|Cabot Oil & Gas Announces New Gulf Coast Production|
HOUSTON, Feb. 22 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced two successful well completions in the Gulf Coast region that together have increased production a total of 8.8 Mmcfe per day, 7.0 Mmcfe per day net to the Company. One of the wells is the Company's first offset to its discovery well in the Easter prospect in South Texas and the other is the first recompletion on the newly acquired Oryx properties in South Louisiana.
The Cooper 2-2 well in Texas, was a successful offset well completed in the Cruel Sandstone of the Wilcox Formation. This well includes multiple perforations between 11,736 feet and 11,864 feet, providing an initial production flow rate of 5.4 Mmcfe per day with a flowing tubing pressure 5,225 psi. Current production from the well is 6.0 Mmcfe per day at 5,050 psi flowing tubing pressure. The Company has a 70% working interest in the well. At the present time, another offset is currently drilling, the Cooper 2-3, with yet another two offsets planned later this summer.
The Belle Isle well in South Louisiana was successfully recompleted in a Miocene "P" stray sand at nearly 14,000 feet. The initial test rate was 493 barrels of oil per day and 1,050 Mcf per day on a 24/64" choke with a flowing tubing pressure of 940 psi. The current producing rate is 2.8 Mmcfe per day from this 100% working interest well. First production from this well occurred on February 12, less than 45 days after the closing date of the acquisition.
Ray R. Seegmiller, President and CEO stated, "These successes highlight our continuing drill bit focus in our Gulf Coast Region. The highly prospective Easter area now is producing 17.4 Mmcfe per day from two wells. The initiation of the southern Louisiana workover program is progressing at an aggressive pace." Seegmiller added, "In the acquisition of properties from Oryx, we acquired many inactive well bores on which we placed little value but felt many of these had significant recompletion upside. This prolific production is from the first of these wells."
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