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Dinges Elected to Chairman, President and CEO Positions at Cabot Oil & Gas; Two Board Members Retire
May 2, 2002

HOUSTON, May 2 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation's (NYSE: COG) Board of Directors today announced the formal election of Dan O. Dinges to the positions of Chairman of the Board, President and Chief Executive Officer. Dinges joined the Company last September as President and Chief Operating Officer and was identified in February as the successor to Ray Seegmiller who today retired as Chairman and CEO. Seegmiller and Charles P. Siess, Jr., Cabot's former Chairman, both retired from the Board of Directors at the close of today's Board meeting, reducing the Company's Board to nine members.

"We truly appreciate Ray and Charley's contributions to Cabot over the years and are grateful for their leadership," said Dan O. Dinges, Chairman and CEO. "Since 1995, Cabot has changed dramatically and we sincerely appreciate their guidance in the evolution of Cabot Oil & Gas to a more exploration- oriented company."

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

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 (including regional basis differentials) 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.

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