HOUSTON, May 10 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the successful completion of three workovers on the Company's recently acquired Oryx properties located in South Louisiana. The Belle Isle #11-6 and #1-42 along with the Levert Morvant #2 well are now producing a combined total of 536 barrels of oil and 5.8 Mmcf of natural gas per day net to the Company.
Two of the wells, the Belle Isle #1-42 and Levert Morvant #2, were classified as inactive wells prior to workover. The Belle Isle #11-6 was producing only 400 Mcfe of natural gas per day before the workover and is now producing 3.2 Mmcfe per day. The three wells are part of the initial 16 well workover program identified by Cabot following the purchase of the Oryx properties late last year. A total of $5 million has been budgeted for the 1999 workover program. Cabot has 100% working interest in the wells.
"This highlights the untapped value in our Oryx acquisition," said Ray R. Seegmiller, President and CEO. "In Louisiana, we continue to identify additional workover opportunities and continue to uncover potential drilling locations through our seismic evaluations."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Appalachian, Anadarko, Rocky Mountains and Gulf Coast regions. For additional information about Cabot Oil & Gas Corporation, visit the Company's 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 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
SOURCE Cabot Oil & Gas Corporation
Web site: http: //www.cabotog.com
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CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, 281-589-4993