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CABOT OIL & GAS CORPORATION REPORTS 129 PERCENT RESERVE REPLACEMENT

 HOUSTON, Feb. 18 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced it added 59.9 billion cubic feet equivalent of natural gas (Bcfe) in proved reserves during 1992. These reserve additions replaced 129 percent of the company's 1992 production of 46.4 Bcfe. The company spent $18.9 million to drill 108 (95 net) wells in 1992 of which 97 (86 net) were successful. The company's 1992 finding and development cost was 47 cents per thousand cubic feet equivalent of natural gas (Mcfe).
 For the last five years, the company has replaced an average of 164 percent of its production each year at an average finding and development cost of 47 cents per Mcfe. This compares with a five-year average, 1987 through 1991, for the U.S. oil and natural gas industry of replacing just 57 percent of production through drilling at a finding and development cost of $1.28 per Mcfe, as published in the Arthur Andersen Oil & Gas Reserve Disclosures.
 Cabot Oil & Gas Chairman, President and CEO John H. Lollar said, "Proved reserve additions and the cost of those additions are two of the most important indications of our year-to-year performance. For the last five years, Cabot Oil & Gas has been one of the industry's more active and successful companies at adding proved reserves through drilling. Adding reserves at one of the industry's lowest finding and development costs is a key to meeting our long-term goal of creating above average returns for our shareholders."
 Cabot Oil & Gas is a leading independent natural gas producer and marketer headquartered in Houston, with regional offices in Pittsburgh and Oklahoma City.
 CABOT OIL & GAS
 Supplemental Data
 1992 COG Five Industry(a)
 Year Avg. Five Year
 Avg.
 Percent of oil and
 natural gas production
 replaced 129 percent 164 percent 57 percent
 Finding and development
 cost per Mcfe 47 cents 47 cents $1.28
 NOTE(a): As published in the Arthur Andersen Oil & Gas Reserve Disclosures.
 -0- 2/18/93
 /CONTACT: Roger Klatt, 713-589-4636 or Steven Tholen, 713-589-4696, both of Cabot Oil & Gas/
 (COG)


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

DJ -- NE011 -- 8028 02/18/93 15:31 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:359
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