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Cabot Oil & Gas Completes New Credit Facility
Apr 27, 2009
HOUSTON, April 27, 2009 /PRNewswire via COMTEX/ -- HOUSTON, April 27 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the completion of a new $500 million unsecured Revolving Credit Facility with a three-year term. Additionally, the Company announced that the borrowing base, which governs debt limits under the facility, now totals $1.35 billion. "Both the credit facility and the borrowing base reflect an increase of $150 million from levels under our previous facility," said Dan O. Dinges, Chairman, President and CEO. "What speaks highly of Cabot's strength is that even in this difficult financing market, we had four new institutions provide commitments."

Dinges added, "While we remain committed to stay within cash flow for our investment program, this new facility affords us substantial flexibility to weather these economic conditions. I would also note that with the new borrowing base, Cabot has over $450 million of borrowing capacity at the present time."

J.P. Morgan Securities Inc. and Banc of America Securities LLC were the joint book runners and co-lead arrangers for the facility. J.P. Morgan Chase Bank, N.A. will serve as administrative agent.

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; and in the East. For additional information, visit the Company's Internet homepage at

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