|Cabot Oil & Gas Corporation Completes Asset Sale and Asset Purchase|
HOUSTON, Oct. 6 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today that last week it completed the sale of its Meadville properties in Northwest Pennsylvania for $92.5 million to Lomak Petroleum, Inc. The Company also completed its $44 million purchase of the Green River Basin assets in Wyoming from Equitable Resources Energy Company, that included 74 Bcfe of reserves, 65 wells and 70 additional drilling locations. Both of these transactions were closed under the originally announced terms.
Charles P. Siess, Jr., Chairman and Chief Executive Officer stated, "We are pleased with the favorable impact these transactions will have on our portfolio of assets. We have plans to drill eleven wells on this newly acquired acreage in 1997." Siess added, "We continue to look for additional acquisitions that will effectively utilize the remaining proceeds from the Meadville sale."
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 the Company, visit COG'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