Cabot Oil & Gas announced that its Pettet oil development in Shelby and St. Augustine counties in east Texas continues to show superior results. Thus far during 2009, Cabot has drilled four wells targeting the Pettet formation. Four of these wells have been completed with horizontal intervals covering between 3,800' to 5,200' with up to 15 frac stages. Individually, these wells had initial production rates ranging between 815 to 936 barrels of oil per day, plus natural gas, with 30-day average production rates between 450 - 514 barrels of oil per day.
"This success is exciting in light of the market differentials between oil prices and natural gas prices," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Right now this differential is a multiple of 15:1 and with the well performance, the Pettet is a very economic play."
The Company is currently completing a fifth well and is drilling its sixth well with plans to drill five additional wells this year in the Pettet. Overall, the Pettet is currently producing over 1,000 barrels of oil per day plus 3.7 Mmcf per day. The Company estimates it has 175 to 225 gross Pettet locations with a potential of 25 - 35 MMBO, plus 100 - 140 Bcf of natural gas.
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