News Release

Cabot Oil & Gas Declares Dividend
 

HOUSTON, July 27 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that its Board of Directors declared a regular dividend of three cents ($0.03) per share on the Company's common stock. The dividend will be paid August 24, 2007, to all shareholders of record as of the close of business August 10, 2007.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid-Continent; the East and an expansion effort in Canada. For additional information, visit the Company's Internet homepage at http://www.cabotog.com.

SOURCE Cabot Oil & Gas Corporation

CONTACT: Scott Schroeder, 281-589-4993,
for Cabot Oil & Gas Corporation