HOUSTON, March 20 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation
(NYSE: COG) today announced that the Company and its partners bid on 16 blocks
at the recent Central Gulf of Mexico Outer Continental Shelf Sale 185, and
were the apparent successful bidder on 12 blocks. These 12 blocks would be
operated by Cabot and are focused on moderate depth exploration targets on the
shelf. Cabot's apparent high bids total $6.5 million net to the Company.
"This is our first extensive effort offshore and I am pleased with the
outcome," said Dan O. Dinges, Chairman and Chief Executive Officer. "Acreage
and quality prospects are key to success in this industry. This sale provides
Cabot with a base set of leases from which to grow." Dinges added, "We see
the offshore arena as a complement to our existing onshore Gulf Coast program
and another focus area for investment opportunities, along with the Rocky
Mountains, Mid-Continent, East and Canada."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading
domestic independent natural gas producer and marketer with substantial
interests in the Gulf Coast, including Texas and Louisiana; the West, with the
Rocky Mountains and Mid-Continent; and the East. 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