Cabot Oil & Gas Enters Agreement With the Pennsylvania Department of Environmental Protection

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Cabot Oil & Gas Corporation (NYSE: COG) today reported that it has entered a Consent Order and Agreement (CO&A) with the Pennsylvania Department of Environmental Protection (PADEP) assuring that it is in agreement with the PADEP concerning drilling and hydrofracturing activities going forward in an approximate nine-square-mile area in Susquehanna County, Pennsylvania. That area was identified by PADEP due to concerns with the presence of methane in groundwater supplies. None of the Company's activities outside that area are affected by this agreement or were in question. As set forth in the CO&A, the Company has also agreed to provide a temporary water supply or treatment device to 13 homes in the nine-square-mile area. By taking these precautionary measures, the Company and PADEP are assured that the safety and health of the residents in the area are fully protected while the investigation of causes of methane in the ground water continues.

Dan Dinges, Chairman, President and CEO of the Company stated, "As you may recall, this matter relates to the early 2009 investigation of whether the Company's operations could have allowed shallow natural gas to migrate into the ground water supply. I am pleased with the outcome of this matter as it gives us further assurance that there will be no interruption in our ongoing operations while fully protecting the environment and residents nearby to our drilling activities."

Cabot Oil & Gas Corporation, headquartered in Houston, Texas, is a leading independent natural gas producer, with its entire resource base located in the continental United States. For additional information, visit the Company's Internet homepage at 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 (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.

    FOR MORE INFORMATION CONTACT
    Ken Komoroski - 412-355-6556