MONTROSE, Pa., May 25, 2012 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE:COG) announced a substantial amount of private pledges to the new hospital project being undertaken by the Endless Mountains Health System (EMHS). George Stark, External Affairs Director of Cabot reported that The Cabot / EMHS Community Match Fund has exceeded well over 80% of the total goal of $5.6 million while merely halfway through the campaign timeline. Cabot was joined at the announcement by representatives of organizations supporting the project from private corporations, the natural gas industry, regional and global foundations and members of the Susquehanna County, PA community.
"Our company is gratified to be joining other community, business and philanthropic leaders to advance superior health care to our neighbors," said Stark. "Cabot is part of this community and we plan to be here for many, many years to come. We think investment in the new hospital is a great way for the community to come together for the common good. Cabot sees this Community Match Fund as an excellent investment in our region."
"A project of this magnitude requires a strong public-private partnership to garner the necessary resources to make it all possible," according to Rex Catlin, EMHS Chief Executive Officer. "Cabot recognized that from the very beginning and we are very grateful for their extraordinary leadership."
The Cabot / EMHS Community Match Fund is structured to leverage additional dollars from other corporations, foundations and the community-at-large. Robert T. Kelly, Trustee of the Harry and Jeanette Weinberg Foundation, was on hand at the event and announced a grant to the project of $1,000,000. "This new hospital will become a reality because of the passionate leadership behind it. We have worked with the dedicated doctors, hospital administrators and community leaders on this for many years. Cabot's leadership has made all the difference. We are following their lead."
The new fund is being administered by The Community Foundation of the Endless Mountains. Cabot will continue to match all community donations up to an additional $1 million. The donations received through the Match Fund will go directly to funding the construction of the physician's clinic, which requires $5.6 million for completion. The goal is to have the clinic open with the new hospital; which had its groundbreaking on January 20, 2012. It will have access to a multi-specialty physician suite, a six-bay emergency department with an airborne infection isolation room, cardiac/trauma room and a helipad. There will be an expanded operating room, additional exam rooms and increased number of beds. The new hospital will be located on land owned by EMHS in Bridgewater Township and will provide top of the line health care while creating jobs for the residents of Susquehanna County.
Endless Mountains Health Systems is a not-for-profit corporation committed to the operation and development of a health system which provides optimum care within the scope of its abilities. EMHS is a licensed 21-bed acute care hospital, short procedure unit, emergency services, and various ancillary services typically associated with a medical facility. EMHS maintain physician offices, including various specialties on-site and have established a vast referral source for additional off-site specialties.
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