Filed by Patriot Coal Corporation

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

of the Securities Exchange Act of 1934

Subject Company: Patriot Coal Corporation

(Commission File No. 001-33466) 

The following presentation slides were distributed by Patriot Coal Corporation for the New York Coal Trade Association conference to be held on April 11, 2008.

Presentation to New York Coal Trade Association April 2008

Patriot Coal Statement on Forward-Looking Information Looking Information Some of the following information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and is intended to come within the safe-harbor protection provided by those sections. Important Information for Stockholders Patriot Coal Corporation (the "Company") will file a proxy statement/prospectus with the Securities and Exchange Commission (the "SEC") in connection with the proposed issuance of Company common stock in the transaction with Magnum Coal Company ("Magnum"). Investors and stockholders are urged to read the proxy statement/prospectus when it becomes available and any other relevant documents filed with the SEC because they will contain important information about the proposed issuance. Investors and stockholders may obtain these documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, documents filed with the SEC by the Company are available free of charge by contacting investor relations by phone at (314) 275-3680, in writing to Janine A. Orf, Director of Investor Relations, or by email to jorf@patriotcoal.com. The final proxy statement/prospectus will be mailed to stockholders. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Company, Magnum and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the proposed issuance. Information about the Company's directors and executive officers is set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 filed with the SEC on March 14, 2008 and in the proxy statement for the Company's 2008 annual meeting of stockholders filed by the Company with the SEC on April 7, 2008. Additional information regarding the potential participants in the proxy solicitation and information regarding the interests of such potential participants will be included in the proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. Forward Looking Statements Certain statements in this document are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may be beyond our control and may cause our actual future results to differ materially from expectations. We do not undertake to update our forward-looking statements. Factors that could affect our results include, but are not limited to: failure to obtain Company stockholder approval of the proposed issuance; failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals; availability and cost of financing; failure to consummate or delay in consummating the transaction for other reasons; changes in laws or regulations; changes in general economic conditions, including coal and power market conditions; the outcome of commercial negotiations involving sales contracts or other transactions; the Company's dependence on Peabody Energy Corporation in the near future; geologic, equipment and operational risks associated with mining; supplier and contract miner performance and the availability and cost of key equipment and commodities; the Company's ability to replace coal reserves; labor availability and relations; availability and costs of transportation; weather patterns affecting energy demand; legislative and regulatory developments; risks associated with environmental laws and compliance; the outcome of pending or future litigation; and the availability and costs of competing energy resources. The Company undertakes no obligation (and expressly disclaims any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to the Company's Form 10-K and 8-K reports.

2 Agenda . Patriot Coal Overview . Right Time - Coal Market Update . Right Deal - Patriot + Magnum

3 Overview of Patriot Coal ( Overview of Patriot Coal ("PCX PCX") Spun off from Peabody Energy ("BTU") on November 1, 2007 Listed on the NYSE under the ticker "PCX" Equity market value of ~$1.6 billion Enterprise value of ~$1.6 billion Patriot Share Price Performance $25 $30 $35 $40 $45 $50 $55 $60 $65 10/31/07 4/8/08 12/31/07 Note: "when issued" trading commenced on 10/18/07 Patriot Share Statistics Spin-off date Current Price (4/8/08) $61.16 Shares Outstanding (millions) 26.76 52-Week High $61.90 52-Week Low $27.07 Average Daily Volume 275,274

4 Investment Thesis Right Team . Successful management & operating team . Experienced Board of Directors Right Assets . Large & attractively located reserve base . Leading U.S. producer of high-quality metallurgical coal . Diversified product line, customer base & transportation capabilities Right Time . Strong fundamentals in all key markets . Significant unpriced coal portfolio . Fragmented CAPP market creates M&A opportunities Right Plan . Tightly managed operations with emphasis on safety, cost & revenue optimization . Aggressive focus on financial performance & stockholder value . Targeted organic & acquisition growth strategy

5 Major Eastern U.S. Producer & Marketer .. 8 Business Units .. 5 Principal Reserve Areas CAPP 10.2 Million NAPP 4.1 Million ILB 7.8 Million 2007 Tons Sold 22.1 Million Significant production & reserve base in multiple coal basins IL OH KY WV MO Corporate Headquarters Operations Headquarters Reserve Areas CAPP 527 Million NAPP 59 Million ILB 676 Million Current Reserves 1.3 Billion Tons

