Cabot provides operations update

Cabot Oil & Gas Corporation reports success with its initial wells at Trawick field, continued success with its horizontal drilling program at County Line in east Texas, more success at Hinton in Canada and the success of its early initiatives in the Marcellus shale in Appalachia.

Cabot will have three rigs in the field with a 2008 program scheduled to drill a minimum of an additional 32 wells.

Total field production has gone from discovery to approximately 35-40 Mmcf per day in the last 15 months, with 17 operated and non-operated wells turned in line. Three wells are currently drilling or completing. Three new gathering lines have expanded the pipeline capacity to over 100 Mmcf per day, with additional pipe currently being planned.

The Company’s north to south producing well extent at County Line covers 12 miles with several more miles yet to be exploited on its 26,000-acre position. The Company estimates that in this 12 mile area, it has 100-110 undrilled locations. The Company’s most recent well, the Timberstar Perry #2 (75% working interest) was completed with an eight-stage frac in a 5,000′ lateral at an initial production rate of 15.4 Mmcf per day.