News Release

Cabot Oil & Gas Announces CEO Succession Plan
 

HOUSTON, Dec. 15 /PRNewswire/ -- Cabot Oil & Gas Corporation's (NYSE: COG) Board of Directors today announced its intention to elect Ray R. Seegmiller, age 62, as Chief Executive Officer, President and a Director of the Company, effective with the Annual Meeting of Stockholders on May 12, 1998. Seegmiller is currently President, Chief Operating Officer and a Director of the Company. Seegmiller will be succeeding Charles P. Siess, Jr., age 70 (Chairman and CEO) who will remain as non-executive Chairman of the Board. Since joining the Company in 1995 as Vice President and Chief Financial Officer, Seegmiller has held roles of increasing responsibility and has gained the respect and confidence of the Board and the Company's management team for his leadership and business abilities.

Commenting on this move the Board of Directors released the following statement, "One of the challenges facing any organization is the ability to maintain continuity in its senior management team upon the retirement of its leader. This CEO succession plan accomplishes that task and provides an orderly transition for Cabot Oil and Gas. Seegmiller has been an instrumental part of the Company's success and direction in the last two years and is an outstanding choice to lead Cabot Oil & Gas into the next century."

In his role as non-executive Chairman of the Board, Siess will assist in planning the strategic direction of the Company. Siess rejoined the Company in 1995, after having served as Chairman, President and CEO from the Company's initial public offering in 1990 until 1993. Siess commented, "I am pleased with the Board's support of the Company's current management team and believe that this continuity in management and strategy will facilitate continuing progress toward the achievement of our objectives. We remain committed to growing our exploration efforts, expanding our production base and increasing employee productivity, while continuously improving our financial position".

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 about the Company, visit COG's internet home page at http:// www.cabotog.com.
SOURCE Cabot Oil & Gas Corporation
CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, 281-589-4993 CNOC: http: //www.prnewswire.com or fax, 800-758-5804, ext. 129660 WEBSITE: http: //www.cabotog.com