6 Balanced Operating Platform Diversity of region, product, reserves, mines and transportation Northern Appalachia Central Appalachia Illinois Basin Company Contract 2007 Reserves Product Transportation Mines Mines Sales (MM tons) (MM tons) Federal 1 - 4.1 59 Steam CSX/NS Big Mountain 1 2 1.6 37 Steam CSX Kanawha Eagle 2 - 2.1 98 Steam/Met CSX/Barge Rocklick 1 4 3.3 39 Steam/Met CSX/NS Wells 1 5 3.2 50 Steam/Met CSX Dodge Hill 2 - 2.6 36 Steam Barge/Truck Highland 1 - 1.1 15 Steam Barge/Truck Bluegrass 1 - 4.1 80 Steam Barge Current Operations 22.1 414 Development Reserves 848 Total Reserves 1,262

7 Attractive Metallurgical Market Position Patriot serves high-margin U.S. & global steel markets .. Top 5 U.S. met coal supplier .. Patriot focuses on met customers in North America, Europe & Brazil who use our premium product to enhance their blends .. +20% of CAPP high-volatile met supply .. +10 year reserve life at 3 largest met mines .. Large-scale, flexible preparation facilities with ISO 9000 certification .. Market participant since 1984 with a reputation for reliability Patriot Met Shipments (Millions of Tons) 0 3.2 1 4.6 5.1 5.1 5.6 5.0 2 6.5- 3 7.5 4 7.0- 5 8.0 6 7.5- 7 8.5 8 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E Export Domestic Primary Market Regions

8 Leverage to Rising Coal Prices Patriot has significant leverage in strengthening global coal markets Unpriced Steam Coal Production 0.0 2008 2009 2010 0 - Millions of tons 2.0 0.5 As of 2/29/08 4.0 4.0 - 6.0 5.0 8.0 9.0 - 10.0 10.0 Unpriced Met Coal Production 0.0 0 - 2.0 0.5 4.0 5.5 - 6.0 6.5 8.0 7.5 - 10.0 8.5 2008 2009 2010 Millions of tons As of 2/29/08

9 Core Operating Strategies Patriot is managing its operations tightly with an emphasis on safety, cost & revenue optimization "Mine it Right Mine it Right" "Sell it Right Sell it Right" SUPERIOR SUSTAINABILITY OPERATING ENGINEERING RESULTS & PLANNING SAFETY & MINING TRAINING PROCESSES MAXIMIZE CAPITAL REVENUE & DEPLOYMENT MARGINS CUSTOMERS TRANSPORTATION SERVICE SOURCES CONTRACTS

10 Safety Safety Well-trained, experienced workforce.... resulting in safety improvements and production increases Mine Rescue Teams .. 2 teams in Northern Appalachia .. 2 teams in Southern Appalachia .. 2 teams in Western Kentucky Mine Emergency Response Drill (MERD) Training .. Annual Simulated Disaster Drill at MSHA Academy .. Mine Evacuation Drills Training Facility .. Equipment Simulators .. Full staff of training professionals .. Patriot New Miner Training Standard - 9 weeks .. Regulatory New Miner Training Standard - 2 weeks Safety Incident Rate and Production Volume 8.42 3.00 7.72 4.00 7.36 5.00 6.98 6.00 6.12 7.00 4.35 8.00 5.06 9.00 4.00 20 15 25 2004 2005 2006 2007* 2008E Production Safety Incident Rate Patriot Safety Incident Rate (per 200,000 man-hours) Industry Safety Incident Rate (per 200,000 man-hours) Patriot Production (tons) * Big Run mine sold in late 2006

11 Patriot's team, assets & plan are aligned with excellent fundamentals. RIGHT NOW is the time to unlock value. Investment Thesis Right Team Right Assets Right Time Right Plan RIGHT NOW

12 RIGHT TIME RIGHT TIME Coal Market Update

13 Global Market Fundamentals Developing countries drive major increases in coal demand, while global supply lags China Brazil .. Consumption expected to .. BFI steel production increase 700 Mt by 2010 continues to annually .. BFI steel production increase 10% continues to annually .. No indigenous coal increase 8% production .. Annual production in 2007 .. Met coal importer increased by 1.3 billion tons over the 2001 rate (+139%) .. Formerly a net exporter, but now a net importer Imbalance in Global Supply & Demand Australia India .. Rail & port capacity cannot .. Electricity generation handle potential coal demand expected to increase 60% .. Infrastructure needed to over next 5 years supply global demand .. BFI steel production continues to annually Indonesia, S. Africa, Russia increase 14% .. Domestic demand increases are .. Indigenous coal reserves are absorbing coal production plentiful, but high ash with historically exported poor transportation .. Declining exports infrastructure .. Most met coal is imported and majority of new thermal demand will be imported

