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Cabot Oil & Gas Announces Pearsall Joint Venture
Cabot Oil & Gas (NYSE: COG) today announced the Company has signed a definitive agreement with a wholly-owned U.S. subsidiary of Osaka Gas Co., Ltd. ("Osaka") for the sale of a 35 percent non-operated working interest in the Pearsall Shale in approximately 50,000 net acres leased by the Company in Atascosa, Frio, La Salle and Zavala counties of Texas for a total price of $250 million. Closing of the transaction, including the joint venture agreement, is anticipated to occur on June 26, 2012.