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Thursday, June 5, 2008

Market Seems to like Cabot Oil & Gas (COG) Purchase

Posted by Mark at 10:54 AM TweetThis
I don't see why all the hoopla - it seems like a relatively minor purchase at $600M but the market is loving it, pushing Cabot Oil & Gas (COG) up nearly 9%.
  • Cabot Oil & Gas Corp (COG) said on Wednesday it has agreed to pay $602.8 million for producing properties, leasehold acreage and a gathering infrastructure from a private party in East Texas.
  • The acquired acreage lies near Cabot Oil's existing property and will enhance its development of the Pettet, Travis Peak and Cotton Valley formations, the company said.
  • The tract includes 25,000 gross acres in the Minden area of East Texas. The company said it will finance the deal through a combination of debt and common equity.
I continue to not own enough of this name...

Long Cabot Oil & Gas in fund; no personal position


Posted by Mark at 10:54 AM

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