Cabot Oil & Gas Corporation this week announced the results of four successful horizontal completions in three different reservoirs. Cabot is producing more than 39 million cubic feet of natural gas from Marcellus Shale wells in Pennsylvania and will have the infrastructure in place in 2010 to produce over 100 million cubic feet.

"These recent completions indicate the success we continue to experience in the Marcellus and also success with several new initiatives in the Pettet and Cotton Valley Taylor sand," said Dan O. Dinges, Chairman, President and Chief Executive Officer. At the same time, the Company discloses the cumulative impact of some plays and its plan for the remainder of 2009.

Cabot's most recent horizontal completion in the Marcellus, the Teel 8H, had an initial production (24-hour into sales) rate of 10.3 Mmcf per day with a maximum spot rate during that period of 12.0 Mmcf per day. Production from this well remains strong with a 30-day average rate of 9.8 Mmcf per day.

The Teel #6, a vertical Marcellus well, is flowing to sales at an initial 24-hour rate of 4.2 Mmcf per day. The well was completed over a 370-foot interval in the lower and upper Marcellus shale.

"We believe the stimulation contacted most of the lower and upper shales, plus the Purcell limestone," added Dinges. "We consider this completion a critical event in the development of our Marcellus acreage."

"Today in Pennsylvania, we are producing 39 Mmcf per day from seven horizontal and 20 vertical wells," stated Dinges. "One year ago we announced our first Marcellus production from a vertical well. Since that time we have cumulatively produced over 5.8 Bcf."

The 2009 drilling program is on schedule to spud 18 additional horizontal wells between now and year-end. Presently, eight rigs are drilling with a ninth preparing to spud a well.

"At this point we have three wells completing and 12 waiting on completion or pipeline," commented Dinges. "I am extremely pleased with the latest results and the pace of progress as our new team transitions to our new regional office in Pittsburgh."

Additionally, infrastructure has been expanded to handle the physical production with Cabot now having 100 Mmcf per day of capacity at its Teel compression station. Firm take-away from the station increases to 70 Mmcf per day August 1, 2009 and then to 100 Mmcf per day August 1, 2010.

"We are working with several customers to secure additional firm take-away capacity above the current levels," added Dinges.