MONTROSE, Pa., Aug. 22, 2012 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE:COG) announced a remarkable finish to the community-based effort to raise private funds for a new hospital project being undertaken by the Endless Mountains Health System (EMHS). Dan O. Dinges, Chairman, President and CEO of Cabot reported that The Cabot / EMHS Community Match Fund exceeded the total goal set by the campaign by raising over $4.4 million in four months from natural gas industry partners, other regional businesses, foundations and members of the Susquehanna County, PA community.
"Our company is very gratified to have taken a leadership role in this project," stated Mr. Dinges. "We had every confidence that our company, our partners in the industry and the community would rise to the challenge, but we had no idea it would be to this level of astounding generosity and at such an incredible pace. We are very pleased with the outstanding results of this campaign."
The Cabot / EMHS Community Match Fund was structured to leverage additional dollars from other corporations, foundations and the community-at-large. The fund is administered by The Community Foundation of the Endless Mountains. Following an initial leadership donation of $1 million in late March, 2012, Cabot pledged to match all community donations up to an additional $1 million. At the conclusion of the campaign, the community actually raised $1.2 million and the company matched the excess donations as well. All of the impressive amount of funds raised in this campaign, coupled a $1 million grant from the Harry & Jeanette Weinberg Foundation and other EMHS dollars, now fully funds the Physician's Clinic at $5.6 million. The goal is to have the clinic open with the new hospital; which had its groundbreaking on January 20, 2012. The new hospital project represents the largest and most expensive expansion in health care services in the Northern Tier.
"We strongly believe that the investment in this new hospital is a great way for our community to come together for the common good," said George Stark, External Affairs Director for Cabot Oil & Gas Corporation. "This Community Match Fund has certainly proved that to be true. We are very proud of our industry partners, our friends in the business and philanthropic community and especially our friends and neighbors in Susquehanna County."
"This new hospital complex will reflect the professionalism and dedication of our staff and partners in the community," stated Joseph Speicher, D.O., President of the Medical Staff at Endless Mountains Health Systems. "This is a major step forward for improving health care to all of our neighbors in the Northern Tier. We are very grateful to Cabot for their extraordinary leadership."
While this portion of the campaign has concluded, Cabot is still encouraging giving to the new hospital project through The Community Foundation of the Endless Mountains. Resources are still needed to build the planned Administrative Complex for the new hospital. Donations can be made by visiting, www.community-foundation.org
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with its entire resource base located in the continental United States. For additional information, visit the Company's Internet homepage at www.cabotog.com. For information specific to the Susquehanna region, visit www.cabotog.com/comm_susquehanna.html
SOURCE Cabot Oil & Gas Corporation