Cabot Oil & Gas Corporation Sells Remaining Interest in Canada

- November 23rd, 2010

Cabot Oil & Gas Corporation (NYSE:COG) announces that it has sold its remaining investment in Canada for $61.3 million.

Cabot Oil & Gas Corporation (NYSE:COG) announces that it has sold its remaining investment in Canada for $61.3 million.

The press release is quoted as saying:

In the second quarter of 2009 the Company executed and closed on the sale of its Canadian subsidiary (Cabot Petroleum Canada Corporation) to Tourmaline Oil Corp. As part of the consideration in the transaction, Cabot received cash and three million shares in the private company. Today, Tourmaline commenced trading as a public company allowing for the sale of the stock to take place. Settlement for the new shares will occur Friday, November 26, 2010.

Click here to access the press release

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