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News Release

Cabot Oil & Gas Announces New Gulf Coast Production
 

HOUSTON, Nov. 23 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the successful completion of three wells. The Elsie Cooper #1 well in Colorado County and two Hancock wells, the #1-4 and #1-3, in Lavaca County which combined are producing 11.9 Mmcfe per day, net to Cabot 7 Mmcf of natural gas and 31 barrels of oil per day.

Ray R. Seegmiller, President and CEO commenting on these recent successes stated, "The successful completion of these wells highlights how the Gulf Coast region continues to provide opportunities for Cabot Oil & Gas. The Cooper discovery was an internally generated prospect that now has set up two offsets which will be drilled in the next three months. The Hancock discoveries in our Provident City field supports three additional offsets."

The Elsie Cooper well, in which Cabot Oil & Gas has a 75% working interest, was turned in line at the end of October. It produces 3.6 Mmcf of natural gas and 23 barrels of oil per day on a 7/64 inch choke with flowing tubing pressure of 6750 psi. The well reached a total depth of 12,118 feet and produces from 100 feet of pay in the Wilcox Sand.

The Hancock #1-4 well produces 4.9 Mmcf natural gas and three barrels of oil per day on a 12/64 inch choke with flowing tubing pressure of 6075 psi. The well was turned in line in early October after reaching a total depth of 13,220 feet. Production comes from 30 feet of pay in the Wilcox 8 Sand. Cabot Oil & Gas has a 46% working interest in the well.

The Hancock #1-3 well, recompleted in the Wilcox 8 Sand, was turned in line in mid November. Current production is 3.1 Mmcf natural gas and 20 barrels of oil per day on a 9/64 inch choke with flowing tubing pressure of 6150 psi. The well was drilled to a total depth of 12,800 feet to the Wilcox 8 Sand finding 25 feet of pay. Cabot Oil & Gas has a 66% working interest in the well.

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 .

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, 281-589-4993