HOUSTON, March 20 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that the Company and its partners bid on 16 blocks at the recent Central Gulf of Mexico Outer Continental Shelf Sale 185, and were the apparent successful bidder on 12 blocks. These 12 blocks would be operated by Cabot and are focused on moderate depth exploration targets on the shelf. Cabot's apparent high bids total $6.5 million net to the Company.
"This is our first extensive effort offshore and I am pleased with the outcome," said Dan O. Dinges, Chairman and Chief Executive Officer. "Acreage and quality prospects are key to success in this industry. This sale provides Cabot with a base set of leases from which to grow." Dinges added, "We see the offshore arena as a complement to our existing onshore Gulf Coast program and another focus area for investment opportunities, along with the Rocky Mountains, Mid-Continent, East and Canada."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid-Continent; and the East. 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