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Cabot Oil & Gas Announces Record Year-End Reserves
Feb 21, 2005

HOUSTON, Feb 21, 2005 /PRNewswire-FirstCall via COMTEX/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced total proved reserves of 1,202 Bcfe as of December 31, 2004, an increase of 5 % over last year. For the year, the Company replaced 172 percent of its production, nearly all through the drillbit, at a very competitive all-in finding cost of $1.67 per Mcfe. For the past three years reserve replacement, also primarily through the drillbit, has been 145 percent of production at an all-in finding cost of $1.41 per Mcfe.

"This year's reserve statistics highlight the value we have in our underlying asset position," stated Dan O. Dinges, Chairman, President and CEO. "Our ability to consistently provide organic reserve replacement in the difficult North American reserve environment is a tribute to our team and our portfolio. Also of note, through this same period we have maintained a consistent percentage of reserves as proved undeveloped."

Miller and Lents has reviewed 100 percent of the Company's reserves each year for the last 15 years. Listed below are reserve related disclosures that will be part of the 2004 Form 10-K.

Oil & Gas Information for the Year Ended December 31, 2004



                        2004 Proved Reserve Reconciliation

                                         Natural        Oil &      Total
                                           Gas         Liquids
                                         (Mmcf)        (Mbbl)   (Mmcfe)(1)
     Beginning of Year                 1,069,484       12,103   1,142,108
     Revision of Prior Estimates          (7,850)         185      (6,739)
     Extensions, Discoveries and
      Other Additions                    140,986        1,074     147,426
     Production                          (72,833)      (2,002)    (84,847)
     Purchases of Reserves in Place        5,384           24       5,525
     Sales of Reserves in Place           (1,090)          --      (1,090)
     End of Year                       1,134,081       11,384   1,202,383

     Percentage of Developed Reserves         76%          76%         76%

     (1)  Includes natural gas and natural gas equivalents determined by using
          the ratio of 6 Mcf of natural gas to 1 Bbl of crude oil, condensate
          or natural gas liquids.



           Estimated Proved Reserves by Region at December 31, 2004

                     Natural Gas (Mmcf)                Liquids(1) (Mbbl)
                Developed Undeveloped  Total  Developed  Undeveloped  Total
     Gulf Coast  115,528    54,216    169,744    5,648      2,240     7,888
     Rocky
      Mountains  177,454    47,911    225,365    1,657        384     2,041
     Mid-
      Continent  162,625    21,491    184,116      831         39       870
     East        396,521   151,184    547,705      401         53       454
     Canada        5,706     1,445      7,151      115         16       131
     Total       857,834   276,247  1,134,081    8,652      2,732    11,384

                                 Total(2) (Mmcfe)
                       Developed    Undeveloped      Total
     Gulf Coast         149,417        67,653       217,070
     Rocky Mountains    187,395        50,216       237,611
     Mid-Continent      167,609        21,728       189,337
     East               398,927       151,500       550,427
     Canada               6,399         1,539         7,938
     Total              909,747       292,636     1,202,383

     (1)  Liquids include crude oil, condensate and natural gas liquids (Ngl).

     (2)  Natural gas equivalents are determined using the ratio of 6 Mcf of
          natural gas to 1 Bbl of crude oil, condensate or natural gas
          liquids.



     Costs Incurred in Oil and Gas Property Acquisition, Exploration and
                            Development Activities

     Year Ended December 31,
     (In thousands)                                    2004
     Property Acquisition Costs, Proved               $3,953
     Property Acquisition Costs, Unproved             18,250
     Exploration and Extension Well Costs (1)         85,415
     Development Costs                               136,311
     Total Costs                                    $243,929

     (1)  Includes administrative exploration costs of $11,354 for the year.

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with substantial interests in the Gulf Coast, including Texas and Louisiana; the West, with the Rocky Mountains and Mid Continent; the East and a new position in Canada. For additional information, visit the Company's Internet homepage at www.cabotog.com.

SOURCE Cabot Oil & Gas Corporation

Scott Schroeder, +1-281-589-4993, for Cabot Oil & Gas Corporation
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