|Cabot Oil & Gas Continues Successful Drilling Program (New High Producing Well in Appalachia)|
HOUSTON, Aug. 19 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced its fifth significant exploration drilling success in the Appalachia region in the last 10 months with the completion of the Pocahontas Land M-#16 well. The well was drilled to a total depth of 3,618 feet to the Pocono formation. It was completed open hole and tested 12 million cubic feet of gas per day. Cabot Oil & Gas has a 100 percent working interest in this well. To date in 1998, the Company has drilled 16 exploration wells at a 63 percent success rate in Appalachia.
The discovery tested approximately 12,000 undeveloped acres of a larger 48,000 acre lease located in McDowell county in southern West Virginia. Production from this well is anticipated to reach 1.5 million cubic feet of gas per day. Several offset wells have been staked with drilling scheduled to start later this year.
"This latest discovery is one more example of the untapped resources we have in our vast acreage position in Appalachia," said Ray R. Seegmiller, President and CEO. "The Pocahontas Land M-#16 well expands our area of prolific discoveries from Pennsylvania to southern West Virginia, reinforcing our exploration efforts."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Appalachia, Anadarko, Rocky Mountain, and Gulf Coast regions. For additional information about Cabot Oil & Gas Corporation, 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 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