HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that the Pennsylvania Department of Environmental Protection (PADEP) has lifted its order and the Company will promptly recommence fracing operations in Susquehanna County, Pennsylvania. "During this three-week assessment period, we have worked closely with the PADEP to develop improved control measures," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "I am very pleased with this resolution and our opportunity to get back to work."
While location building, drilling and pipeline work were not impacted, this fracing delay pushed back some completions. Currently, Cabot has ten horizontal and nine vertical wells in the queue to be completed. "We expect to frac one horizontal well per week for the remainder of the year," stated Dinges, "however, safety and environmental protection will dictate our pace."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer, with its entire resource base located in the continental United States. 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
Scott Schroeder, +1-281-589-4993, of Cabot Oil & Gas Corporation