Houston-based Cabot Oil & Gas just released its quarterly operations update. Cabot reports the following about its operations in the Pennsylvania Marcellus Shale region:
In the Marcellus, the wells continue to perform with exceptional success. Recently the Company completed a three-well pad, which resulted in all three wells reporting a 24-hour initial production rate of over 20 Mmcf per day. The corresponding 30-day production rate averaged over 17 Mmcf per day per well, or 52 Mmcf per day in total.
"Our acreage continues to provide consistently outstanding results," stated Dan Dinges, Chairman, President and Chief Executive Officer.
Additionally in the Marcellus, the Company now has two wells that have produced over 4 Bcf, one in 12 months, the other in 16 months; eight other wells that have produced over 3 Bcf; and overall field production now totals above 135 Bcf since the project commenced. At the time of this release, production from the Marcellus is a restricted rate of 420 to 430 Mmcf per day, nearly all of which is from 81 horizontal wells.*
*Cabot Oil & Gas Press Release (Jul 27, 2011) – Cabot Oil & Gas Provides Operations Update, Announces Rocky Mountain Sale