HOUSTON, April 14 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that the Continental Land & Fur 8-1 well in Terrebonne Parish, Louisiana, which was drilled to a total depth of 14,422 feet and encountered 94 feet of pay, has now been successfully tested at a maximum rate of 12.4 million cubic feet (Mmcf) per day of natural gas, plus 480 barrels of condensate per day with no water at a flowing tubing pressure of 8,998 psi. Facility construction is underway with production anticipated in June 2004 at a stabilized rate of 15-20 million cubic feet equivalent (Mmcfe) per day. The Company has already spud a planned offset to the well. Cabot has a 75% working interest and operates both wells with partner Walter Oil & Gas Corporation.
"The results of the test reinforce the early indications of another nice discovery on the CL&F acreage in South Louisiana and its positive effect on our production profile," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "Since 1999, Cabot has had nine successes in 14 attempts in this area. The offset location is currently drilling and expected to reach the total depth by June 1, 2004."
Cabot's drilling program at the Raymondville Field in Willacy County, Texas continues to generate outstanding results since its acquisition in August 2001 as part of the Cody acquisition. Cabot has drilled 20 consecutive successful wells in the field, ranging in depth from 4,000 feet to 14,500 feet and has been successful on 30 of 34 workover attempts in the field. Production has increased roughly four-fold, from approximately 9 Mmcfe per day gross (5.0 net) to a recent peak of 38 Mmcfe per day gross (20.0 net). Cabot plans to drill 12 wells in 2004. To date, five wells have been placed on line with seven wells waiting to be drilled or completed. Additional drilling locations are being evaluated.
"Over the last 6-8 months the development of the Raymondville field has exceeded our expectations in regard to our production forecast," added Dinges. "The 15 Mmcfe per day that has been added is equivalent to the CL&F 8-1 discovery in terms of importance."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid- Continent; the East and an expansion effort in Canada. 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.
SOURCE Cabot Oil & Gas Corporation