News Release

Cabot Oil & Gas Announces Management Changes
 

HOUSTON, Feb. 23 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today that its Board of Directors elected Michael B. Walen as Senior Vice President of the Company, replacing the position vacated by H. Baird Whitehead in January 2001. At the same time the Board promoted Scott C. Schroeder to Vice President, Chief Financial Officer and Treasurer, along with Henry "Chuck" Smyth to Vice President and Controller.

Walen has served as an officer for nearly three years, most recently as Vice President and Regional Manager of the Gulf Coast. Since joining the Company in 1987, Walen has held various exploration-related positions of increasing responsibility while working in three of Cabot's four core operating areas. "Mike's leadership has been instrumental in our successful expansion of the Gulf Coast region," stated Ray Seegmiller, Chairman and Chief Executive Officer. "In his new role he will be responsible for the day-to-day operations and more importantly the exploration direction of the Company." Walen holds a bachelor's degree from Central Washington State and a master's from Western Washington State, both in geology.

Schroeder has served as Vice President and Treasurer for the Company since 1998. He previously held the positions of Treasurer and Assistant Treasurer since joining the Company in 1995. In his present role he has been responsible for investor relations, banking and risk management, in addition to budgeting and long-range planning. His new role adds accounting, audit and tax to his overall responsibilities. Seegmiller stated, "I am delighted to have Scott in this expanded financial role. He has been a pivotal player on the Company's executive management team, providing the Company with strategic direction and insight. He has also developed and maintained an excellent rapport with the investment community." Schroeder has a bachelor of science degree in business finance from Northern Illinois University and a master of business administration from the University of Colorado.

Smyth has been with Cabot since 1994 in various management roles before being elected Controller in 1998. In that position, Smyth has been instrumental in streamlining and improving many of the Company's accounting functions. As Vice President and Controller, Smyth will become directly responsible for accounting, audit and tax. Commenting on the promotion, Seegmiller said, "Chuck's years of experience, knowledge of accounting and general business sense have been valuable assets to the Company." He received his bachelor of business administration degree from Texas Christian University and master of business administration from Texas A & M University - Kingsville. Smyth is also a Certified Public Accountant.

The Company also announced that Paul F. Boling, Vice President, Finance has resigned to pursue other interests. "We appreciate all of Paul's efforts over the years and the contributions he has made to the Company. We wish him well in his future endeavors," added Seegmiller.

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.
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