Cabot Oil & Gas Announces Horizontal Haynesville Shale Success

HOUSTON, March 22 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced a successful follow-up horizontal well in the Haynesville Shale at County Line in East Texas. This marks the first Company-operated horizontal Haynesville Shale well, which was drilled in St. Augustine County, Texas.  The King G.U. #1 (69 percent working interest), was completed in a 4,487-foot horizontal leg with 14 stages and is currently producing to sales at 19 Mmcf per day.

"With this confirmation of our earlier success and the significant partner activity in this area, Cabot plans to participate in up to 12 additional Haynesville wells, with varying working interests (ranging from seven to 52 percent), during 2010," said Dan O. Dinges, Chairman, President and Chief Executive Officer.  "In addition to the James, Pettet and Mid-Bossier potential, Cabot's acreage seems to be positioned in a second core area for the Haynesville Shale."

Dinges added, "Currently, we are participating in the drilling of three Haynesville Shale wells with news to come on those during the second quarter."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with its entire resource base located in the continental United States.  For additional information, visit the Company's Internet homepage at www.cabotog.com.

SOURCE Cabot Oil & Gas Corporation

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