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Cabot Oil & Gas Announces New Chairman
May 12, 1999

HOUSTON, May 12 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today its Board of Directors elected Ray R. Seegmiller, age 63, to the post of Chairman of the Board. Seegmiller, who currently serves as President and Chief Executive Officer of the Company, succeeds Charles P. Siess, Jr. who will remain a member of the Board of Directors.

Seegmiller was named president and CEO of Cabot Oil & Gas last year following the retirement of Siess who had served in that capacity and remained as non-executive Chairman. Seegmiller joined the Company in June 1995 as vice president and chief financial officer.

Prior to joining Cabot, Seegmiller was president and chief executive officer of Terry Petroleum Company from 1988 to 1993, a privately held company involved in the acquisition and development of energy resources in the continental United States. He previously held positions of increasing responsibility including president and CEO during his 25 years at Marathon Manufacturing Company. Prior to his employment with Marathon, he worked in public accounting at Arthur Andersen & Company.

Seegmiller earned a B.B.A. in accounting from Drake University in Des Moines, Iowa, and is a certified public accountant.

Seegmiller stated, "Charley has been instrumental to the ongoing success of Cabot Oil & Gas Corporation since taking it public in 1990. I especially want to thank him for his support, leadership and guidance during the past year and I look forward to his continuing contribution as a Board member." Seegmiller added, "Look for Cabot Oil & Gas to continue the successful strategy initiated in 1995, while building an exploration program focused on value investments with significant growth potential."

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, visit the Company's internet home page at

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.
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CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, 281-589-4993