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Cabot Oil & Gas Corporation Announces New Directors
Feb 23, 2006
Both Replace Retiring Members

HOUSTON, Feb 23, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced the election of Mr. David M. Carmichael and Mr. Robert L. Keiser to its Board of Directors effective immediately. Mr. Carmichael and Mr. Keiser will replace Mr. C. Wayne Nance and Mr. Robert F. Bailey who will retire after this year's Annual Meeting in May. Both new directors have spent their respective careers in and around the oil & gas industry. The Board composition after the May annual meeting will remain at eight members, with seven qualifying as independent.

Mr. Carmichael has been a private investor since June 1996. Between 1994 and 1996, he served as Vice Chairman and Chairman of the Management Committee of KN Energy, Inc., which merged with American Oil & Gas Corporation, in 1994. From 1985 until its merger with KN Energy, Inc., Mr. Carmichael served as Chairman, Chief Executive Officer and President of American Oil & Gas Corporation. Mr. Carmichael is a director of National Resource Partners and Ensco International. Mr. Carmichael holds a Plan II Honors degree from the School of Arts and Sciences at the University of Texas at Austin, and a Juris Doctorate degree from the University of Texas School of Law.

In June of 1999, Mr. Keiser retired from Kerr-McGee Corporation, an international energy and chemical company, where from February 1999 to June 1999 he served as Chairman of the Board. Additionally, Mr. Keiser was Chairman and Chief Executive Officer from 1994 to February 1999 of Oryx Energy Company, also an international energy company. He is a director of Lone Star Technologies, Inc. Mr. Keiser holds an electrical engineering degree from the University of Missouri-Rolla.

"I am extremely pleased to find two gentlemen of this caliber who additionally have an in depth knowledge of the E&P industry," said Dan O. Dinges, Chairman, President and CEO. "With a shortage of qualified directors occurring in every industry, it is a privilege to find and welcome David and Bob to Cabot Oil & Gas Corporation." Dinges added, "I would also like to thank Wayne Nance and Bob Bailey for their dedicated service over all these years. They have seen and experienced many changes in the industry and their guiding thoughts will be missed."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading North American exploration and production independent. The company's reserves are focused in both conventional & unconventional basins including the East, the West (Rocky Mountain and Mid-Continent), the Gulf Coast (South and East Texas to North Louisiana) and in Canada. For additional information, visit the Company's Internet homepage at www.cabotog.com.

SOURCE Cabot Oil & Gas Corporation

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

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