|Development Drilling Success in South Louisiana for Cabot Oil & Gas|
HOUSTON, June 8 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced another successful completion of a well drilled in south Louisiana. The BINVUA #1-87, a development well in the Belle Island field, St. Mary Parish, Louisiana, was drilled to a total depth of 11,961 feet and found 112 feet of net productive sand in multiple Miocene sandstones.
The Miocene H1 sand tested at 5.2 Mmcf per day with a flowing tubing pressure of 1,450 psi on a 22/64" choke through perforations at 10,724-10,754 feet. The Miocene G sand was perforated between 10,470-10,554 feet and tested at 11.2 Mmcf per day with a flowing tubing pressure of 3,375 psi on an 18/64" choke. The well is a dual completion and is currently flowing to sales. Cabot Oil & Gas owns a 100% working interest and an 80.88% net revenue interest in the well.
Commenting on this well, Ray Seegmiller, Chairman and Chief Executive Officer, stated, "This well highlights the first of several drilling prospects we believe exist on the Oryx properties which were acquired in late 1998. During 1999, through the reprocessing and interpreting of 3-D seismic data that came with the acquisition, this prospect was identified. Cabot plans to drill eight more wells in 2000 on these properties."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the onshore Texas and Louisiana Gulf Coast, Rocky Mountains, Appalachia and in the Mid-Continent. For additional information, visit the Company's internet homepage at 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