"The results of the test reinforce the early indications of another nice discovery on the CL&F acreage in South Louisiana and its positive effect on our production profile," stated Dan O. Dinges, Chairman, President and Chief Executive Officer. "Since 1999, Cabot has had nine successes in 14 attempts in this area. The offset location is currently drilling and expected to reach the total depth by June 1, 2004."
Cabot's drilling program at the Raymondville Field in Willacy County, Texas continues to generate outstanding results since its acquisition in August 2001 as part of the Cody acquisition. Cabot has drilled 20 consecutive successful wells in the field, ranging in depth from 4,000 feet to 14,500 feet and has been successful on 30 of 34 workover attempts in the field. Production has increased roughly four-fold, from approximately 9 Mmcfe per day gross (5.0 net) to a recent peak of 38 Mmcfe per day gross (20.0 net). Cabot plans to drill 12 wells in 2004. To date, five wells have been placed on line with seven wells waiting to be drilled or completed. Additional drilling locations are being evaluated.
"Over the last 6-8 months the development of the Raymondville field has exceeded our expectations in regard to our production forecast," added Dinges. "The 15 Mmcfe per day that has been added is equivalent to the CL&F 8-1 discovery in terms of importance."
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