14 Supply Drivers Supply Drivers Supply constraints intensify around the globe Global Thermal Metallurgical .. China closed 4,000 mines that .. Australian transportation annually produced 100 Mt, to infrastructure not adequate improve safety; some may for demand reopen .. Australian flooding has shut .. China halted exports during down mines, disrupting global Q1 2008 due to heavy snow & supply low domestic inventories .. Russia reduced exports to .. Indonesian government eastern Europe to supply announced exports will be domestic growth capped at 150 Mt starting in .. U.S. port capacity currently 2009 (2007E=139 Mt) limits potential supply .. South Africa export production diverted to domestic generation .. Railcar shortages and mine closures in Russia U.S. .. Shrinking reserve base for .. Buchanan & PinnOak CAPP many producers, reducing mines suffered geological CAPP output problems and loss of .. New safety regulations production in 2007 dampen new entrants and .. PinnOak recently announced increase costs an additional production slowdown

15 Demand Drivers Fundamentals driving global and U.S. coal markets are the best we have seen in the past 30 years Global Thermal Metallurgical .. Chinese consumption .. Chinese consumption increased 170 Mt in 2007 increased 62 Mt in 2007 .. India expects imports to .. Brazilian growth in increase 20 Mt (67%) in 2008 automaking & construction .. Indonesia plans to build 10 drives increased steel GW of new generating production capacity by 2010, which will .. High GDP growth in India require ~33 Mt annually fuels steel production growth .. Russia's goal is to replace gas consumption with coal U.S. .. U.S. coal buyers have reentered .. Weak U.S. dollar favors coal markets amidst exports and lowers imports, large increases in exports thus making domestic steel .. Utility inventories have producers more competitive returned to more normal levels and buyers are seeking to cover open positions

16 Significant Worldwide Demand Growth Potential Increased standards of living in developing countries such as China & India should sustain robust worldwide thermal & metallurgical coal demand 0 China 0 200 India 2,000 400 United States 4,000 600 Indonesia 6,000 800 Brazil 8,000 1,000 Pakistan 10,000 1,200 Bangladesh 12,000 1,400 Nigeria 14,000 Russia 16,000 Japan Population (Millions) Per Capita Electricity Consumption (kWh) Population kWh per Capita Note: These top 10 countries by population represent 59% of total world population

17 China China's Impact on the Oil Market Increased Chinese oil imports lead to sustained, increased oil prices Chinese Oil Imports vs. Oil Prices Correlation of Chinese Imports and Oil Price = 0.87 (20) 0 0 1/99 10/03 7/01 4/06 20 20 4/99 1/04 10/01 7/06 40 40 7/99 4/04 1/02 10/06 60 60 10/99 7/04 4/02 1/07 80 80 1/00 10/04 7/02 4/07 100 100 4/00 1/05 10/02 7/07 120 120 7/00 4/05 1/03 10/07 (20) 10/00 7/05 4/03 1/08 1/01 10/05 7/03 4/08 4/01 1/06 Million Barrels of Oil NYMEX Light Sweet Crude, US$/bbl Imports Exports Oil Price Updated:04/09/08 Source: Customs General Administration; NYMEX

18 China China's Impact on the Coal Market Increased Chinese coal imports may lead to sustained, increased coal prices Chinese Coal Imports and Exports Correlation of Chinese Imports and API4 Price = 0.64 (12) 180- 1/02 4/05 (10) 150- 4/02 7/05 (8) 120- 7/02 10/05 (6) 90- 10/02 1/06 (4) 60- 1/03 4/06 (2) 30- 4/03 7/06 0 0 7/03 10/06 2 30 10/03 1/07 4 60 1/04 4/07 6 90 4/04 7/07 8 120 7/04 10/07 10/04 1/08 1/05 4/08 Million Tonnes API4 $/Tonne Imports Exports Net Imports API4 04/09/08 Updated: Source: Customs General Administration; McCloskey

19 Decreasing exports and increasing imports change China to a net importer China China's Import Sources (Monthly) s Import Sources (Monthly) (2) 1/02 1/04 1/06 Other 0 4/02 4/04 4/06 Russia 2 7/02 7/04 7/06 Mongolia 4 10/02 10/04 10/06 Korea DPR 6 1/03 1/05 1/07 Australia 8 4/03 4/05 4/07 Indonesia 10 7/03 7/05 7/07 Vietnam 12 10/03 10/05 10/07 Exports Imports & Exports (Million Tonnes) Net Exports Updated: 04/08/08 Source: Customs General Administration

20 China Coal Production (Monthly) Production doubled since 2001; increase is greater than entire U.S. industry 0 1/99 1/02 1/05 1/08 50 7/99 7/02 7/05 100 1/00 1/03 1/06 150 7/00 7/03 7/06 200 1/01 1/04 1/07 250 7/01 7/04 7/07 Million Tonnes 04/09/08 Updated: Source: China Economic Information Net

