Wednesday, May 22 2013 1:02 PM EDT2013-05-22 17:02:01 GMT
It's been 24 hours since news broke of a Federal Bureau of Investigation raid at the City-County Building confiscating files from the Indy Land Bank program. The federal investigation also led to the arrestMore >>
Mayor Ballard held a news conference this morning hoping to shine light on several significant construction projects going around the city this season. Instead, all anyone wanted to talk about was the federal investigation into the Land Bank program, what he knew, when and why he didn't say something sooner.More >>
Wednesday, May 22 2013 12:38 PM EDT2013-05-22 16:38:55 GMT
You paid for it. Now the question is, where is it? Tonight at 11:00 pm, 13 Investigates has discovered the State of Indiana has thousands of items classified as lost or missing. Some of it is stuff youMore >>
What is the state doing with a concert grand piano and a robotic deer? And why are these items - and others - missing?
Wednesday, May 22 2013 11:09 AM EDT2013-05-22 15:09:50 GMT
The Internal Revenue Service official at the center of the storm over the agency's targeting of conservative groups has told Congress she did nothing wrong and has invoked her constitutional right to notMore >>
The Internal Revenue Service official at the center of the storm over the agency's targeting of conservative groups has told Congress she did nothing wrong and has invoked her constitutional right to not answer lawmakers' questions.More >>
Wednesday, May 22 2013 10:56 AM EDT2013-05-22 14:56:01 GMT
Telemarketers are deploying new tactics to get your secret information - and all they have to do is get you to answer the phone. A call to a home phone this week showed up on the screen as "private name,More >>
Telemarketers are deploying new tactics to get your secret information - and all they have to do is get you to answer the phone.More >>
Wednesday, May 22 2013 10:55 AM EDT2013-05-22 14:55:33 GMT
Tiger Woods says the "fried chicken" comment from Sergio Garcia was hurtful and inappropriate. Two weeks after they verbally sparred at The Players Championship, Woods says it's time to move on. GarciaMore >>
Tiger Woods says the "fried chicken" comment from Sergio Garcia was hurtful and inappropriate. Two weeks after they verbally sparred at The Players Championship, Woods says it's time to move on.More >>
Wednesday, May 22 2013 10:46 AM EDT2013-05-22 14:46:45 GMT
In a community used to experiencing tornadoes, many in Moore, Oklahoma are in a state of shock. "This was the storm of storms," said Oklahoma City Mayor Mick Cornett. Monday's tornado was categorizedMore >>
The mayor of the Oklahoma City suburb battered by a monstrous tornado says he is pushing to require safe-room shelters in all new homes.More >>
Wednesday, May 22 2013 10:35 AM EDT2013-05-22 14:35:19 GMT
A $3.4 million grant from the Lilly Endowment will help place about 90 teachers in the Indianapolis Public Schools. Some $2 million of that grant to The Mind Trust will go toward adding 40 people to theMore >>
A $3.4 million grant from the Lilly Endowment will help place about 90 teachers in the Indianapolis Public Schools.More >>
Wednesday, May 22 2013 8:47 AM EDT2013-05-22 12:47:25 GMT
State police say troopers found a 92-year-old woman inside a Muncie home where methamphetamine was being produced.More >>
State police say troopers found a 92-year-old woman inside a Muncie home where methamphetamine was being produced.More >>
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SOURCE Cabot Oil & Gas Corporation
2012 Marcellus Drilling Program Averages 13.9 Bcf per Well
HOUSTON, Feb. 21, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today reported year-end 2012 proved reserves of 3.8 trillion cubic feet equivalent (Tcfe), an increase of 27 percent over year-end 2011. This is 100 percent organically generated growth and represents the third consecutive year of reserve growth exceeding 20 percent, after adjusting for the sale of its Rocky Mountain properties in 2011. Total reserve replacement from all sources was 417 percent at a finding cost of $0.87 per thousand cubic feet equivalent (Mcfe). "In spite of a 33 percent decrease in the benchmark natural gas price used in calculating proved reserves in 2012, we grew year-end proved reserves significantly without an increase to our PUD percentage," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "Our all sources finding cost of $0.87 per Mcfe is our lowest in 15 years and further highlights the capital efficiency of our portfolio."
Cabot's reserve growth was primarily driven by its drilling programs in the Marcellus Shale, Eagle Ford Shale and Marmaton oil play, which resulted in 926.8 billion cubic feet equivalent (Bcfe) of additions for the year. The Company reported an additional 369.6 Bcfe of positive revisions for the year, primarily as a result of performance improvements in the Marcellus Shale. The Company also recognized 114.5 Bcfe of negative price revisions due to lower natural gas prices in 2012 and 66.5 Bcfe of negative revisions due to reclassification of legacy East Texas proved undeveloped (PUD) reserves to the probable category in compliance with current Securities and Exchange Commission regulations.
