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News Release

Cabot Oil & Gas Corporation Reports Additional Appalachian Exploration Success
 

HOUSTON, Dec. 9 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced another Oriskany discovery in Pennsylvania. The Lick Run #1 originally tested at 14.5 million cubic feet per day on a 3/4 choke with 1,000 pound flowing casing pressure and shut-in pressure of 2,900 psi. The well is currently producing 7.0 Mmcf of gas per day gross and has produced 900 Mmcf of gas gross since it was turned in-line in May of this year. Production is from the Huntersville Chert and Oriskany formations at approximately 8,000 feet. Cabot Oil & Gas Corporation has a 50 percent working interest in this well.

"Because of the prolific nature of this discovery, we have been working diligently to acquire offsetting prospective acreage in the area causing the delay in this announcement," stated Ray R. Seegmiller, President and Chief Executive Officer. "There are three offsets to the Lick Run well that have been identified, one of which will spud this week."

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 Corporation, 281-589-4993