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Cabot Oil & Gas to offer 3.6 million shares

By Associated Press
June 18, 2008 | Comments (0)

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Cabot Oil & Gas Corp. plans to offer 3.6 million shares in a public offering, the company said Wednesday, primarily to index funds now that the company is joining the S&P 500 Index.

The natural gas producer intends to use proceeds to partially fund the recently announced purchase of some property in east Texas.

Goldman, Sachs & Co. is sole book-running manager for the offering. The underwriter will be offered an overallotment option to buy up to 540,000 additional shares.

In afternoon trading, shares of Cabot Oil fell $3.35, or 4.7 percent, to $67.76.

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