News Release

<< Back
Cabot Oil & Gas Corporation Reports Appalachian Exploration Success
Jul 28, 1998

HOUSTON, July 28 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) announced today the continuation of its successful Appalachian exploration program with an Oriskany discovery, the Carino #1 well, that after stimulation, tested at 12 million cubic feet of gas per day on a half inch choke with 1,850 psi flowing tubing pressure and shut-in pressure of 4,350 psi. The well was turned in-line late in May and is currently producing 4.5 million cubic feet of gas per day.

This discovery, located in southwestern Pennsylvania in Indiana County, was drilled to a total depth of 8,427 feet into an untested fault block in a producing Chert and Oriskany field. This discovery potentially has an offset development location. Cabot Oil & Gas Corporation has a 72.9% working interest in this well.

Ray R. Seegmiller, President and Chief Executive Officer stated, "The flow rate of this well is the highest we have seen so far in Appalachia highlighting the prolific horizons our exploration program has targeted. This individual well has increased Appalachia's net daily production by 5%."

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.

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.
SOURCE Cabot Oil & Gas Corporation
Web site: http: //www.cabotog.com
Company News On-Call: http: //www.prnewswire.com or fax, 800-758-5804, ext. 129660
CONTACT: Scott Schroeder of Cabot Oil & Gas Corporation, 281-589-4993