|Cabot Oil & Gas Announces Management Changes|
HOUSTON, Jan. 18 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced that effective immediately Michael B. Walen will assume the responsibility of overseeing Cabot's operations, a position being vacated by H. Baird Whitehead (see announcement January 8, 2001). Walen will continue to serve as the day-to-day Gulf Coast Regional Manager until a replacement is named.
"Walen and his management team have been instrumental in the successful transformation of Cabot Oil & Gas to an exploration-oriented company," commented Ray Seegmiller, Chairman and Chief Executive Officer. "He is a 13-year employee of the Company and has 27 years of industry experience, with extensive knowledge of Cabot's core areas."
The Company also announced today that effective January 31, 2001, Robert R. McBride, Jr., will be leaving as Vice President, Regional Manager of the Company's western operations for another industry related opportunity. McBride joined Cabot in this capacity in September 1999.
"We appreciate Bob's contributions to Cabot and wish him the best in his future endeavors," stated Seegmiller. "To ensure the continued growth of our western region, R. Scott Butler will assume the Regional Manager responsibilities. In this position he will be responsible for overseeing a drilling program which includes several new exploratory projects."
Butler joined Cabot in 1998 as Director of Exploration following a 19-year career with Chevron. He moved to Denver last year to direct the initiation and implementation of the western region's exploration efforts.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the onshore Texas and Louisiana Gulf Coast, Rocky Mountains, Appalachia and Mid-Continent. For additional information, visit the Company's Internet 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 (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.