|Cabot Oil & Gas Announces Horizontal Drilling Success|
County Line and Hurricane Positives Continue
HOUSTON, Nov. 15 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced additional horizontal drilling success at its County Line project in east Texas, along with news on horizontal drilling from its shale program in West Virginia. Cabot continues to expand the County Line James field with another successful completion, the Timberstar Redditt #2 (working interest 100%), which was recently completed with an initial production rate of 13 Mmcf per day at 1,725 lbs. flowing casing pressure. This well reached a total measured depth of 12,860 feet with a 5,400-foot lateral in the James Lime formation.
"This is the fifth of six horizontal James wells to have an initial production rate of 9 Mmcf per day or better," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "The consistency of these recent results has given Cabot the confidence to drill two additional wells in 2007 and to expand its 2008 effort at County Line to 32 horizontal James wells." The field (at the date of this release) is producing approximately 20 Mmcfe per day. Cabot and the pipeline operator are constructing additional takeaway capacity that is anticipated to be completed in the first quarter of 2008. Dinges added, "This expansion of pipeline capacity will increase throughput from the field by a factor of at least three from the existing 20,000 Mmcf per day."
In the East Region, Cabot recently reached total depth on its third horizontal well in its fall drilling program since September. The Meadows A #1H (working interest 100%) reached a total depth of 6,816 feet with a 3,530-foot lateral in the Huron shale. This well encountered a natural flow in excess of 1.0 Mmcf per day while drilling. The well will be hooked up to the existing infrastructure and commence producing immediately. "The well was drilled in 18 days at a cost of less than $600,000," said Dinges. "We plan to drill two more Huron shale wells in 2007, plus 19 wells in 2008 to further develop this field."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid-Continent; the East and in Canada. For additional information, visit the Company's Internet homepage at http://www.cabotog.com.
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.
SOURCE Cabot Oil & Gas Corporation