WASHINGTON (dpa-AFX) - Cabot Oil & Gas Corp. (COG) provided operations update. Since the conference call last quarter, Cabot said that it has achieved a new 24-hour production record of 517 Mmcf per day in Susquehanna County from 94 horizontal wells, with cumulative production to date of approximately 175 Bcf. In the third quarter, the Company turned-in-line 17 horizontal wells, all of which are producing at curtailed rates, pending new infrastructure commissioning.
The company said that the Springville pipeline project, which will move Cabot gas to Transco, remains on track to provide the initial 300 Mmcf per day of capacity in mid-December, barring any unforeseen delays.
Cabot stated that it increased activity in the Buckhorn area of the Eagle Ford Shale during the third quarter with nine more wells completed plus two wells in the completion phase and one well waiting on completion. This brings the total producing wells to 21. The initial production rate for these wells is 628 Barrels of oil equivalent per day (Boepd) with a 30-day average of 500 Boepd.
Additionally, the Rocky Mountain sale announced in July closed in early October as anticipated.
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