HOUSTON, March 3 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation
(NYSE: COG) today announced the completion of its second and third horizontal
wells in its Marcellus play in eastern Pennsylvania. Both wells experienced
24-hour initial production rates in excess of 8 Mmcf per day.
-- The Black 1H recorded a 24-hour into sales line production rate of 8.8
Mmcf per day from a seven-stage frac.
-- The Black 2H production rate for the 24-hour period was 8.3 Mmcf per
day into the sales line from a four-stage frac.
"These two horizontal wells reinforce our expectation that the Marcellus
play is very prolific," said Dan O. Dinges, Chairman, President and Chief
Executive Officer. "We have our first three horizontal wells producing to
sales at greater than 20 Mmcf per day. With our continuing completion
enhancements and 30 additional horizontal wells scheduled for 2009, I expect
significant production and reserve additions from the Marcellus this year."
Cabot's first horizontal well, the Ely 6H, continues to exceed
expectations. This well was completed in two three-stage increments, with all
six fracs being completed in early December. The 24-hour initial sales
production was 6.4 Mmcf per day. "This rate has held up strong, averaging 5.3
Mmcf per day into sales for the first 30 days," commented Dinges. "This well
has now been in production for 60 days, and the most recent 24-hour test rate
was 5.0 Mmcf, along with consistent pressure levels."
"These three wells have filled Cabot's existing capacity of 21 Mmcf per
day, temporarily shutting in the production for our vertical wells," stated
Dinges. "We will have added capacity up to 30 Mmcf per day by the end of
March, moving to 65 Mmcf per day by the end of May." Dinges added, "We are
making every effort to accelerate this expansion, as we have two more
horizontal completions scheduled for March."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading
independent natural gas producer with substantial interests in the Gulf Coast,
including Texas and Louisiana; the West, with the Rocky Mountains and
Mid-Continent; the East and in Canada. 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 (including regional basis
differentials) 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 filings.
SOURCE Cabot Oil & Gas Corporation
CONTACT: Scott Schroeder, +1-281-589-4993,
for Cabot Oil & Gas