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Cabot Six Rig Marcellus Program Grows Production

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   |    Thursday,April 24,2014

During the first quarter of 2014, the Company averaged 1,209 million cubic feet (Mmcf) per day of net Marcellus production, an increase of 44 percent over the prior year's comparable quarter. Subsequent to the end of the first quarter, Cabot reached a milestone of one trillion cubic feet (Tcf) of cumulative production from its Marcellus Shale asset in less than six years. "This is a tremendous accomplishment, especially considering the Company's maximum rig count in the Marcellus during this period was six rigs, with no more than 290 horizontal wells producing, highlighting the productivity of this asset," said Dinges.

Cabot has averaged approximately 1,480 Mmcf per day of gross Marcellus production during the month of April, which includes a new gross Marcellus production record of 1,538 Mmcf per day. These levels compare to an average of approximately 1,410 Mmcf per day during the first quarter of 2014. "Second quarter production in the Marcellus has started out strong thanks to the continued efforts by our team in the field in tandem with our midstream provider to maximize our deliverability into the interstate pipelines," commented Dinges. "As a result, we expect sequential growth in the second quarter versus our prior expectation of flat production."