HOUSTON, March 11 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced changes to its Board of Directors consisting of a new nominee to the Board, a retirement and two resignations. Assuming election of the nominee at the annual shareholder's meeting in April, the Board of Directors will have seven members, six of whom are fully independent of management.
Robert Kelley, 57, former Chairman, President and Chief Executive Officer of Noble Affiliates, Inc. (now known as Noble Energy, Inc.), has been nominated for election to the Company's Board of Directors at this year's annual meeting. Kelley qualifies as an "audit committee financial expert" under the Securities and Exchange Commission's recently adopted disclosure rules. Commenting on the nomination, Dan O. Dinges, Chairman, President and Chief Executive Officer said, "We are fortunate to be able to add to the Board an individual with impeccable integrity and extensive industry experience, both from the operational and financial perspectives."
In addition, after more than 12 years of serving as a director, and many of those years as the Audit Committee chairman, Henry O. Boswell, 73, will retire from the Company's Board after the annual shareholder's meeting in April in accordance with the mandatory retirement policy of the Board. "Hank has been a steady force on the Board bringing a sense of reasonableness, particularly in the current environment," added Dinges. "Cabot has benefited tremendously from his over 40 years of industry experience both on the producing and service sides of the energy business."
C. Wayne Nance, 71, is resigning from the Board of Directors in order to focus his attention on other business endeavors in which he is involved. Nance has been a Board member since 1992 and most recently served as the Compensation Committee chairman, along with being a member of both the Executive and Nominations/Corporate Governance Committees. "As the former President of Tenneco Oil Company, Wayne brought a wealth of industry knowledge that has been valuable to the Company," stated Dinges.
Art Smith, 50, is also resigning from the Board of Directors because of other board memberships. Smith joined the Board in 1999 and has served on various committees over his tenure. "As Chairman of John S. Herold, Inc. and with his ability to provide the Wall Street perspective, Art has brought valuable insights to the Company," said Dinges. "While we will miss Art's and Wayne's contributions, we understand and appreciate their decisions."
Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading domestic independent natural gas producer and marketer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid-Continent; and the East. 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 (including regional basis differentials) 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