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News Release

Three New Wells Boost Western Region Production
 

HOUSTON, Oct. 20 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today the successful completion of the Sugarloaf #10-3 well in Sweetwater County, Wyoming, the Luke #2-1 well in Harper County, Oklahoma, and the Walters #2-256 well in Lipscomb County, Texas. Production from the three wells exceeds 2.2 Mmcf of natural gas per day and over 300 barrels of oil per day, net to Cabot Oil & Gas Corporation.

"These results highlight the ongoing benefit of our continuing reinvestment with the drill bit," said Ray R. Seegmiller, President and CEO. "For the year, Cabot Oil & Gas anticipates investing over $80 million in drilling."

The Sugarloaf well was turned in-line in early October after reaching a total depth of 11,700 feet in the Dakota formation. The well currently produces 250 barrels of oil and 950 Mcf of gas per day on an open choke with 400 psi flowing tubing pressure and shut-in pressure of 1,500 psi. Cabot has a 100% working interest in the well. An offset well is currently being drilled.

The Luke well reached a total depth of 6,000 feet in the Morrow formation from which it is producing 220 barrels of oil and 750 Mcf of gas per day from 20 feet of pay. Cabot Oil & Gas has a 64% working interest in the well.

The Walters well, which reached a total depth of 11,200 feet to the Lower Morrow formation, produces 5.1 Mmcf of gas per day from an estimated 50 feet of net pay. Shut-in tubing pressure on the well is 1,850 psi. Cabot Oil & Gas has a 23% working interest in the well.

"The Sugarloaf well will help us meet our goal of increasing production in the Rockies by 15% during the year through our development drilling program," explained Seegmiller. "The Luke and Walters wells reaffirm our commitment to the Anadarko region where we have been drilling for over 60 years. Wells like these continue to provide long-life predictable cash flows that make this area attractive for future drilling."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Appalachia, Rocky Mountain, and Gulf Coast regions. 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