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Cabot Oil & Gas Louisiana Well Update
Jun 7, 2004

HOUSTON, Jun 7, 2004 /PRNewswire-FirstCall via COMTEX/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced its successful offset well to this year's previously reported discovery on its Little Horn Bayou prospect in Terrebonne Parish, Louisiana. The CL&F 5-1 well was drilled to a depth of about 13,000 feet and encountered 64 feet of natural gas pay in the Hollywood sand. Completion operations are underway with first production for both the initial discovery (CL&F 8-1) and this offset expected by the end of the month at a stabilized rate of 20 to 30 million cubic feet equivalent (Mmcfe) per day. Cabot has a 75% working interest in both wells with partner Walter Oil & Gas Corporation.

"I am very pleased with the continued success coming from our Gulf Coast drilling program," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "So far this year we have been successful on 18 wells in 20 attempts in this region."

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.

SOURCE Cabot Oil & Gas Corporation

Scott Schroeder of Cabot Oil & Gas Corporation,
+1-281-589-4993
http://www.cabotog.com