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CABOT OIL & GAS CORPORATION ACQUIRES APPALACHIAN-BASIN PROPERTIES

 HOUSTON, Sept. 30 /PRNewswire/ -- Cabot Oil & Gas Corp. (NYSE: COG) today announced that it has closed the previously announced purchase of certain natural gas and oil properties and related assets in West Virginia and Pennsylvania from a private seller. The properties contain approximately 89 billion cubic feet equivalent of reserves, which are essentially all natural gas.
 Cabot Oil & Gas chairman and chief executive officer John H. Lollar said, "This acquisition represents another success in the company's strategic plan to acquire gas properties with enhancement and development opportunities in our core Appalachian operating area. The properties, which produce approximately 13 million cubic feet of natural gas per day, will be additive to our earnings and cash flow. Additionally, a large portion of the reserves are attributable to planned improvements in current production and to 100 undeveloped well locations to be drilled in the next four years. As a result of this acquisition, we have increased our 1993 capital program by $6.4 million and would expect to drill 35 additional development wells this year."
 The effective date of the acquisition is April 1, 1993.
 Cabot Oil & Gas is a leading independent natural gas producer and marketer with substantial holdings in the Appalachian and Anadarko basins. The company is headquartered in Houston, Texas and maintains regional offices in Pittsburgh, Pa. and Oklahoma City, Okla.
 -0- 9/30/93
 /CONTACT: Steven W. Tholen of Cabot Oil & Gas, 713-589-4696/
 (COG)


CO: Cabot Oil & Gas ST: Texas IN: OIL SU: TNM

JL-CM -- NE011 -- 7428 09/30/93 15:43 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:255
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