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Press release from Business Wire

Cobalt International Energy, Inc. Announces Firefox #1 Well Result and Future Drilling Plans

Thursday, May 06, 2010

Cobalt International Energy, Inc. Announces Firefox #1 Well Result and Future Drilling Plans17:15 EDT Thursday, May 06, 2010 HOUSTON (Business Wire) -- Cobalt International Energy, Inc. (“Cobalt”) (NYSE: CIE) today announced that the Firefox # 1 exploratory well, located in Green Canyon Block 817 will be plugged and abandoned. The exploratory well was spud on February 10, 2010 and Cobalt has a 30% working interest in the well, which is operated by BHP Billiton Petroleum. Cobalt is also announcing that its Board of Directors has approved the Ligurian #2 exploratory well, which Cobalt expects to drill in 2010. Cobalt has previously announced the approval of drilling the North Platte #1 exploratory well. The order of drilling operations will be dependent on when the drilling permit for Ligurian #2 is obtained relative to accepting the Ocean Monarch drilling rig from its current operator. All permits for the North Platte #1 exploratory well have been approved and obtained by Cobalt. Cobalt is the operator of both of these wells with a working interest of 60% in North Platte #1 and a working interest of 45% in Ligurian #2. A conference call for investors will be held on May 11, 2010 at 10 a.m. Central Time (11 a.m. Eastern Time) to discuss Cobalt's first quarter results. Hosting the call will be Joseph H. Bryant, Chairman and Chief Executive Officer and Rodney L. Gray, Chief Financial Officer. In addition, James W. Farnsworth, Chief Exploration Officer, will be on the call to discuss Cobalt's exploration program. The call can be accessed live over the telephone by dialing (877) 407-0784, or for international callers, (201) 689-8560. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853, or for international callers, (201) 612-7415. The passcodes for the replay are account number 3055 and access code 349427. The replay will be available until May 25, 2010. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto Cobalt's website at www.cobaltintl.com in the Investors–Presentations and Publications section. A replay of the conference call will also be available for approximately 30 days following the call. About Cobalt Cobalt is an independent oil and gas exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt's SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.