Cabot Releases Earnings and Updates Marcellus Activity

First to Market Marcellus Shale Gas in Northeast PA

Cabot currently has three rigs drilling (two vertical, one horizontal) on its approximately 120,000-acre block in Susquehanna County, northeast Pennsylvania. To date, the Company has drilled eight vertical wells with four wells completed. Three additional wells have been drilled to a horizontal kick-off point currently ahead of a larger rig. Pipeline construction is ongoing with first production occurring today. This production will represent the first Marcellus production ever in northeast Pennsylvania. "It is Cabot's plan to continue to expand its pipeline infrastructure, test our first horizontal Marcellus well and expand our operation from a current three-rig program to an eight-rig program in 2009," commented Dinges. "The first phase of our infrastructure investment has been to build ten miles of pipeline, set compression and tap the interstate line. With the next phase that will be added in 2009, Cabot will add another 57 miles of pipeline."

Operations Update at http://phx.corporate-ir.net/phoenix.zhtml?c=116492&p=irol-newsArticle&ID=1179212&highlight=

Earnings Report at http://phx.corporate-ir.net/phoenix.zhtml?c=116492&p=irol-newsArticle&ID=1179213&highlight=