21 Growth in World Steel Production China continues to drive Blast Furnace Injection steel production, strengthening worldwide demand for metallurgical coal 0 1997 2004 Million Tonnes European Union 200 1998 2005 Other China 400 1999 2006 South America 600 2000 2007 North America 800 2001 2008F Japan 1,000 2002 2009F Commonwealth of 1,200 2003 Independent States Source: International Iron & Steel Institute; McCloskey

22 International Steel Prices Global steel prices have doubled over the past two years 300 1/06 11/06 9/07 400 2/06 12/06 10/07 500 3/06 1/07 11/07 600 4/06 2/07 12/07 700 5/06 3/07 1/08 800 6/06 4/07 2/08 900 7/06 5/07 3/08 1,000 8/06 6/07 4/08 1,100 9/06 7/07 1,200 10/06 8/07 Hot-Rolled Coil Steel, $/Tonne EU Domestic China Export, FOB main China Port CIS Export, Black Sea/Baltic Sea USA East of Mississippi River 04/07/08 Updated: Source: Metal Bulletin

23 Steel, Coke and Coal Price Relationship Chinese steel, coke and imported coking coal prices are all at historic highs 0 1/01 7/03 1/06 100 4/01 10/03 4/06 200 7/01 1/04 7/06 300 10/01 4/04 10/06 400 1/02 7/04 1/07 500 4/02 10/04 4/07 600 7/02 1/05 7/07 700 10/02 4/05 10/07 800 1/03 7/05 1/08 900 4/03 10/05 4/08 $/Tonne China Export Hot-Rolled Coil Steel, FOB main China Port China Coke Export Price Australian Hard Coking Coal, FOBT 04/07/08 Updated: Source: Metal Bulletin, Steel Business Briefing Commodities Research, McCloskey

24 Japanese Coal Inventories Inventories have decreased 43% since the beginning of 2006 0 1/01 4/03 7/05 10/07 20 4/01 7/03 10/05 1/08 40 7/01 10/03 1/06 4/08 60 10/01 1/04 4/06 80 1/02 4/04 7/06 100 4/02 7/04 10/06 120 7/02 10/04 1/07 140 10/02 1/05 4/07 160 1/03 4/05 7/07 Index, 2000 = 100 Updated: 04/07/08 Source: Ministry of Economy, Trade and Industry - Japan

25 International Thermal Coal Prices Coal prices have doubled over the past year API2 and API4 0 1/07 4/09 20 4/07 7/09 40 7/07 10/09 60 10/07 1/10 80 1/08 4/10 100 4/08 7/10 120 7/08 10/10 140 10/08 160 1/09 $/Tonne API2 Prompt Quarter API2 Forward API4 Prompt Quarter API4 Forward Implied Freight Updated: 04/04/08 Source: McCloskey

26 International Thermal Coal Prices Coal prices have doubled over the past year API4 0 1/07 4/09 20 4/07 7/09 40 7/07 10/09 60 10/07 1/10 80 1/08 4/10 100 4/08 7/10 120 7/08 10/10 140 10/08 160 1/09 $/Tonne API4 Prompt Quarter API4 Forward, 4/4/08 API4 Forward, 3/7/08 API4 Forward, 1/18/08 API4 Forward, 10/5/07 Updated: 04/04/08 Source: McCloskey

27 International Thermal Coal Prices Coal prices have doubled over the past year 0 1/00 7/02 1/05 7/07 20 4/00 10/02 4/05 10/07 40 7/00 1/03 7/05 1/08 60 10/00 4/03 10/05 4/08 80 1/01 7/03 1/06 100 4/01 10/03 4/06 120 7/01 1/04 7/06 140 10/01 4/04 10/06 160 1/02 7/04 1/07 180 4/02 10/04 4/07 $/Tonne NW Europe Steam Japan CIF Steam Marker Newcastle FOB Richards Bay FOB Updated: 04/04/08 Source: McCloskey Recent Newcastle Settlement = $125/Tonne

28 International Coking Coal Prices Coal prices have tripled over the past year 0 50 100 150 200 250 300 350 2001 2002 2003 2004 2005 2006 2007 2008E $/Tonne, FOBT Vessel Hard Coking Low Vol PCI Semi-soft Source: McCloskey Estimated Recent Settlement = $300 - 333/Tonne

