Cabot Oil & Gas Provides Operations Update Current Marcellus Production Over 100 Mmcf per Day!
HOUSTON, Feb. 21 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced continued success in all of its initiatives. "We have spent much of the last three-plus months with our heads down, focused on moving our Marcellus and East Texas operations forward," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "The results highlighted below are a culmination of that effort."
East Texas
Operationally, since the last call, the East Texas region has successfully completed three Pettet horizontal oil wells, two James Lime gas wells and a horizontal Cotton Valley Taylor sand well, while drilling and casing the first Company operated horizontal Haynesville shale well.
The Pettet oil wells produced consistent results with average IP rates from the three wells of 714 Bbls of oil (with one well testing 947 Bopd) and 1,900 Mmcf of gas per day. Currently the 2010 plan has eleven Pettet wells in the mix, with one flowing back, two wells to complete, two drilling and four wells to be drilled.
The Cotton Valley Taylor Sand horizontal confirmation well was a success with IP of 8.9 Mmcf per day and a 30-day production rate of 5.9 Mmcf per day. This 94 percent working interest well has an estimated ultimate recovery of over 6 Bcfe. The Company is currently drilling its third well in this play.
In St. Augustine County, the Company has drilled and cased its first operated horizontal Haynesville shale well. "We expected to have this well completed in early January, but the combination of a significant inventory of 2009 deferred completions for the industry, coupled with fewer high pressure pumping crews, has created a back-log in this completion space," commented Dinges. "Right now this well is in the queue for late February or early March."
http://www.prnewswire.com/news-releases/cabot-oil--gas-provides-ope...
Tags: Cabot, Haynesville, James, Lime, Pettit, Taylor
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