Cabot Oil and Gas (COG) held a conference call on February 22, 2010, to discuss its fourth quarter of 2009 earnings report. The company recently completed a horizontal well to test the Purcell Limestone, which is intermingled with the Marcellus Shale.
“We mentioned that future development may be impacted with the potential horizontal completion in the upper Marcellus and the Purcell limestone… The Purcell lies between the upper and lower Marcellus and in some ways analogous to the middle Bakken in North Dakota. We undertook an initiative to drill a horizontal Purcell well last year and just recently completed that well and started flowing back.”
“We’re very pleased with the results today. The well has a 30 day average of 7.3 million cubit foot per day. We ran a micro size survey as we stimulated the well. In fact now the stimulation had predominantly gone to the Purcell and the upper Marcellus”
“It might suggest that we will be able to access the reservoirs without interfering with our lower Marcellus development… this revelation may suggest an increase in the resource potential on our acreage. Additional testing is obviously planned in the future to evaluate this thesis.”
Source: Seeking Alpha