Exhibit 99.1

Cabot Oil & Gas Announces Third Quarter Results,

Liquids Production Doubles Between Third Quarters

HOUSTON, October 26, 2011 - Cabot Oil & Gas Corporation (NYSE: COG) today announced third quarter 2011 net income of $28.5 million, or $0.27 per share, compared to $3.9 million, or $0.04 per share, in the comparable 2010 quarter.  Cash flow from operations for the third quarter 2011 totaled $154.7 million, while discretionary cash flow was $165.4 million.  Comparatively, third quarter 2010 cash flow from operations was $124.2 million and discretionary cash flow was $139.3 million.  Excluding the effect of certain selected items as detailed in the tables in this release, third quarter 2011 net income was $35.3 million, or $0.34 per share, compared to $32.3 million, or $0.31 per share, in the comparable 2010 quarter.

Increased production drove the quarter’s overall improvement, partially offset by lower realized commodity prices.  Production between comparable quarters grew 39 percent, with liquid volumes up 101 percent and gas volumes up 37 percent.

“Our production volumes landed at the mid-point of guidance even with all the noise during the quarter surrounding takeaway capacities, weather and project delays,” said Dan O. Dinges, Chairman, President and Chief Executive Officer.  Pricing between comparable quarters showed weakness versus last year for both commodities.  Natural gas realized prices fell 17 percent while oil declined just under 12 percent.  Total expenses, including financing, were nearly equal between the two third quarters, while per unit costs continued their downward trend with the ramp in production.

Year-to-Date

For the nine months ended September 30, 2011 Cabot reported net income of $96.0 million, or $0.92 per share, versus $54.3 million, or $0.52 per share, for the same period last year.  The cash flow comparisons for the nine months ended September 30, 2011 and September 30, 2010 respectively, are cash flow from operations of $375.4 million versus $367.5 million and discretionary cash flow of $428.2 million versus $382.2 million. The 2011 nine-month net income figure, after removal of the selected items, was $99.0 million, or $0.95 per share, versus $82.7 million, or $0.80 per share, for the nine-month period ended September 30, 2010.

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“The same dynamics that drove the third quarter 2011 results apply to the year-to-date periods — increased production and lower commodity price realizations,” stated Dinges. “Production was up just over 42 percent for the nine-month comparable periods while realized natural gas prices fell 21 percent and realized oil prices decreased 8 percent.  Expenses in total trended higher, but on a per unit basis continued to improve between comparable year-to-date periods.”

Dinges concluded, “Through September 30, 2011 total equivalent production was 132.7 Bcfe, which is 2.1 Bcfe more than our production for all of 2010.  This is truly remarkable given our organic drilling program and a series of minor asset sales that removed production during the year. During the first week of October, we closed our Rocky Mountain asset sale and repaid debt with the proceeds. This clearly improves the fourth quarter reported debt levels and metrics.”

Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer with its entire resource base located in the continental United States.  For additional information, visit the Company’s Internet homepage at www.cabotog.com.

The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company’s Securities and Exchange Commission filings.

Conference Call

Listen in live to Cabot Oil & Gas Corporation’s third quarter financial and operational results discussion with financial analysts on Thursday, October 27, 2011 at 9:30 a.m. EDT (8:30 a.m. CDT) at www.cabotog.com. A teleconference replay will also be available at (855) 859-2056, (U.S./Canada) or (404) 537-3406 (International), pass code 12016217.  The replay will be available for 48 hours.  The latest financial guidance, including the Company’s hedge positions, along with a replay of the web cast, which will be archived for one year, are available in the investor relations section of the Company’s website at www.cabotog.com.

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OPERATING DATA

(1)  These realized prices include the realized impact of derivative instrument settlements.

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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

(1) Includes the impact of the Company’s performance share awards and restricted stock amortization as well as expense related to stock options and stock appreciation rights.  Also includes expense for the Supplemental Employee Incentive Plans.

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CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)

(In thousands)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)

CABOT OIL & GAS RESULTS — Page 6

Selected Item Review and Reconciliation of Net Income and Earnings Per Share

(In thousands, except per share amounts)

(1) The gain on sale of assets in 2011 primarily relates to the sale of certain oil and gas assets in East Texas. The gain on sale of assets in 2010 primarily relates to the sale of the Woodford Shale Prospect offset by a charge related to properties sold in the third quarter.

(2) On July 28, 2010, the Company notified its employees of its plan to terminate its qualified and non-qualified pension plans, effective September 30, 2010. The quarter and nine months ended September 30, 2011 and 2010 amounts represent pension expenses related to the plan terminations and expenses related to the acceleration of amortization of prior service costs and actuarial losses over the expected amortization period until final distribution of assets from each plan.  Pension expense is included in General and Administrative Expense in the Condensed Consolidated Statement of Operations.

(3) This unrealized loss (gain) is included in Natural Gas Revenues in the Condensed Consolidated Statement of Operations and represents the mark to market change related to derivatives not designated as hedging instruments.

Discretionary Cash Flow Calculation and Reconciliation

(In thousands)

Net Debt Reconciliation

(In thousands)