Cabot First Horizontal Drill in Haynesville Shale
Cabot Oil and Gas says its first horizontal drill in Haynesville shale in St. Augustine County in East Texas and Northwest Louisiana has come through with 19 million cubic feet per day (MMcfpd). Cabot has 69 percent interest in King G.U. #1, which took 14 stages to complete the 4,487-foot horizontal leg.
The Houston-based natural gas producer is participating in three wells that should have news to report in the second quarter. Cabot action in Haynesville will continue with 12 more wells in 2010 with working interests ranging between 7 percent and 52 percent.
This success is much needed good news for Cabot Oil and Gas. Pennsylvania's Department of Environmental Protection is investigating the company's drill site due to a leak from a catch basin at the site known as Hibbard. Apparently, the spilled liquid came from an on-site wastewater pit where the plastic liner may have a leak.
Furthermore, the Division of Natural Resources (DNR) has been rejecting all applications to drill in West Virginia state parks. However, a judge ruled that Cabot may drill in Chief Logan State Park. Should the ruling stand it also affects other state parks. DNR, along with several other organizations, is filing an appeal with the Supreme Court.
Cabot Oil and Gas is holding a conference call with investors, analysts and others interested on April 28 to announce its first quarter earnings. For more information about the call or to listen to a replay, visit www.cabotog.com. The oil and gas company also has drills in Marcellus Shale.
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