Proved Reserves Reconciliation (in Bcfe)
Balance at December 31, 2011
Balance at December 31, 2012
Marcellus Shale proved reserves increased more than 51 percent in 2012 as a result of the continued success of Cabot's drilling program in the play. This increase included 420.8 Bcf of positive performance revisions due to increased reserve bookings on producing/drilled wells and increased reserve bookings on PUD locations from an estimated ultimate recovery (EUR) of 7.5 Bcf to 9 Bcf per well. All sources reserve replacement for the Marcellus Shale properties was 603 percent at a finding cost of $0.49 per Mcf, 25 percent lower than the $0.65 per Mcf in 2011. "Our Marcellus program continues to demonstrate outstanding results. Our 2012 drilling program's average producing Marcellus well was drilled with a 4,087 foot useable lateral length and completed with 17.6 frac stages yielding an EUR of 13.9 Bcf per well," commented Dinges. "As we continue to drill longer lateral wells and utilize reduced frac stage spacing across the entire Marcellus program, we anticipate additional increases in EURs, further improving our already superior well economics in the play."
Natural gas represented approximately 96 percent of the Company's year-end 2012 proved reserves, in line with year-end 2011. Cabot's undrilled PUD reserves percentage remained flat at 36 percent while the overall PUD percentage decreased slightly to 40 percent. Similar to prior years, the Company took a conservative approach to its PUD bookings in the Marcellus Shale recognizing 0.7 offset PUD locations for each of its proved developed wells.
The Company's reserve base continues to be comprised of long-lived assets with a total reserves-to-production ratio of 14.4 years. "Based on our current estimates of identified drilling locations, we have a significant amount of running room with over three decades worth of drilling opportunities based on our planned 2013 drilling activity," stated Dinges.
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 Scott Schroeder (281) 589-4993
Tuesday, May 21 2013 9:37 PM EDT2013-05-22 01:37:26 GMT
A South Bend teenager who angered a judge by smirking during his sentencing for killing a 16-year-old boy has received the maximum time behind bars allowed under a plea agreement. St. Joseph SuperiorMore >>
A South Bend teenager who angered a judge by smirking during his sentencing for killing a 16-year-old boy has received the maximum time behind bars allowed under a plea agreement.More >>
Wednesday, May 22 2013 5:21 AM EDT2013-05-22 09:21:57 GMT
State health officials are urging people to be careful as they head for Indiana's lakes and other bodies of water for summer recreation. The Indiana State Department of Health this week issued a listMore >>
State health officials are urging people to be careful as they head for Indiana's lakes and other bodies of water for summer recreation.More >>
Tuesday, May 21 2013 6:50 PM EDT2013-05-21 22:50:23 GMT
The Federal Bureau of Investigation is searching offices at the Indianapolis City-County Building Tuesday. Several city employees have been arrested. The Department of Metropolitan Development DirectorMore >>
Two city employees and three others are accused of using a city program aimed at tackling the abandoned house problem and turning it into a money-making venture. The five face charges involving wire fraud and bribery.More >>
Tuesday, May 21 2013 10:52 PM EDT2013-05-22 02:52:29 GMT
We've seen the damage from Oklahoma, hundreds of homes leveled. You have also seen those that survived a direct hit did so in a storm shelter. Storms shelters have not caught on in Indiana like otherMore >>
Storm shelters haven't caught on in Indiana like in some states along Tornado Alley, but more Hoosiers are making the investment to keep their families safe.More >>
Wednesday, May 22 2013 4:24 AM EDT2013-05-22 08:24:20 GMT
Organizers of a summer camp for children of military families say the program will go on this summer at Indiana Dunes National Lakeshore despite losing federal funding. Operators of Indiana Operation:More >>
Organizers of a summer camp for children of military families say the program will go on this summer at Indiana Dunes National Lakeshore despite losing federal funding.More >>
Wednesday, May 22 2013 4:22 AM EDT2013-05-22 08:22:57 GMT
The U.S. Environmental Protection Agency wants to add three Superfund sites in Indiana to its highest priority cleanup list for hazardous waste sites. The EPA proposed Tuesday adding Superfund sites inMore >>
The U.S. Environmental Protection Agency wants to add three Superfund sites in Indiana to its highest priority cleanup list for hazardous waste sites.More >>
Tuesday, May 21 2013 5:44 PM EDT2013-05-21 21:44:57 GMT
Cody Zeller's decision to leave Indiana University and head to the NBA looks like it may be paying off. Zeller's stock has gone up considerably after his performance last week at the NBA Combine in Chicago.More >>
Cody Zeller's decision to leave Indiana University and head to the NBA looks like it may be paying off.More >>
Tuesday, May 21 2013 9:01 PM EDT2013-05-22 01:01:00 GMT
Police arrested a semi driver with a blood-alcohol content more than three times the legal limit after a tip from a motorist in Grant County. State troopers monitoring a work zone on I-69 near the 271More >>
Police arrested a semi driver with a blood-alcohol content more than three times the legal limit after a tip from a motorist in Grant County.More >>
Wednesday, May 22 2013 7:47 AM EDT2013-05-22 11:47:04 GMT
After a quiet start to the week, things heat up today at the Indianapolis Motor Speedway with Community Day. And the track has a lot of family-friendly events planned. Community Day is a fan favoriteMore >>
After a quiet start to the week, things heat up today at the Indianapolis Motor Speedway with Community Day and a Pacers playoff game tonight. Threre are plenty of fan-friendly events planned for both.More >>