HOUSTON, Oct 25, 2010 /PRNewswire via COMTEX/ --
Cabot Oil & Gas Corporation (NYSE: COG) today announced its third successful Eagle Ford oil shale completion. The Arminius Energy Trust #2H was drilled to a measured depth of 13,175' with a 4,325' lateral. The well was completed with a 15-stage frac resulting in a 24-hour production rate of 547 barrels of oil equivalent (504 bbls + 256 Mcf) per day. "We completed this well with 15 stages versus 20 stages on our last well and the well continues to cleanup with only 10 percent flowback to date," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "The first well on this lease remains at 787 barrels of oil equivalent (579 bbls + 1,250 Mcf) per day after six weeks," Dinges added. "These wells confirm our thesis in the area supporting the idea to dedicate our 2011 south region capital to Eagle Ford oil. We plan to double our south region oil production in 2011 with 18 to 20 net wells in this Buckhorn area and the joint venture with EOG."
The Company recently drilled and completed its first pad with three horizontal wells. The process was to drill each well and then to simultaneously complete the three wells using zipper frac technology. The completed wells have varying lateral lengths from 4,304' to 4,865'. Production from this pad site reached 47.4 Mmcf per day. "The result is impressive and highlights the prolific nature of the wells in our area of operations," commented Dinges. "We continue to expand our multi-well pad sites and are currently drilling the sixth well on our first six-well pad site."
Cabot recently drilled a rank wildcat in Nevada for the Chainman Shale. The Chainman was encountered shallower in the section than anticipated, and the well will be abandoned. "Our play in Nevada is made up of three distinct areas," stated Dinges. "We will take what we learned and shoot some additional seismic before we attempt the next well as there is no imminent lease expiration."
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