29 Freight Rates to Rotterdam Rates from Hampton Roads to Rotterdam are $5 and $17 lower than Richards Bay Coal Terminal and Queensland 0 1/06 1/08 Queensland 10 4/06 4/08 Richards Bay 20 7/06 Hampton Roads 30 10/06 U.S. Gulf 40 1/07 Bolivar 50 4/07 60 7/07 70 10/07 $/Tonne Updated: 04/04/08 Source: McCloskey Note: Rates are for capesize vessels, except for U.S. Gulf, which is Panamax

30 Rail Deliveries to Hampton Roads Terminals Since July 2007, U.S. CAPP exports have significantly increased 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 200 2008 400 2007 600 2006 800 2005 1,000 1,200 Week Weekly Shipments, Thousand Tons Updated: 04/07/08 Source: Genscape

31 Cumulative Rail Deliveries to Hampton Roads Year-to-date 2008 exports are approximately 65% greater than 2007 0 1 15 29 43 2008 5 3 17 31 45 2007 10 5 19 33 47 2006 15 7 21 35 49 2005 20 9 23 37 51 25 11 25 39 30 13 27 41 Week Cumulative Shipments, Million Tons Updated: 04/07/08 Source: Genscape

32 Majority of Power Plants are in Eastern U.S. Growing U.S. coal demand is in close proximity to eastern coal basins. .. Coal-fueled plants East of Mississippi River represent - 71% of U.S. coal plant capacity - 58% of 2007 coal use at 781 Mt .. Planned new coal-fueled scrubbed generation is projected at 92 Mt Plant Scrubber Status Location of Coal-Fueled Generating Plants MTPY Scrubbed 222 Planned 102 Unscrubbed 322 Source: Platts, EIA, Public Filings, Patriot Estimates

33 U.S. Coal Inventories by Supply Region CAPP, NAPP and ILB days burn inventories are heading down Powder River Basin 25 1/03 4/04 7/05 10/06 1/08 35 4/03 7/04 10/05 1/07 45 7/03 10/04 1/06 4/07 55 10/03 1/05 4/06 7/07 65 1/04 4/05 7/06 10/07 Days of Burn Updated: 04/08/08 Source: EVA Illinois Basin 25 1/03 4/04 7/05 10/06 1/08 35 4/03 7/04 10/05 1/07 45 7/03 10/04 1/06 4/07 55 10/03 1/05 4/06 7/07 65 1/04 4/05 7/06 10/07 Days of Burn Updated: 04/08/08 Source: EVA Northern Appalachia 25 1/03 4/04 7/05 10/06 1/08 35 4/03 7/04 10/05 1/07 45 7/03 10/04 1/06 4/07 55 10/03 1/05 4/06 7/07 65 1/04 4/05 7/06 10/07 Days of Burn Updated: 04/08/08 Source: EVA Central Appalachia 25 1/03 4/04 7/05 10/06 1/08 35 4/03 7/04 10/05 1/07 45 7/03 10/04 1/06 4/07 55 10/03 1/05 4/06 7/07 65 1/04 4/05 7/06 10/07 Days of Burn Updated: 04/08/08 Source: EVA

34 U.S. Coal Inventories by Supply Region CAPP, NAPP and ILB inventories are heading down Northern Appalachia 0 1/03 7/05 1/08 10 4/03 10/05 20 7/03 1/06 30 10/03 4/06 40 1/04 7/06 50 4/04 10/06 60 7/04 1/07 70 10/04 4/07 80 1/05 7/07 90 4/05 10/07 Million Tons Updated: 04/08/08 Source: EVA Illinois Basin 0 1/03 7/05 1/08 10 4/03 10/05 20 7/03 1/06 30 10/03 4/06 40 1/04 7/06 50 4/04 10/06 60 7/04 1/07 70 10/04 4/07 80 1/05 7/07 90 4/05 10/07 Million Tons Updated: 04/08/08 Source: EVA Powder River Basin 0 1/03 7/05 1/08 10 4/03 10/05 20 7/03 1/06 30 10/03 4/06 40 1/04 7/06 50 4/04 10/06 60 7/04 1/07 70 10/04 4/07 80 1/05 7/07 90 4/05 10/07 Million Tons Updated: 04/08/08 Source: EVA Central Appalachia 0 1/03 7/05 1/08 10 4/03 10/05 20 7/03 1/06 30 10/03 4/06 40 1/04 7/06 50 4/04 10/06 60 7/04 1/07 70 10/04 4/07 80 1/05 7/07 90 4/05 10/07 Million Tons Updated: 04/08/08 Source: EVA

