Exhibit 99.1

Cabot Oil & Gas Announces First Quarter Profits

HOUSTON, April 27, 2011 - Cabot Oil & Gas Corporation (NYSE: COG) today reported that for the first quarter of 2011 the Company posted net income of $12.9 million, or $0.12 per share, cash flow from operations of $91.2 million and discretionary cash flow of $108.6 million. This compares to the first quarter of 2010 when the Company announced $28.7 million, or $0.28 per share, of net income, $116.1 million for cash flow from operations and $131.4 million of discretionary cash flow.

After eliminating the impact of selected items (detailed in the attached tables), the net income comparisons would have been $20.7 million, or $0.20 per share, for 2011 versus $30.6 million, or $0.30 per share, in 2010. The selected items are comprised of gains and losses related to the sale of assets, stock compensation and derivatives in both periods, along with pension termination related expenses in 2011.

The relative comparisons between quarterly periods were once again driven by lower natural gas and oil price realizations somewhat offset by higher production volumes from both natural gas and oil. Natural gas price realizations were $4.68 per Mcf in 2011 versus $6.71 per Mcf in 2010 for the quarter comparison. This year’s quarter experienced a $0.37 per Mcf pick-up from the Company’s natural gas hedge position, where last year’s impact was $1.12 per Mcf. While oil comprises a small portion of Cabot’s production, the hedge per unit impact lowered the realized price by $1.42 per barrel for the first quarter 2011 versus an increase of $22.36 per barrel in the first quarter 2010. The realized price of $87.15 per barrel was 11 percent below last year’s first quarter.

“Even with these significant price reductions between first quarters, we were able to hold production revenue essentially flat,” said Dan O. Dinges, Chairman, President and Chief Executive Officer. “This is on the strength of the positive news coming out of the quarter of 41 percent growth in equivalent production volumes between first quarters, at the top end of equivalent guidance.” The Company reported equivalent volumes of 37.7 Bcfe for 2011. “We still remain constrained on takeaway in the north region but with visibility for significant infrastructure commissioning in the near-term,” added Dinges. “Last year at this time we had a first quarter exit rate in Marcellus of 107 Mmcf gross per day. This year, our Marcellus production exit rate for the first quarter is 320 Mmcf gross per day.”

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Effective in 2011, the Company began reflecting the financial impact of its transportation and gathering arrangements in operating expenses. With the advent of a new third party aggregate for Marcellus, the significant firm transportation arrangements and the growing production base, the magnitude of these categories warranted detailed disclosure. Historically, the total cost of this category was small and captured in Cabot’s realized price calculation. Going forward these costs will all be captured, company-wide, in this new expense line, and realized prices will be higher. From a net perspective, there is no impact to the bottom line, just additional details on the income statement.

“With the higher level of production and only a slight trend upward in expenses due to our activity, we were able to reduce unit costs, including financing, by $1.42 per Mcfe or by about 22 percent over last year’s first quarter,” commented Dinges.

“Additionally, this year appears to be shaping up as another year of $4.00 to $5.00 natural gas prices, and as such, we have to maintain our discipline around our total investment level, which remains at $600 million.”

Conference Call

Listen in live to Cabot Oil & Gas Corporation’s first quarter financial and operating results discussion with financial analysts on Thursday, April 28, 2011 at 9:30 a.m. EDT (8:30 a.m. CDT) at www.cabotog.com. A teleconference replay will also be available at (800) 642-1687, (U.S./Canada) or (706) 645-9291 (International), pass code 59961803. The replay will be available through Saturday, April 30, 2011. 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.

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.

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OPERATING DATA

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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

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CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)

(In thousands)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)

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

(In thousands, except per share amounts)

Discretionary Cash Flow Calculation and Reconciliation

(In thousands)

Net Debt Reconciliation

(In thousands)