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