Cabot makes new discovery in Eagle Ford Shale

Cabot Oil&Gas announced a discovery in the oil window of the Eagle Ford Shale, more completions in the Marcellus Shale and a third, best to date, success in the Cotton Valley Taylor Sand.

"These results highlight not only a widening footprint of shale activity but also a commitment to focus on the most capital efficient portions of our portfolio," said Dan O. Dinges, Chairman, President and Chief Executive Officer.

Cabot's Pettet development continues to excel with one recent completion producing over 1,200 barrels of oil per day from a 5,471' lateral with 14 frac stages. The Company has inventoried 75 to 100 locations and will expand its program this year and next.

Additionally in Texas, the Company completed its third horizontal Cotton Valley Taylor Sand well with the best result to date. This well flowed at an initial production rate of 11.1 Mmcf per day with pressure at 2,425 psi. "The estimated recovery of our recent wells in this area ranges between six to seven Bcfe," commented Dinges.