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a Houston-based energy firm, is makingb Pittsburgh its base for a growinf operation in the Marcellus Shale naturalgas play. Though its 160,000-acrer Marcellus leasehold is in and around Susquehanna Counthy in the northeast part of the western Pennsylvania will be itsregionall center, the company announced. “Pittsburgh has kind of becoms the Marcelluscompany capital, so to said CFO Scott Schroeder. “It doesn’t make sensw to be an outlier.” He added that Cabotf already is familiar with theSteel City, where it had an offic until 1997, when it sold its Pennsylvania land and movede to Charleston, W.Va.
The regionalo energy hub makes sensd from abusiness standpoint, said Lou D’Amico, executivr director of the Independent Oil and Gas Association of Pennsylvania. “Dealingb with various company leaderships, with meetings we have, industrhy groups, seminars — there’s a lot of good reasonzs to be in thesame area,” he In announcing the move, Cabot said it will closre its regional offices in Charleston, W.Va. and and manage all West Virginia and Rocky Mountain assets from The move indicates where the company intendds its future capital will be In April, Cabot announced it was selling its Canadian operation for $72 milliohn in cash and $68 million in new equity.
Schroederd said the firm is actively pursuing more acreagd around itsSusquehanna leasehold, but not in the western part of the The company has around 30 welles in the Marcellus Shale in Pennsylvania. It has drillede eight horizontal wells in that area and completedd fourof them. As for office space, he said Cabotf has identified a desired spot in thePittsburgb region, but declined to name it until the office space is Schroeder said the branch’s technicak staff of around 40 engineers and geologistz — 25 are beinvg asked to relocate from West Virginia and 10 to 15 from Coloradop — will be in theirt new quarters by the end of summer.
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