Cabot Oil & Gas Corporation (COG)

[Timothy Smith]

Drilling activity: Marcellus Shale: Cabot has ~200,000 net acres prospective in the Marcellus Shale with essentially all the acreage in Susquehanna County, Pennsylvania.

The Devonian-age Marcellus Shale, at a depth of ~7,000’, is modestly over-pressured (0.55 psi/ft) and up to 400’ thick. The pay section includes the Lower Marcellus Shale, Purcell Limestone, and Upper Marcellus Shale.

Original gas-in-place in Susquehanna County is ~300 Bcfe per section.