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PITTSBURGH, Dec. 31, 2002 -- Equitable Resources on Monday announced that a settlement has been reached regarding the previously reported judgment in the Fairon Johnson case in Knott County, Kentucky.
Kentucky coal miner Fairon Johnson was burned on June 5, 2000, by an explosion after he flipped a switch at his well house to increase the water pressure for a shower.
Johnson on Oct. 17 won a $270 million jury award in his case against Kentucky West Virginia Gas and its parent company Equitable Resources. The lawsuit had alleged that the explosion was caused by an old leaking gas well which had not bee properly sealed off.
Equitable Resources appealed right away. The parties settled through mediation and the case was dismissed. As stated in the public order filed Monday, the judge vacated and set aside entirely the judgment as to punitive damages.
Terms of the mediated settlement were kept confidential. The related expenses are substantially insured and will not impact the company's income statement beyond 2002 or the forecasted earnings estimate that the company has made for 2002.
Kentucky West Virginia Gas Company, LLC, a subsidiary of Equitable Resources, operates a gas gathering system and also provides well-tending services for gas wells in Kentucky. Kentucky West and Equitable Resources have been employers in Eastern Kentucky for more than 80 years, currently employing more than 150 people and contracting with another 200 people in 13 counties.
Over the years, Kentucky West has supplied natural gas to cities throughout Eastern Kentucky, which in turn provide gas service to thousands of residences and businesses.
Equitable Resources is an integrated energy company, with emphasis on Appalachian area natural gas production supply, natural gas transmission and distribution, and leading-edge energy management services for customers throughout the United States. The Company also has energy service projects in selected international markets.
Equitable Resources' recent news releases are available on the Internet at http://www.eqt.com.
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