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News Release

Cabot Oil & Gas Announces Exploration Success in South Louisiana
 

HOUSTON, June 20 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the second successful exploration well in as many weeks on the Continental Land & Fur (CL&F) acreage in Terrebonne Parish, Louisiana. The Bon Ton well was completed in 105 feet of Hollywood Sand and should be turned in-line by late July. The well tested at 17.2 Mmcf of natural gas and 340 barrels of oil per day and no water with a flowing tubing pressure of 6,026 psi and a shut-in pressure of 6,752 psi. Cabot Oil & Gas has a 50% working interest and is the operator of this well. The remaining working interest is held by Palace Exploration Company.

"We are extremely pleased with our technical progress in south Louisiana," stated Ray Seegmiller, Chairman and Chief Executive Officer. "Including the two Etouffee wells, the Belle Isle 1-87, the Augen and now the Bon Ton, Cabot's early successes in this area have exceeded expectations. As a result, our production is expected to increase significantly over the next 45 days when all of these wells are expected to be in-line."

Seegmiller added, "Because of the timing of these discoveries versus our preliminary forecast, delays with the production facilities at Etouffee, and declines in the existing production base, Cabot's second quarter production will be down from the first quarter an estimated 4%. However, with the production from recent discoveries we expect to overcome this second quarter shortfall in the second half of the year and still show year-over-year production growth."

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 in the 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 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