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Cabot Issues Statement On EPA Data And Decision

Stocks in this article: COG













HOUSTON, July 25, 2012 /PRNewswire/ --Cabot Oil & Gas Corporation (NYSE: COG) today announced that the US Environmental Protection Agency (EPA) has determined, "that there are not levels of contaminants present that would require additional action by the Agency."  This statement, from their release, is the result of data from a second, confirmatory set of water samples from its testing in Dimock, PA.  At the same time, the EPA also announced that it would cease deliveries to residents currently receiving water from the EPA, because the agency, "determined that it is no longer necessary to provide residents with alternative water."  

As with the three previous sets of water samples compiled by the EPA at private drinking water wells in Dimock, PA, the data released today once again confirms the EPA and Department of Environmental Protection (DEP) findings that levels of contaminants found do not possess a threat to human health and the environment.  These findings are consistent with thousands of pages of water quality data previously accumulated by state and local authorities and by Cabot Oil & Gas.   As with the other findings, the EPA did not indicate that those contaminants that were detected bore any relationship to oil and gas development in the Dimock area. 

"All of us at Cabot are pleased with the Dimock water test results announced today by the EPA," said Dan O. Dinges, President, Chairman and Chief Executive Officer of Cabot Oil & Gas Corporation. "The conclusions reached by the EPA mirror those previously made by the Pennsylvania Department of Environmental Protection and Cabot.  I am satisfied that concerns over water quality have been studied to the highest levels of scrutiny.  I hope this will finally put this matter to rest and I personally want to thank all those members of the community who were supportive throughout this period."

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 .

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.

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