Cabot Oil & Gas Provides Update Marcellus
Houston, April 28 / PRNewswire-FirstCall / - Cabot Oil & Gas Corporation (NYSE: COG - News) today announced another successful horizontal well, the current level of production in progress and the level and statistics of Pennsylvania Marcellus efforts, including plans to update the disclosure of East Texas .
Marcellus
Cabot recently completed horizontal, Heitzman # 1H, was completed in four stages of FRAC and flowed for sale in 24-hour test, the initial rate of 9.0 Mmcf per day. Currently, the line was five days, and has an average production of 8.8 Mmcf per day during this period.
"This is our best so far the initial rate and gives us further confirmation of the prolific nature of this area for the Marcellus," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "In addition, the production of our first three horizontals reported still hold well."
The first horizontal well, Ely 6H (entered at 6.4 Mmcf per day) and 4.3 Mmcf per day is produced after 105 days on the line. The Black 1H (24-hour pre-sale rate of 8.8 Mmcf per day) had a 30-day average rate of 8.3 Mmcf per day and producing 8.0 Mmcf per day after 60 days on the line. The Black # 2H, after only four stages of FRAC, drawn up for sale in the initial rate of 8.3 Mmcf per day, the 30-day rate of 5.6 Mmcf per day and producing 4.1 Mmcf per day after 60 days.
"Today, these four horizontals collectively produce more than 25 Mmcf per day with our manufacturing capabilities for our current sale of approximately 34 Mmcf per day from these four horizontals and 13 vertical wells," said Dinges. "We continued to make progress on increasing our sales opportunities with the installation of additional compression and dehydration. Capacity is expected to increase to around 50 to 55 Mmcf per day in mid-May and to 85 to 90 Mmcf per day by the end of June, 2009." Cabot also successfully negotiated a second compressor site for additional capacity and will to build this site in the summer. Plans call first gas sales from this site in early 2010.
To date, Cabot has drilled 28 wells in Pennsylvania, eight of the laterals are horizontals stretching to 4000. "There are six platforms operating in Pennsylvania, drilling three horizontal and three vertical wells in the present. The three horizontal and three vertical wells waiting on completion, a horizontal well is currently flowing back.
East Texas
Cabot's East Texas program continues to adapt to the new activity around County Line. The company is committed to 475 million dollars for the year 2009, 47 percent of them are in the East Texas. The company recently presented its timetable includes drilling horizontal Haynesville Lime in Minden and Haynesville shale horizontal well in the County Line. "These wells will further delineate the shale and lime," commented Dinges. "The horizontal shale well is designed to be a successful test of the vertical Von Goetz # 3 well."
Cabot Oil & Gas Corporation, based in Houston, Texas is a leading producer of natural gas with substantial interests in the Gulf Coast, including Texas and Louisiana, the West, the Rocky Mountains and Mid-Continent, and in the East. For additional information, please visit the company's main www.cabotog.com.
Statements concerning future performance and financial results and other statements that are not historical facts contained in this release are forward-looking that involve risks and uncertainties, but not limited to, market factors, the market price (including regional basis of differences) of natural gas and oil, results of future drilling and marketing activity for future production and costs, as well as other factors detailed in the Company's Securities and Exchange Commission applications.
Marcellus
Cabot recently completed horizontal, Heitzman # 1H, was completed in four stages of FRAC and flowed for sale in 24-hour test, the initial rate of 9.0 Mmcf per day. Currently, the line was five days, and has an average production of 8.8 Mmcf per day during this period.
"This is our best so far the initial rate and gives us further confirmation of the prolific nature of this area for the Marcellus," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "In addition, the production of our first three horizontals reported still hold well."
The first horizontal well, Ely 6H (entered at 6.4 Mmcf per day) and 4.3 Mmcf per day is produced after 105 days on the line. The Black 1H (24-hour pre-sale rate of 8.8 Mmcf per day) had a 30-day average rate of 8.3 Mmcf per day and producing 8.0 Mmcf per day after 60 days on the line. The Black # 2H, after only four stages of FRAC, drawn up for sale in the initial rate of 8.3 Mmcf per day, the 30-day rate of 5.6 Mmcf per day and producing 4.1 Mmcf per day after 60 days.
"Today, these four horizontals collectively produce more than 25 Mmcf per day with our manufacturing capabilities for our current sale of approximately 34 Mmcf per day from these four horizontals and 13 vertical wells," said Dinges. "We continued to make progress on increasing our sales opportunities with the installation of additional compression and dehydration. Capacity is expected to increase to around 50 to 55 Mmcf per day in mid-May and to 85 to 90 Mmcf per day by the end of June, 2009." Cabot also successfully negotiated a second compressor site for additional capacity and will to build this site in the summer. Plans call first gas sales from this site in early 2010.
To date, Cabot has drilled 28 wells in Pennsylvania, eight of the laterals are horizontals stretching to 4000. "There are six platforms operating in Pennsylvania, drilling three horizontal and three vertical wells in the present. The three horizontal and three vertical wells waiting on completion, a horizontal well is currently flowing back.
East Texas
Cabot's East Texas program continues to adapt to the new activity around County Line. The company is committed to 475 million dollars for the year 2009, 47 percent of them are in the East Texas. The company recently presented its timetable includes drilling horizontal Haynesville Lime in Minden and Haynesville shale horizontal well in the County Line. "These wells will further delineate the shale and lime," commented Dinges. "The horizontal shale well is designed to be a successful test of the vertical Von Goetz # 3 well."
Cabot Oil & Gas Corporation, based in Houston, Texas is a leading producer of natural gas with substantial interests in the Gulf Coast, including Texas and Louisiana, the West, the Rocky Mountains and Mid-Continent, and in the East. For additional information, please visit the company's main www.cabotog.com.
Statements concerning future performance and financial results and other statements that are not historical facts contained in this release are forward-looking that involve risks and uncertainties, but not limited to, market factors, the market price (including regional basis of differences) of natural gas and oil, results of future drilling and marketing activity for future production and costs, as well as other factors detailed in the Company's Securities and Exchange Commission applications.
