May 29, 2009 (FinancialWire) — Cabot Oil & Gas Corp. (NYSE: COG) said it has decided to close both its Charleston, West Virginia and Denver, Colorado regional offices by the end of summer.

The company said it will open a new regional office in Pittsburgh, Pennsylvania to handle its Pennsylvania and West Virginia assets, along with overseeing the Rocky Mountain area, from this newly designated North Region office.

Cabot said it is making the move in response to the macro outlook for the energy business, the focus of its current and anticipated future capital allocations and its desire to improve efficiency.

Phil Stalnaker, the company’s previous West region manager, has accepted the North regional manager position. At this same time, the company’s Gulf Coast assets will be combined with its Mid-Continent assets to form a new South region. This region will be managed by Matt Reid, who is currently the Gulf Coast regional manager.

To cover the cost of this strategic shift, Cabot currently estimates that it will reserve between $3.5 to $5.0 million, all of which will be recouped “in a timely manner,” according to a statement.

Houston-based Cabot Oil & Gas is a natural gas producer, with its entire resource base located in the continental United States.

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