeport

Mine

Production (MM tons/yr)

Current Reserve (MM tons)

2 -

3 (New)

~ 68

Northern Appalachia

Northern Appalachia

FUTURE PRODUCTION POTENTIAL

18

PROVEN MARKET STRATEGY

*   Midpoint of 2/14/08 coal shipment guidance

Significant

open

positions

in

2009

and

2010,

particularly

in

the

East,

enable FCL to benefit from today’s strong pricing environment

52.5MM*

55MM*

55MM*

West (Powder River Basin)

Avg. realization**

$9.95

$10.18

$10.55

95%

5%

78%

22%

45%

55%

0%

20%

40%

60%

80%

100%

2008

2009

2010

Priced Tons

Unpriced Tons

Avg. realization**

$46.99

22MM*

21MM*

21MM*

East (Central & Northern App.)

$44.62

$47.24

** Average realization per ton for priced tons

91%

9%

42%

58%

10%

90%

0%

20%

40%

60%

80%

100%

2008

2009

2010

Priced Tons

Unpriced

Tons

19

RECENT PRICES v. 2009 AVG. REALIZATIONS

West

East

Contracted 2009 avg. realization per ton

Recent spot price per ton

$10

$12

Average Realizations Per Ton v. Recent Spot Prices

$45

$75

$85

$140

Note: recent prices as reported in Platts Coal Trader

20

0

100

200

300

400

2004

2005

2006

2007

2008

Notes:

In millions, except percentage increases and debt to adjusted EBITDA ratios

2004 data on a non-GAAP combined basis

2005-07 data reflect results for successor company

2008 data per 2/14/08 guidance

Percentage increases based on mid-point of 2/14/08 guidance

Revenues

Adjusted EBITDA

0

10

20

30

40

50

60

70

80

2004

2005

2006

2007

2008

Coal Shipments (tons)

4.5

2.1

2.0

2.0

540

560

580

600

620

640

660

680

700

Q4 04

Q4 05

Q4 06

Q4 07

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Debt Repayment

+ 63%

+ 136%

+ 17%

KEY PERFORMANCE HIGHLIGHTS

0

250

500

750

1,000

1,250

1,500

1,750

2004

2005

2006

2007

2008

21

Notes:

(1) Represents cash flow from operating activities less purchases of property, plant & equipment, including

amounts paid under coal leases (bonus bids, minimum royalties) and excludes amounts paid for acquisitions

(2) Shares used in the diluted earnings per share calculation, as of December 31, 2007

* Latest available is for the nine months ended September 30, 2007.

Sources:

Earnings news releases and cash flow statements in Form 10-Qs

Free Cash Flow Per Share Comparison

(1,2)

–

FCL vs. Peer Companies

Calendar 2007

STRONG POSITIVE FREE CASH FLOW

Strong free cash flow has enabled FCL to return value to shareholders, repurchasing

1.3mm shares since 2006 at an average price of approximately $34

-$1.50

-$1.00

-$0.50

$0.00

$0.50

$1.00

$1.50

A

FCL

B*

C

D*

E

22

INDUSTRY-LEADING MARGINS

Calendar Year 2007

20.9%

20.6%

19.5%

17.6%

14.4%

12.5%

0

5

10

15

20

25

30

A

FCL

C

B

D*

E

Adjusted EBITDA to Revenue Margin—FCL vs. Peers

Note:

* Excludes margin from non-coal related core assets

Source:

Public company filings and press releases; EBITDA adjusted for unusual and one-time items

Three-Year Average (2005-07)

21.7%

20.5%

17.8%

17.5%

15.0%

13.2%

0

5

10

15

20

25

30

FCL

A

B

C

D*

E

23

SUMMARY OF INVESTMENT HIGHLIGHTS

Recent Performance

Met 2007 guidance for adjusted EBITDA and achieved diluted EPS

excluding special items near the high end of previous guidance

Consistently generating leading EBITDA margins and positive free

cash flow

Strong track record of growing adjusted EBITDA

Successful market strategy evident in our average realizations per ton

Current Strategy

Selectively

expanding

production

in

2008

in

the

high

margin

NAPP

region

Leveraging our significant open positions

Managing our costs to maintain our position as a low-cost provider

Future Growth

Path for approximately 20% organic production growth near-term

Stated policy to selectively pursue growth through acquisition

24

PEER GROUP

RELATIVE VALUATION

7x

8x

9x

10x

11x

12x

13x

14x

15x

16x

Recent Valuation Comparison 2/25/08

Note: First Call consensus 2008 EBITDA estimates as of 2/25/08

FCL

< 50 MM TPY, regional

> 50 MM TPY, diversified

> 50 MM TPY, regional

Among the largest producers –

fourth by volume

Nationally diversified producer

The only producer with a major presence in both NAPP & PRB

Significant organic growth:

20% production capacity increase possible near-term

Industry-leading EBITDA margins; strong & consistently positive FCF

Relative under-valuation

25

25

Mining the Past…Powering the Future