35 CAPP Rail Prices CAPP Rail Prices CAPP thermal prices are strong, as production declines and exports remain robust CSX Big Sandy/Kanawha, 12,500 BTU, 1.60 lbs. SO2 0 1/05 7/08 12/11 Prompt Month 20 7/05 12/08 Forward, 4/8/08 40 1/06 7/09 Forward, 3/7/08 60 7/06 12/09 Forward, 1/18/08 80 1/07 7/10 Forward, 10/3/07 100 7/07 12/10 120 1/08 7/11 $/Ton Updated: 04/08/08 Source: ICAP

36 CAPP Barge Prices CAPP barge prices have also strengthened in the tight market Big Sandy River, 12,000 BTU, 1.20 lbs. SO2 0 1/05 7/08 12/11 Prompt Month 20 7/05 12/08 Forward, 4/8/08 40 1/06 7/09 Forward, 3/7/08 60 7/06 12/09 Forward, 1/18/08 80 1/07 7/10 Forward, 10/3/07 100 7/07 12/10 120 1/08 7/11 $/Ton Updated: 04/08/08 Source: ICAP

37 NAPP Prices NAPP prices strengthen, as inventory levels decline MGA, 13,000 BTU, 4.0 - 4.5 lbs. SO2 0 1/05 7/08 12/11 Prompt Month 20 7/05 12/08 Forward, 4/8/08 40 1/06 7/09 Forward, 3/7/08 60 7/06 12/09 Forward, 1/18/08 80 1/07 7/10 Forward, 10/3/07 100 7/07 12/10 120 1/08 7/11 $/Ton Updated: 04/08/08 Source: ICAP

38 Illinois Basin Prices Illinois Basin Prices Illinois Basin prices also strengthen, as global coal market tightens ILB Barge, 12,000 BTU, 5.0 lbs. SO2 0 1/05 7/08 12/11 Prompt Month 20 7/05 12/08 Forward, 4/8/08 40 1/06 7/09 Forward, 3/7/08 60 7/06 12/09 Forward, 1/18/08 80 1/07 7/10 Forward, 10/3/07 100 7/07 12/10 120 1/08 7/11 $/Ton Updated: 04/08/08 Source: ICAP Note: The quality specifications of Patriot's ILB products are considerably different than the product priced by ICAP. As a result, this ICAP chart only provides indicative trends for Patriot's ILB lower-priced products.

39 Norfolk Southern Price Premium Recent NS/CSX price spreads are at historical highs NS vs. CSX Low Sulfur 20 1/05 12/09 NS-T/K; 12,500 BTU; 1.60 lbs. SO2 30 7/05 7/10 NS-T/K; 12,500 BTU; 1.60 lbs. SO2 Forward, 4/8/08 40 1/06 12/10 CSX-BSK; 12,500 BTU; 1.60 lbs. SO2 50 7/06 7/11 CSX-BSK; 12,500 BTU; 1.60 lbs. SO2 Forward, 4/8/08 60 1/07 12/11 70 7/07 80 1/08 90 7/08 100 12/08 110 7/09 $/Ton Updated: 04/08/08 Source: ICAP

40 Inland River Barge Fleet Shrinking barge supply and higher new build costs are driving up barge rates .. Over the last 5 years, cost of new barge construction has gone from $250K up to $600K .. Total fleet size has decreased since 1999 .. Current rate from Big Sandy to New Orleans is $18-20 per ton .. Rate increase of at least 100% is due to the rise in fuel costs and new barge construction costs Total Dry Fleet by Barge Type 0 5,000 10,000 15,000 20,000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Open Covered Total

41 Fundamentals are favorable for continued upside potential Market Summary .. Developing countries are driving major increases in global coal demand .. Pressures on the transportation infrastructure, weather-related events, and regulations are constraining coal supply .. Thermal & metallurgical prices reflect the supply/demand imbalance .. Markets indicate continued strength in forward coal prices .. Fundamentals driving global & U.S. markets are the best in the past 30 years

42 What does this mean for Patriot? Increased Exports Higher Prices Volume Growth New Markets

43 Patriot + Magnum Why this is the RIGHT DEAL

44 The "Vision" Achieve an industry leading position by: Becoming the best managed company in the industry Running all operations in a safe, low-cost and efficient manner Executing value-enhancing sales, trading and business development transactions Maintaining a conservative financial stance

45 Magnum Strengths Magnum is a well-established producer & marketer Strong Asset Base o Substantial reserve base with long reserve life of 30+ years o High-quality thermal & metallurgical coal o Strategically located assets in Central Appalachia with scale and scope advantages Safe, Efficient & Productive Operations o Low cost operations o Good balance of surface & underground operations o Attractive organic growth platform Balanced Contract Backlog o Over 40% of 2009 and 70% of 2010 production volumes unpriced o Unpriced position provides upside in strong pricing environment o Recent transactions have captured favorably priced multi-year business High-Quality Organization o Capable & experienced management and operating team o Numerous executives & managers from some of the largest, most successful industry players

