Cabot's most recent horizontal completion, the Heitzman #1H, was completed with a four-stage frac and flowed to sales in a 24-hour test at an initial rate of 9.0 Mmcf per day. Presently the well has been online five days, and production has averaged 8.8 Mmcf per day during that period.
"This is our best initial rate to date and provides us further
confirmation of the prolific nature of this area for the Marcellus," said
The first horizontal well, the Ely 6H (came on at 6.4 Mmcf per day) and is producing 4.3 Mmcf per day after 105 days on line. The Black 1H (initial 24-hour sales rate of 8.8 Mmcf per day) had a 30-day average rate of 8.3 Mmcf per day and is producing 8.0 Mmcf per day after 60 days on line. The Black #2H, after only a four-stage frac, flowed to sales at an initial rate of 8.3 Mmcf per day, with a 30-day rate of 5.6 Mmcf per day and is producing 4.1 Mmcf per day after 60 days.
"Presently, these four horizontals together are producing over 25 Mmcf per day with our field producing at our current sales capacity of approximately 34 Mmcf per day from these four horizontals and 13 vertical wells," stated Dinges. "We continue to make progress on increasing our sales capacity with the installation of additional compression and dehydration. Capacity should increase to approximately 50 to 55 Mmcf per day by mid-May and up to 85 to 90 Mmcf per day by the end of June, 2009." Cabot has also successfully negotiated a second compressor site for additional capacity and will be building this site over the summer. Plans call for first gas sales from this site in early 2010.
To date, Cabot has drilled 28 wells in
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