Cabot Oil & Gas Updates Operations

Cabot Oil & Gas Corporation

today announced success in its initial Pearsall effort, continued Marcellus momentum and a breakthrough in long-awaited gathering permits.  "This year has seen many new ideas and ongoing efforts come to fruition, including a joint venture with an international company and innovations with well and frac spacing in key plays, that have translated into continued industry-leading production growth," said Dan O. Dinges, Chairman, President and Chief Executive Officer.  Pearsall / Marmaton / Eagle Ford Cabot's initial short lateral well in the Pearsall was successfully completed in 11 stages and had an initial production rate of more than 1,400 barrels of oil equivalent (BOE) per day.  In 20 days of production, the well averaged more than 900 BOE per day, roughly 50 percent oil.  Currently, Cabot is completing a second well and drilling three additional wells.  "We are excited about this initial exploration success and pleasantly surprised with the product mix," stated Dinges.  "We are cautiously optimistic and expect more completions to further delineate this discovery." In other regional activity, the first extended lateral Marmaton well was drilled with a lateral length of approximately 9,500 feet and