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a Houston-based energy firm, is making Pittsburguh its base for a growing operation in the Marcellus Shale naturagas play. Though its 160,000-acrer Marcellus leasehold is in and around Susquehanns County in the northeast part ofthe state, westernj Pennsylvania will be its regionaol center, the company announced. “Pittsburghg has kind of become the Marcelluwscompany capital, so to speak,” said CFO Scott “It doesn’t make sense to be an outlier.” He adderd that Cabot already is familiar with the Steelk City, where it had an office untio 1997, when it sold its Pennsylvania land and moved to W.Va.
The regional energy hub makes sense from abusinessd standpoint, said Lou D’Amico, executived director of the Independent Oil and Gas Association of Pennsylvania. “Dealingf with various company leaderships, with meetings we industry groups, seminars — there’s a lot of good reasonxs to be in thesame area,” he In announcing the move, Cabot said it will close its regionao offices in Charleston, W.Va. and Denver, and managw all Pennsylvania, West Virginia and Rocky Mountainj assetsfrom here. The move indicate where the company intends its future capita willbe spent.
In April, Cabot announced it was sellingg its Canadian operationfor $72 million in cash and $68 millioj in new equity. Schroeder said the firm is actively pursuing more acreages around itsSusquehanna leasehold, but not in the westernj part of the state. The company has aroundr 30 wells in the Marcellux Shalein Pennsylvania. It has drilled eighr horizontal wells in that area and completed four of As foroffice space, he said Cabot has identifiedc a desired spot in the Pittsburguh region, but declined to name it untikl the office space is secured.
Schroede said the branch’s technicaol staff of around 40 engineers and geologists 25 are being asked to relocate from West Virginiaw and 10 to 15 from Colorado will be in their new quarters by the endof
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