Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas Properties

    Cabot Oil & Gas Corporation Announces Sale of Marmaton and West Texas
                                  Properties

PR Newswire

HOUSTON, Oct. 17, 2013

HOUSTON, Oct. 17, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG)
today announced that it has entered into two purchase and sale agreements to
sell certain proved and unproved oil and gas properties located in the
Mid-Continent and West Texas for aggregate proceeds of approximately $188
million. These transactions are expected to close in the fourth quarter of
2013, subject to customary closing conditions and adjustments.

Chaparral Energy Inc. has agreed to acquire approximately 66,000 net acres in
the Marmaton Play in the Oklahoma and Texas Panhandles for approximately $160
million. Current production from these properties is approximately 2,000
barrels of oil equivalent per day (Boepd). As of December 31, 2012, Cabot's
reported estimated proved reserves associated with these assets were
approximately 2.1 million barrels of oil equivalent (Mmboe). 

An undisclosed buyer has agreed to acquire legacy conventional properties in
West Texas for approximately $28 million. Current production from these
properties is approximately 260 Boepd. As of December 31, 2012, Cabot's
reported estimated proved reserves associated with these assets were
approximately 1.5 Mmboe.

Dan O. Dinges, Chairman, President and Chief Executive Officer, stated, "The
divestiture of our Marmaton and West Texas properties reflects our commitment
to accelerating value within the portfolio by monetizing non-core positions
and redeploying proceeds to our higher-return projects in the Marcellus
Shale."

Evercore acted as financial advisor to Cabot on these transactions.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading
independent natural gas producer, with its entire resource base located in the
continental United States. For additional information, visit the Company's
homepage at www.cabotog.com.

The statements regarding future financial performance and results and the
other statements which are not historical facts contained in this release are
forward-looking statements that involve risks and uncertainties, including,
but not limited to, market factors, the market price (including regional basis
differentials) of natural gas and oil, results of future drilling and
marketing activity, future production and costs, and other factors detailed in
the Company's Securities and Exchange Commission filings.

FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642

SOURCE Cabot Oil & Gas Corporation

Website: http://www.cabotog.com
 
Press spacebar to pause and continue. Press esc to stop.