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News Breaks | | | | June 22, 2012 | | 07:02 EDT |  | COG | Cabot Oil & Gas announces Pearsall joint venture
Cabot Oil & Gas announced the company has signed a definitive agreement with a wholly-owned U.S. subsidiary of Osaka Gas for the sale of a 35% non-operated working interest in the Pearsall Shale in approximately 50,000 net acres leased by the Company in Atascosa, Frio, La Salle and Zavala counties of Texas for a total price of $250M. Closing of the transaction, including the joint venture agreement, is anticipated to occur on June 26. Under the agreement Osaka will pay $125M in cash to Cabot at closing and will pay an additional $125M to carry 85% of Cabot's share of future drilling costs in the Pearsall Shale. The drilling carry is expected to be fully utilized by year-end 2013 based on current drilling plans. Initial plans call for two rigs to operate under the JV with drilling commencing in July 2012. A third rig will be added to the drilling program during 2013 and a fourth rig will be added in 2014. Cabot will retain its lease rights above the Pearsall, including the Eagle Ford Shale formation. | |
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News For COG From The Last 14 Days Check below for free stories on COG the last two weeks. |
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| May 7, 2013 | | 08:06 EDT |  | COG | Cabot Oil & Gas initiated with a Neutral at ISI Group
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