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Cabot Oil & Gas Declares Dividend
May 2, 2007

HOUSTON, May 2 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced that its Board of Directors declared a regular dividend of three cents ($0.03) per share on the Company's common stock. The dividend will be paid May 30, 2007, to all shareholders of record as of the close of business May 16, 2007. "This reflects a 50 percent increase in the quarterly dividend payment after the Company's two-for-one stock split on March 30, 2007. The quarterly dividend would have been $0.02 per share post-split had the Board not taken this action," said Dan O. Dinges, Chairman, President and CEO.

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 an expansion effort in Canada. For additional information, visit the Company's Internet homepage at www.cabotog.com.

CONTACT: Scott Schroeder
Cabot Oil & Gas Corporation
281-589-4993
Web site: http://www.cabotog.com
SOURCE Cabot Oil & Gas Corporation