HOUSTON, April 14 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation
(NYSE: COG) today announced that the Continental Land & Fur 8-1 well in
Terrebonne Parish, Louisiana, which was drilled to a total depth of
14,422 feet and encountered 94 feet of pay, has now been successfully tested
at a maximum rate of 12.4 million cubic feet (Mmcf) per day of natural gas,
plus 480 barrels of condensate per day with no water at a flowing tubing
pressure of 8,998 psi. Facility construction is underway with production
anticipated in June 2004 at a stabilized rate of 15-20 million cubic feet
equivalent (Mmcfe) per day. The Company has already spud a planned offset to
the well. Cabot has a 75% working interest and operates both wells with
partner Walter Oil & Gas Corporation.
"The results of the test reinforce the early indications of another nice
discovery on the CL&F acreage in South Louisiana and its positive effect on
our production profile," stated Dan O. Dinges, Chairman, President and Chief
Executive Officer. "Since 1999, Cabot has had nine successes in 14 attempts
in this area. The offset location is currently drilling and expected to reach
the total depth by June 1, 2004."
Cabot's drilling program at the Raymondville Field in Willacy County,
Texas continues to generate outstanding results since its acquisition in
August 2001 as part of the Cody acquisition. Cabot has drilled 20 consecutive
successful wells in the field, ranging in depth from 4,000 feet to 14,500 feet
and has been successful on 30 of 34 workover attempts in the field.
Production has increased roughly four-fold, from approximately 9 Mmcfe per day
gross (5.0 net) to a recent peak of 38 Mmcfe per day gross (20.0 net). Cabot
plans to drill 12 wells in 2004. To date, five wells have been placed on line
with seven wells waiting to be drilled or completed. Additional drilling
locations are being evaluated.
"Over the last 6-8 months the development of the Raymondville field has
exceeded our expectations in regard to our production forecast," added Dinges.
"The 15 Mmcfe per day that has been added is equivalent to the CL&F 8-1
discovery in terms of importance."
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 an expansion effort 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