|Cabot Oil & Gas Reports Horizontal Success in Marcellus|
-- The Black 1H recorded a 24-hour into sales line production rate of 8.8
"These two horizontal wells reinforce our expectation that the Marcellus
play is very prolific," said
Cabot's first horizontal well, the Ely 6H, continues to exceed expectations. This well was completed in two three-stage increments, with all six fracs being completed in early December. The 24-hour initial sales production was 6.4 Mmcf per day. "This rate has held up strong, averaging 5.3 Mmcf per day into sales for the first 30 days," commented Dinges. "This well has now been in production for 60 days, and the most recent 24-hour test rate was 5.0 Mmcf, along with consistent pressure levels."
"These three wells have filled Cabot's existing capacity of 21 Mmcf per day, temporarily shutting in the production for our vertical wells," stated Dinges. "We will have added capacity up to 30 Mmcf per day by the end of March, moving to 65 Mmcf per day by the end of May." Dinges added, "We are making every effort to accelerate this expansion, as we have two more horizontal completions scheduled for March."
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