|Cabot Oil & Gas Corporation Announces Successful Exploration Offset Well|
HOUSTON, Jan. 12 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced a successful confirmation well offsetting the Carino #1 Oriskany/Chert discovery in Pennsylvania. The Gray #1 discovery well was drilled to approximately 8,400 feet and was placed on production in mid- December. The new well produces 2.0 Mmcf of gas per day with a flowing casing pressure of 680 psi, while production from the Carino #1 well, which has been on-line since May, 1998, remains at 2.2 Mmcf of gas per day. Cumulative production from the Carino #1 well is 800 Mmcf of gas since being placed on production. Cabot Oil & Gas Corporation has a 78% working interest in the Gray #1 and a 73% working interest in the Carino #1.
"Our Appalachian exploration effort continues to show significant success," commented Ray R. Seegmiller, President and CEO. "This is the third Oriskany/Chert well we have had in the last year that has sustained production rates in excess of 1 Mmcfe per day which is substantially higher than the rates from a typical Appalachian development well." Seegmiller added, "Due to our success to date and the premium price we receive in the eastern gas market, Cabot Oil & Gas Corporation plans to continue its exploration activity in Appalachia during 1999."
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, visit the Company's internet home page 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