MONTROSE, Pa., Feb. 28, 2012 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE:COG) today announced a substantial pledge of funds to the new hospital project being undertaken by the Endless Mountains Health System (EMHS). The Cabot / EMHS Community Match Fund will be launched with a $1 million check from the independent natural gas producer with operations in Susquehanna. The Cabot / EMHS Community Match Fund is structured to leverage additional dollars from other corporations, foundations and the community-at-large. The new fund will be administered by The Community Foundation of the Endless Mountains. Cabot will donate $1 million leadership gift on March 23, 2012 and will match all other donations to the new hospital up to an additional $1 million. The successful campaign will garner a full $3 million toward the new hospital project. The pledge from Cabot Oil & Gas Corporation represents the largest single private donation to the Endless Mountains Health Systems project to date. "Our company is gratified to be a leader in this project and to be advancing superior health care to our neighbors in the Northern Tier," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Similar to jobs and education, available health care helps define a community," Dinges said. "We want to make sure we are investing in all three. Cabot sees this new Match Fund as an excellent investment in our community. We plan to be a major partner on this new hospital project all the way through to completion."
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The donations received through the Match will go directly to funding the construction of the physician's clinic, which requires $5.2 million for completion. The goal is to have the clinic open with the new hospital; its groundbreaking was held last month on January 20th. It will have access to a multi-specialty physician suite, a six-bay emergency department with an airborne infection isolation room, cardiac/trauma room and a helipad. There will be an expanded operating room, additional exam rooms and increased number of beds. The new hospital will be located on land owned by EMHS in Bridgewater Township and will provide top of the line health care while creating jobs for the residents of Susquehanna County.
"A project of this magnitude requires strong public-private partnership to garner the necessary resources to make it all possible," according to Rex Catlin, EMHS Chief Executive Officer. "We are very fortunate to have Cabot so generously providing the leadership and the resources to encourage private investment in our new hospital. Now our medical staff and employees will be in a facility that mirrors their high quality. We are grateful to Cabot for moving us forward in such a significant way."
Cabot is planning a launch event for The Cabot / EMHS Community Match Fund on March 23, 2012 at The Community Foundation for the Endless Mountains. Hospital leaders, elected officials, business and community leaders and regional philanthropists will meet to discuss specific details of the new hospital project, the $1 million Cabot leadership gift and the overall timeline for The Cabot / EMHS Community Match Fund campaign.
Endless Mountains Health Systems is a not-for-profit corporation committed to the operation and development of a health system which provides optimum care within the scope of its abilities. The key elements in the EMHS process are quality, service, safety, cost, flexibility and access. EMHS is a licensed 21-bed acute care hospital, short procedure unit, emergency services, and various ancillary services typically associated with a medical facility. EMHS maintain physician offices, including various specialties on-site and have established a vast referral source for additional off-site specialties.
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. For information specific to the Susquehanna region, visit www.cabotog.com/comm_susquehanna.html
SOURCE Cabot Oil & Gas Corporation
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