Cabot Oil & Gas Corporation
Pearsall
CABOT / OSAKA PEARSALL JV
Cabot Oil & Gas Corporation
• Sold 35% Non-operated Working Interest in 50,000 Net Acres in Atascosa, Frio, LaSalle and Zavala counties, Texas to a wholly owned U.S. subsidiary of Osaka Gas Co., Ltd • Osaka interest is in all zones below the Buda Formation, the primary objective being the development of the Pearsall Shale
( Note: Eagle Ford is above the Buda Fm. and remains 100% COG ) • Total transaction cost of $250 Million - $125 Million in Cash to Cabot at Closing - June 26, 2012 -$125 Million to carry 85% of Cabot’s share of future drilling costs • Initial plans are to commit four rigs to the Buckhorn / Powderhorn Pearsall development program
-2 rigs beginning in July 2012 -1 additional rig in 2013 -1 additional rig in 2014
TRANSACTION
Cabot Oil & Gas Corporation
WebbDuval
Frio
Harris
Starr
Kenedy
Uvalde
Bee
Bexar
Val Verde
Hidalgo
Kinney
Zavala
DimmitLa Salle
Medina
Brazoria
RealEdwards
Zapata
Kerr
Maverick
Nueces
Lavaca
Brooks
Goliad
Atascosa
Wharton
Kleberg
Matagorda
De Witt
Cameron
Live Oak
Fayette
McMullen
Wilson
Victoria
Jim Hogg
Gonzales
Calhoun
Colorado
Karnes
Austin
Jackson
Refugio
Willacy
Bandera
Fort Bend
Jim Wells
Comal
HaysKendall
Guadalupe
Caldwell
Galveston
Chambers
San Patricio
LibertyBastrop
Waller
Aransas
Blanco LeeTravis MontgomeryWashington
Mexico
Corpus
Christi
San Antonio
Houston
75 Miles
CABOT / OSAKA PEARSALL JV
POWDERHORN BUCKHORN
STRATIGRAPHIC SECTION
SOUTH TEXAS MESOZOIC
Georgetown
Austin Chalk
Eagle Ford
Glen Rose
Rodessa
Buda
Pine Island Shale
Sligo
Del Rio Shale
Edwards
Bexar Shale
Cow Creek
James Pearsall
CABOT / OSAKA PEARSALL JV
BUCKHORN PEARSALL
Frio
La Salle
Atascosa
Mc Mullen
COG Pearsall test
39,122 Net Acres
COG
Type Log
PEARSALL GROUP
0 ½ 1 mi
147 square miles of recently acquired and merged 3D seismic data
Rodessa
1,000' Spacing
250 - 300 Locations
4,000' - 7,500' Lateral
Estimated Per Well EUR Hydrocarbon Mix
Gas: 35% - 40%
Condensate: 25% - 30%
NGL: 30% - 35%
500’ – 600’
POWDERHORN PEARSALL
Ma
ve
rick
Zava
la
Legacy Pearsall Completions
0 1 2 mi
10,740 Net Acres
1,000' Spacing 75 - 100 Locations 3,000' - 6,500' Lateral
Estimated Per Well EUR Hydrocarbon Mix Gas: 35% - 40%
Condensate: 25% - 30% NGL: 35% - 40%
25 square miles of recently acquired 3D seismic data
PEARSALL GROUP
Rodessa
600’ – 700’
REGIONAL PEARSALL ACTIVITY
Webb
Frio
Uvalde
Bee
Bexar
Kerr
Kinney
Duval
Zavala
Dimmit
Edwards
La Salle
Medina
Real
Maverick
Nueces
Goliad
Atascosa
Lavaca
Fayette
De Witt
Live OakMcMullen
Wilson
Victoria
Gonzales
Karnes
Hays
Refugio
Bandera
Comal
Kendall
Bastrop
Val Verde
Jim Wells
Guadalupe
Caldwell
San Patricio
Aransas
Calhoun
Jackson
Blanco
Colorado
LeeTravisGillespie
Kleberg
Washington
Corpus
Christi
Reported IPs
6.2 Mmcfpd 740 Bcpd
4.4 Mmcfpd 451 Bcpd
4.4 Mmcfpd 720 Bcpd
6.2 Mmcfpd 552 Bcpd
Historical
Pearsall
production
San Antonio
Powderhorn
0 10 20 mi
Pearsall Drilling Activity
Webb
Frio
Uvalde
Bee
Bexar
Kerr
Kinney
Duval
Zavala
Dimmit
Edwards
La Salle
Medina
Real
Maverick
Nueces
Goliad
Atascosa
Lavaca
Fayette
De Witt
Live OakMcMullen
Wilson
Victoria
Gonzales
Karnes
Hays
Refugio
Bandera
Comal
Kendall
Bastrop
Val Verde
Jim Wells
Guadalupe
Caldwell
San Patricio
Aransas
Calhoun
Jackson
Blanco
Colorado
LeeTravisGillespie
Kleberg
Washington
PEARSALL GATHERING SYSTEM
DCP Gas Interconnect
TexStar H2S Treating Facility Teak/TexStar
Processing Facility NGPL, TGP,
TETCO, TRANSCO residue options
Enterprise PL Corpus Christi
San Antonio
TexStar PL July, 2012
Proposed
Powderhorn
0 10 20 mi
Cabot Oil & Gas Corporation
End
CABOT / OSAKA PEARSALL JV
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