Cabot Oil & Gas Corporation (NYSE:COG) Cabot Oil & Gas Corporation (NYSE:COG) today announced that based on its initial review of its leasehold in Susquehanna County, Pennsylvania, the issue before the appellate court in Pennsylvania in Butler vs. Powers will have minimal to no impact on the Company.
"Historically, there has been no exploration and production activity in the area where Cabot operates. Therefore, the minerals have not been severed into separate estates," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "The Butler case concerns language severing the minerals from the surface. Cabot's leases have express language covering oil and gas, therefore we do not see an impact of the Butler case on Cabot's leasehold." Dinges added, "In our leases, we have a very broad definition of gas that encompasses all forms produced regardless of mineral source."