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CABOT OIL & GAS OUTLINES 1992 DRILLING PLANS

 CABOT OIL & GAS OUTLINES 1992 DRILLING PLANS
 HOUSTON, Jan. 23 /PRNewswire/ -- Cabot Oil & Gas Corporation


(NYSE: COG) announced today a capital and exploration plan of $44 million for the calendar year 1992, with which the company plans to drill approximately 93 (84 net) natural gas wells.
 The company's drilling program will be concentrated primarily on development and infill wells in proven gas fields in the Appalachian Basin of West Virginia and Pennsylvania; and in the Anadarko Basin of Oklahoma, southwestern Kansas, and the Texas Panhandle.
 Capital expenditures will include $7.6 million for exploration activities and $4.6 million for modernization of central computer systems.
 "This is an aggressive drilling program, particularly in light of the prevailing economic conditions in the domestic natural gas industry in 1992," said Charles P. Siess Jr., chairman of the board, president and chief executive officer of Cabot Oil & Gas.
 The program is structured to allow the company to maintain reserves and production with spending closely balanced with discretionary cash flow. The 1991 capital land exploration plan was $55 million.
 "This level of drilling will enable our company to maintain its healthy base of natural gas reserves and preserve our asset value in the midst of a very difficult industry climate," Siess continued. "We have retained our ability to respond quickly to the eventual upwards movement in natural gas pricing and markets."
 Cabot Oil & Gas is one of the industry's largest independent domestic natural gas producers in terms of natural gas reserves, with corporate headquarters in Houston and regional offices located in Pittsburgh, Pa.; Charleston, W.Va.; and Oklahoma City, Okla.
 -0- 1/23/92
 /CONTACT: Roger Klatt, 713-589-4636, or Steve Tholen, 713-589-4696, both of Cabot Oil & Gas; or Lou Resweber of Hill and Knowlton, 713-623-5033, for Cabot Oil & Gas/
 (COG) CO: Cabot Oil & Gas Corporation ST: Texas IN: OIL SU:


GK -- NY071 -- 2859 01/23/92 13:48 EST
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Publication:PR Newswire
Date:Jan 23, 1992
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