Cabot Oil & Gas Corporation provided a regional operating update highlighting results from its first quarter drilling program that was 99 percent successful. "Presently, we have 20 rigs drilling across our regions," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Nearly half of this activity is in the east including one rig drilling horizontally."

Two new initiatives have started in the Minden Field, which with success can have a positive incremental impact on future drilling and production in the field. The first is commencing the development of the Travis Peak sandstone, which has been present in a majority of the 49 wells drilled here to date. The Company has drilled its first two wells, establishing production in the Kennedy #3 (WI 100%) flowing approximately 1.5 Mmcf per day from two sands with a third completion underway. The second well, White #2 (WI 100%), was completed in one Travis Peak sand flowing 160 barrels of oil and 400 Mcf per day. Additionally, Cabot has received approval to commingle production from the Travis Peak with the Cotton Valley. "We are presently preparing to perforate the Travis Peak in the Carlton #1, an earlier Cotton Valley well and commingle both zones," stated Dinges. "This well will be the first of a program to add behind pipe Travis Peak reserves to our production stream."

The second initiative is the first Cotton Valley horizontal test at the Pinkerton 9H well (WI 100%). This 12,810-foot test will evaluate the lower portion of the Cotton Valley sandstone. The well reached total depth of 12,683 feet with a 2,200 foot horizontal leg. Production casing has been set with completion scheduled in May.

At County Line, the Company has reached total depth and set production casing at the Timberstar #1 (WI 100%), a horizontal Pettet well. The well reached a 12,328 total depth with horizontal penetration of 4,250 feet. The Company is currently drilling the Timberstar #2 (WI 100%), an adjacent and parallel well to test the James Limestone. This well will drill approximately 4,200 feet of horizontal hole and is currently drilling at 7,400 feet.

Also at County Line, the Company participated in a horizontal well as a non-operator on the southernmost portion of the acreage. This well tested the James Limestone at 4.2 Mmcf per day from multiple completions in a 7,000 foot lateral leg.