Shut-in of Unhedged Rocky Mountain Gas
HOUSTON, Oct. 3 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation
(NYSE: COG) today announced additional horizontal drilling success at County
Line. The Company recently completed the Timberstar Forbis #1 well
(100% working interest), which had a 5,680' foot horizontal leg in the
James Lime formation with an eight-stage frac. The well's initial production
rate was 10.2 Mmcfe and is currently producing to sales at 9.6 Mmcfe per day.
"Last month we highlighted an acquisition of additional acreage in this play
from a major and reinforced our focus in the area due to previous success,"
said Dan O. Dinges, Chairman, President and Chief Executive Officer. "We have
five horizontal James wells planned for the remainder of 2007, and we expect
more in 2008."
In response to continued weakness in Rocky Mountain natural gas prices,
Cabot has shut-in 10 Mmcf per day of the region's gas production for the month
of October. "This represents the portion of our Rocky Mountain production
that is not covered by our hedge portfolio," commented Dinges. "Before taking
this action, we were pleased to have returned to pre-divestiture total Company
daily production volumes of above 240 Mmcfe per day."
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 http://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 of Cabot Oil & Gas Corporation,