46 Magnum Transaction Benefits Solidifies Patriot as a leading U.S. coal company Economies of Size, Scale & Scope o Significant commercial, operating & administrative synergies o Expanded resource base (reserves, equipment, human, other) o Opportunity to leverage existing systems & infrastructure Diversification of Resource Base o Magnum surface mining balances underground mining at Patriot o Combined resource portfolio provides enhanced long-term opportunities for low-cost organic growth Optimization of Mining Operations o Substantial unpriced volume o Ability to increase metallurgical coal production & sales o Improved trading & brokerage opportunities o Optimize sourcing from larger set of operations Optimization of Coal Sales Portfolios o Identify & incorporate best safety, engineering & operating practices from both organizations o Multiple quality & transportation options o Creates a larger platform for business development activities

47 Magnum Transaction Summary .. Purchase price of ~$709 million, based on 4/2/08 closing price of PCX - 100% stock consideration - 11.9 million newly-issued shares of PCX common stock - Assumption of ~$150 million of Magnum debt .. Bridge financing in place for $150 million of assumed debt - Permanent financing expected by closing .. Existing Patriot revolving credit facility amended to accommodate the transaction .. Subject to regulatory & PCX stockholder approval, and other customary closing conditions .. Expected closing around mid-year

48 Magnum Reserves and Operations Mining Method Reserve Control Leased 94.0% Owned 6.0% Compliance 58.4% Noncompliance 41.6% Workforce(2) Apogee Jupiter Hobet Campbell's Creek Panther Remington/ Samples WV (tons in millions) Mining Complex 2007 Production Hobet 4.1 Samples 3.4 Apogee 3.0 Panther 1.8 Jupiter 1.5 Remington 1.4 Campbell's Creek 0.8 2007 Production 16.1 Total Reserves 606.6 Union 44% Non-Union 52% Contractor 4% Underground 31% Surface 69% Coal Quality(1) 1. Based on percentage of 2007 production volume. 2. Workforce is estimated based on volumes produced by respective groups in 2008.

49 Overlay of Patriot and Magnum Properties Contiguous Appalachian properties create synergistic opportunities Hobet Harris Rocklick Wells Jupiter Samples Big Mountain Winifrede Dock Chelyan Dock Panther Campbells Creek Kanawha Eagle Remington Apogee Kopperston Loadout Magnum Patriot Joint Ownership

50 Balanced Asset Mix Magnum combination improves Patriot's asset mix .. Additional met coal production in 2008 .. More low-sulfur thermal coal production .. Surface vs. underground diversification .. Increased reserves of compliance coal Met vs. Steam Union vs. Non-Union Patriot Magnum Combined Underground vs. Surface Met 23% Steam 77% Underground 89% Surface 11% Union 49% Non-Union 26% Contractor 25% Met 0% Steam 100% Underground 31% Surface 69% Union 44% Non-Union 52% Contractor 4% Met 14% Steam 86% Underground 64% Surface 36% Union 46% Non-Union 38% Contractor 16% --------------------------- Based on 2007 production volume.

51 Substantial High Value Resource Base The combined company will have a higher-quality, more diversified base of reserves .. Includes high-value metallurgical coal .. $150 million of funded debt ~$.08 / ton of reserves Combined Proven & Probable Reserves of 1.869 billion tons (12/31/07) (tons in millions) Proven Probable Metallurgical Steam Surface Underground Owned Leased Btu Content (lbs Sulfur Dioxide/Mmbtu) 1.2 to >2.5lbs 2.5lbs NAPP 44 15 - 59 - 59 39 20 - - 59 CAPP 735 399 209 925 147 987 225 909 231 716 187 ILB 326 350 - 676 33 643 410 266 5 38 633 1,105 764 209 1,660 180 1,689 674 1,195 236 754 879 E/V Reserves(1) Transaction E/V Reserves $1.08 $1.27 $1.30 $1.91 $2.20 $2.84 $5.08 0 1 2 3 4 5 6 ANR ACI JRCC BTU ICO Magnum PCX $ / ton ` $1.27 $1.55 $1.86 $4.31 $4.36 $11.71 0 2 4 6 8 10 12 14 ANR/ Nicewonder Cleveland-Cliffs/ PinnOak JRCC/ Triad CONSOL/ Amvest NRP/ Dingess-Rum Magnum Transaction $ / ton --------------------------- 1. Multiples are based on 2007A data. Multiples as of 3/07/08.

