HOUSTON, Nov. 23, 2010 /PRNewswire-FirstCall/ -- Cabot Oil
& Gas Corporation (NYSE: COG) today announced that it has sold
its remaining investment in Canada
for $61.3 million.
In the second quarter of 2009 the Company executed and closed on
the sale of its Canadian subsidiary (Cabot Petroleum Canada
Corporation) to Tourmaline Oil Corp. As part of the
consideration in the transaction, Cabot received cash and three
million shares in the private company. Today, Tourmaline
commenced trading as a public company allowing for the sale of the
stock to take place. Settlement for the new shares will occur
Friday, November 26, 2010.
"This event is timely and enhances our strong balance sheet by
turning a previously difficult to market instrument into cash,"
said Dan O. Dinges, Chairman,
President and Chief Executive Officer. "With our previously
disclosed efforts in the Marcellus and Eagle Ford, along with the
current natural gas price outlook, this influx of additional
capital is a positive." Dinges added, "This transaction, combined
with last week's announcement, provides a capital infusion of over
$200 million in the fourth
quarter."
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 Internet
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.
SOURCE Cabot Oil & Gas Corporation