News Release

Cabot Oil & Gas Corporation Completes Pennsylvania Midstream Sale
 

; Cabot Oil & Gas Corporation Completes Pennsylvania Midstream Sale

HOUSTON, Dec. 21, 2010 /PRNewswire via COMTEX/ --

Cabot Oil & Gas Corporation (NYSE: COG) today announced the completion of its midstream asset sale to Williams Field Services Company, LLC ("WFS"), a subsidiary of Williams Partners L.P. (NYSE: WPZ). Cabot received the anticipated $150 million in proceeds.

"This closing is just the first step in our long-term venture with Williams Partners to develop our outstanding Marcellus acreage position and provide decades of clean-burning natural gas supplies to power our nation," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "I commend both teams for initiating this win-win deal."

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 http://www.cabotog.com/.

The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's Securities and Exchange Commission filings.

SOURCE Cabot Oil & Gas Corporation