Cabot Oil & Gas Corporation reported success with its initial wells at Trawick field, continued success with its horizontal drilling program at County Line in east Texas, more success at Hinton in Canada and the success of its early initiatives in the Marcellus shale in Appalachia.
"Our focused 2008 drilling program allocates over 80 percent of Cabot's initial budget towards ongoing success in east Texas and our core drilling in Appalachia, plus expanding on our initial successes in the Marcellus shale," said Dan O. Dinges, Chairman, President and Chief Executive Officer.
Total field production has gone from discovery to approximately 35 to 40 Mmcf per day in the last 15 months, with 17 operated and non-operated wells turned in line. Three wells are currently drilling or completing. Three new gathering lines have expanded the pipeline capacity to over 100 Mmcf per day, with additional pipe currently being planned. The Company's north to south producing well extent at County Line covers 12 miles with several more miles yet to be exploited on its 26,000-acre position. The Company estimates that in this 12 mile area, it has 100-110 undrilled locations. The Company's most recent well, the Timberstar Perry #2 (75% working interest) was completed with an eight-stage frac in a 5,000' lateral at an initial production rate of 15.4 Mmcf per day.
"This is an exciting development project for us. The yield per well of both production and reserves is impressive with outstanding returns on our capital. We will continue our development of the James Lime objectives and later start an initiative to produce the Pettet objective, which has higher percentage of oil in the production stream. We estimate about 150 to 200 Pettet locations on our acreage," Dinges commented.
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