News Release

Cabot Oil & Gas Announces Oriskany Exploration Success
 

HOUSTON, Oct. 19 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the successful completion of the Lick Run #4 well, an exploratory discovery located in Westmoreland County, Pennsylvania. The well tested at 9.2 million cubic feet of gas per day on a half inch choke with 1,450 psi flowing casing pressure. Production from the well is expected to range between 5 and 8 million cubic feet of gas per day depending on pipeline capacity. The well was drilled to approximately 8,000 feet and is producing from the Oriskany and Helderberg formations. The Huntersville Chert, which is also prospective, will be perforated at a later date. Cabot Oil & Gas has a 50 percent working interest and is the operator of this well.

"This latest success further establishes the credibility and confidence we have in our Appalachian exploration program," said Ray R. Seegmiller, Chairman and CEO. "Wells like this allow Cabot to maintain production levels in Appalachia while drilling fewer wells. The added benefit of this is the significant acceleration of cash on cash returns versus the typical Appalachian development well."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Appalachian, Mid-Continent, Rocky Mountains and Gulf Coast basins. For additional information about Cabot Oil & Gas Corporation, visit the Company's homepage 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