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Cabot Oil & Gas Corporation Provides Operations Update, Announces Share Repurchases And Sale Of Conventional Mid-Continent Properties

HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today reported results from the Company's first 10-well pad in the Marcellus Shale. Additionally, the Company provided an update on its share repurchase program and announced the sale of legacy conventional Mid-Continent properties. 

Cabot's First 10-Well Marcellus Pad

Cabot recently turned-in-line its first 10-well pad in the Marcellus, which included eight Lower Marcellus wells and two Upper Marcellus wells. The 10-well pad was completed with 170 fracture stimulation (frac) stages with a combined peak production rate of 201 million cubic feet (Mmcf) per day and a combined average 30-day production rate of 168 Mmcf per day. The production rates per 1,000' of lateral exceeded the Company's 14 Bcf type curve, further reiterating the consistency of results across Cabot's Marcellus position.

"This 10-well pad represents the new standard for operational efficiencies and technological advancement in our Marcellus operations," stated Dan O. Dinges, Chairman, President, and Chief Executive Officer. "From de-risking of the Upper Marcellus and downspacing initiatives in the Lower Marcellus to drilling and completion efficiencies and bi-fuel utilization in our operations, our achievements on this pad showcase the innovation and ingenuity our team continues to demonstrate day-in and day-out."

Highlights from the 10-well pad include:

Upper Marcellus De-Risking

Two Upper Marcellus wells were completed on the pad with a total of 37 frac stages with an initial production (IP) rate of 32 Mmcf per day and a 30-day production rate of 24 Mmcf per day. These wells were spaced 1,000' apart in the Upper Marcellus and were offset 500' by a Lower Marcellus well. "We continue to monitor these wells to evaluate the productivity of the Upper Marcellus; however, based on the results to date, we continue to believe that the Upper Marcellus across our acreage position will provide rates of return that rival or exceed most unconventional resource plays," explained Dinges.

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