News Release

New Well Boosts Kacee Field Production for Cabot Oil & Gas
 

HOUSTON, June 15 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the fourth consecutive successful completion in the Kacee field (originally the Easter prospect) in Colorado County, Texas.

The Kaiser well was drilled to a total depth of 12,010 feet and was placed on production in late May. This new well tested 9 Mmcf of natural gas and 67 barrels of oil per day with a flowing tubing pressure of 4,195 psi and a shut-in pressure of 6,576 psi. Current production from this well is 8.5 Mmcf of natural gas and 69 barrels of oil per day with a flowing tubing pressure of 2,700 psi on a 26/64" choke. This well is completed in 42 feet of pay in the Cruel Sandstone of the Wilcox Formation. Cabot Oil & Gas has a 70% percent working interest and a 54% net revenue interest in the well.

"With the completion of this well, daily gross production from this field is now approximately 42 Mmcfe gross equivalent," said Ray R. Seegmiller, Chairman and CEO. "The successes we have realized in the Kacee field have been instrumental in the continued growth of the Gulf Coast region. We will continue to focus our drilling dollars on prospects like the Kacee field which provide Cabot Oil & Gas with the greatest growth potential and rates of return given today's volatile energy market."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Appalachia, Anadarko, Rocky Mountain and Gulf Coast regions. For additional information, visit the Company's internet home page at 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 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
Web site: http: //www.cabotog.com
Company News On-Call: http: //www.prnewswire.com/comp/129660.html or fax, 800-758-5804, ext. 129660
CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, 281-589-4993