52 Solidifies Patriot Position as Premier CAPP Producer Solidifies Patriot Position as Premier CAPP Producer 2007 Reserves (millions of tons) 2007 Production (millions of tons) Patriot will become a leading U.S. producer and reserve holder --------------------------- Based on most recent available information. Production Holder Tonnage 1 Peabody 192.5 2 Rio Tinto 137.8 3 Arch 125.4 4 Foundation 71.9 5 Consol 64.6 6 Massey 39.5 COMBINED 37.6 7 NACCO 34.0 8 Kiewit 32.5 9 Westmoreland 30.0 10 Alpha 28.4 11 Luminant Mining 26.0 12 Alliance 24.3 13 Murray Energy 24.0 14 Patriot 21.5 15 ICG 16.6 16 Magnum 16.1 17 BHP 15.3 18 PacifiCorp 14.3 19 Chevron Mining 12.0 20 James River 11.2 21 Trinity Coal 9.0 22 TECO Coal 8.7 23 Richard Gilliam 7.6 24 Rhino Energy 7.3 25 Jim Booth 6.8 Estimated Holder Reserves 1 U.S. Government 89,000 2 Great Northern Properties 20,000 3 Peabody 8,228 4 Consol 3,918 5 Arch 2,898 6 NACCO 2,335 7 Massey 2,224 8 Natural Resource Partners 2,145 COMBINED 1,869 9 Pocahontas Land Corp (Norfolk Southern) 1,750 10 Murray Energy 1,700 11 Foundation 1,585 12 Alliance 1,269 13 Rio Tinto 1,262 14 Patriot 1,262 15 ICG 932 16 Penn Virginia Resource Partners 818 17 Luminant Mining 718 18 Alpha 618 19 Magnum 607 20 Kiewit 600 21 BNI Coal 600 22 Kentucky River Properties 570 23 Westmoreland 415 24 BHP 319 25 Black Hills Corp. 280

53 Panther Overview Asset Summary Panther Operations .. Commenced operations in December 2001 .. Located in Kanawha and Boone counties, West Virginia .. Reserves of over 70 million tons located in two coal seams: - Eagle seam - Powellton seam .. Long reserve life - Eagle seam longwall production continues through 2017 .. High quality compliance / high volatile metallurgical coal .. Close proximity to both Kanawha River and CSX rail loading facilities at Samples .. Major recent investments to enhance productivity and production for future years

54 Apogee Overview Apogee Operations Asset Summary .. Mining operations commenced at Apogee in 1912 - One surface mine (truck and shovel) .. Located in Logan County, West Virginia .. Reserve base of approximately 7 million tons .. High quality compliance steam coal .. Coal is trucked to on-site preparation plant and loadout facility - On-site preparation plant with capacity of 600 ROM tons per hour - Operations include a state-of-the-art 4-hour CSX rail loadout facility

55 Samples Overview Samples Operations Asset Summary .. Samples operations include one surface and highwall miner operation .. Mining operations commenced in early 1900s .. Located in Kanawha, Boone and Raleigh Counties, West Virginia .. Reserve base of nearly 60 million tons .. High quality steam coal .. Facilities include state-of-the-art 4-hour CSX rail loadout facility at Samples .. Flexibility to reach the Kanawha River by truck .. Reserve and rail synergies with both Panther and Remington

56 Overview Overview Hobet Operations Asset Summary .. Mining operations commenced in 1975 .. Located in Boone and Lincoln Counties, West Virginia .. Substantial reserves of more than 200 million tons; over 96,000 acres under lease .. Hobet is primarily a dragline surface operation .. High quality compliance steam coal .. Coal is transferred by belt to an on-site preparation plant and loadout facility - On-site preparation plant with capacity of 1,400 ROM tons per hour - Operations include a state-of-the-art 4-hour CSX rail loadout facility .. Potential synergies with neighboring operations

57 Summary of Transaction Benefits Solidifies Patriot as a leading U.S. coal company .. Economies of size, scale & scope .. Diversification of resource base .. Optimization of coal sales portfolios .. Optimization of mining operations

58 Investment Thesis Right Team .. Successful management & operating team .. Experienced Board of Directors Right Assets .. Large & attractively located reserve base .. Leading U.S. producer of high-quality metallurgical coal .. Diversified product line, customer base & transportation capabilities Right Time .. Strong fundamentals in all key markets .. Significant unpriced coal portfolio .. Fragmented CAPP market creates M&A opportunities Right Plan .. Tightly managed operations with emphasis on safety, cost & revenue optimization .. Aggressive focus on financial performance & stockholder value .. Targeted organic & acquisition growth strategy

Presentation to New York Coal Trade Association April 2008