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CABOT OIL & GAS WILL SPEND $50.6 MILLION IN 1993

 HOUSTON, Jan. 19 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced it will spend $50.6 million for drilling, acquisitions and exploration in 1993. The company plans to drill 105 (95 net) wells in it's major operating areas -- 72 (69 net) in the Appalachian Basin and 33 (26 net) in the Anadarko Basin.
 Cabot Oil & Gas Corporation Chairman and Chief Executive Officer, John H. Lollar said, "This year's capital program is designed to continue the company's growth of reserves. Moreover, if natural gas prices improve during the year and our cash flow increase, we can respond quickly with additional wells based on our large inventory of proved drilling locations."
 The 1993 capital budget includes $9.6 million for acquisitions. The company is well along in negotiations on two acquisitions costing $7.1 million. These two purchases involve properties located closely to our present production and include approximately 20 billion cubic feet equivalent of proved reserves, 150 miles of pipeline, 75,000 acres of leaseholds and other assets.
 "We intend to have an active acquisition program in our core operating areas of the Appalachian and Anadarko Basins and will consider acquisitions outside of these areas if they fit our operating strategy of significant concentrations of activity and low risk development drilling," Lollar continued.
 The 1993 budget includes $7.1 million for exploration activities. The company plans to drill seven exploratory wells, primarily in the Appalachian Basin. The budget also includes $7.1 million for the expansion and maintenance of the company's 3,100 miles of gathering and transmission pipelines.
 The company spent approximately 43 million in its drilling, exploration, acquisition, and other capital improvement programs in 1992.
 Cabot Oil & Gas is a leading U.S. independent natural gas producer and marketer headquartered in Houston, with regional offices in Pittsburgh and Oklahoma City.
 -0- 1/19/93
 /CONTACT: Roger Klatt, 713-589-4636, or Steven Tholen, 713-589-4696 of Cabot Oil & Gas/
 (COG)


CO: Cabot Oil & Gas ST: Texas IN: OIL SU:

TM -- NE025 -- 6583 01/19/93 17:20 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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