Cabot Oil & Gas Corporation

Pearsall

CABOT / OSAKA PEARSALL JV

Cabot Oil & Gas Corporation

• Sold 35% Non-operated Working Interest in 50,000 Net Acres in Atascosa, Frio, LaSalle and Zavala counties, Texas to a wholly owned U.S. subsidiary of Osaka Gas Co., Ltd • Osaka interest is in all zones below the Buda Formation, the primary objective being the development of the Pearsall Shale

( Note: Eagle Ford is above the Buda Fm. and remains 100% COG ) • Total transaction cost of $250 Million - $125 Million in Cash to Cabot at Closing - June 26, 2012 -$125 Million to carry 85% of Cabot’s share of future drilling costs • Initial plans are to commit four rigs to the Buckhorn / Powderhorn Pearsall development program

-2 rigs beginning in July 2012 -1 additional rig in 2013 -1 additional rig in 2014

TRANSACTION

Cabot Oil & Gas Corporation

WebbDuval

Frio

Harris

Starr

Kenedy

Uvalde

Bee

Bexar

Val Verde

Hidalgo

Kinney

Zavala

DimmitLa Salle

Medina

Brazoria

RealEdwards

Zapata

Kerr

Maverick

Nueces

Lavaca

Brooks

Goliad

Atascosa

Wharton

Kleberg

Matagorda

De Witt

Cameron

Live Oak

Fayette

McMullen

Wilson

Victoria

Jim Hogg

Gonzales

Calhoun

Colorado

Karnes

Austin

Jackson

Refugio

Willacy

Bandera

Fort Bend

Jim Wells

Comal

HaysKendall

Guadalupe

Caldwell

Galveston

Chambers

San Patricio

LibertyBastrop

Waller

Aransas

Blanco LeeTravis MontgomeryWashington

Mexico

Corpus

Christi

San Antonio

Houston

75 Miles

CABOT / OSAKA PEARSALL JV

POWDERHORN BUCKHORN

STRATIGRAPHIC SECTION

SOUTH TEXAS MESOZOIC

Georgetown

Austin Chalk

Eagle Ford

Glen Rose

Rodessa

Buda

Pine Island Shale

Sligo

Del Rio Shale

Edwards

Bexar Shale

Cow Creek

James Pearsall

CABOT / OSAKA PEARSALL JV

BUCKHORN PEARSALL

Frio

La Salle

Atascosa

Mc Mullen

COG Pearsall test

39,122 Net Acres

COG

Type Log

PEARSALL GROUP

0 ½ 1 mi

147 square miles of recently acquired and merged 3D seismic data

Rodessa

1,000' Spacing

250 - 300 Locations

4,000' - 7,500' Lateral

Estimated Per Well EUR Hydrocarbon Mix

Gas: 35% - 40%

Condensate: 25% - 30%

NGL: 30% - 35%

500’ – 600’

POWDERHORN PEARSALL

Ma

ve

rick

Zava

la

Legacy Pearsall Completions

0 1 2 mi

10,740 Net Acres

1,000' Spacing 75 - 100 Locations 3,000' - 6,500' Lateral

Estimated Per Well EUR Hydrocarbon Mix Gas: 35% - 40%

Condensate: 25% - 30% NGL: 35% - 40%

25 square miles of recently acquired 3D seismic data

PEARSALL GROUP

Rodessa

600’ – 700’

REGIONAL PEARSALL ACTIVITY

Webb

Frio

Uvalde

Bee

Bexar

Kerr

Kinney

Duval

Zavala

Dimmit

Edwards

La Salle

Medina

Real

Maverick

Nueces

Goliad

Atascosa

Lavaca

Fayette

De Witt

Live OakMcMullen

Wilson

Victoria

Gonzales

Karnes

Hays

Refugio

Bandera

Comal

Kendall

Bastrop

Val Verde

Jim Wells

Guadalupe

Caldwell

San Patricio

Aransas

Calhoun

Jackson

Blanco

Colorado

LeeTravisGillespie

Kleberg

Washington

Corpus

Christi

Reported IPs

6.2 Mmcfpd 740 Bcpd

4.4 Mmcfpd 451 Bcpd

4.4 Mmcfpd 720 Bcpd

6.2 Mmcfpd 552 Bcpd

Historical

Pearsall

production

San Antonio

Powderhorn

0 10 20 mi

Pearsall Drilling Activity

Webb

Frio

Uvalde

Bee

Bexar

Kerr

Kinney

Duval

Zavala

Dimmit

Edwards

La Salle

Medina

Real

Maverick

Nueces

Goliad

Atascosa

Lavaca

Fayette

De Witt

Live OakMcMullen

Wilson

Victoria

Gonzales

Karnes

Hays

Refugio

Bandera

Comal

Kendall

Bastrop

Val Verde

Jim Wells

Guadalupe

Caldwell

San Patricio

Aransas

Calhoun

Jackson

Blanco

Colorado

LeeTravisGillespie

Kleberg

Washington

PEARSALL GATHERING SYSTEM

DCP Gas Interconnect

TexStar H2S Treating Facility Teak/TexStar

Processing Facility NGPL, TGP,

TETCO, TRANSCO residue options

Enterprise PL Corpus Christi

San Antonio

TexStar PL July, 2012

Proposed

Powderhorn

0 10 20 mi

Cabot Oil & Gas Corporation

End

CABOT / OSAKA PEARSALL JV