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Cobalt International Energy, Inc. Announces Fourth Quarter And Year-End 2012 Results And Provides Operational Update On Its Gulf Of Mexico And West Africa Drilling Operations

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $67 million, or $0.16 per basic and diluted share for the fourth quarter of 2012, compared to a net loss of $51 million, or $0.13 per basic and diluted share, for the fourth quarter of 2011. Cobalt reported a net loss of $283 million, or $0.70 per basic and diluted share, for the year ended December 31, 2012, compared to a net loss of $134 million, or $0.35 per basic and diluted share, for the same period in 2011.

Cash expenditures (excluding changes in working capital) for the year 2012 were approximately $620 million. Cobalt estimates cash expenditures will be between $750 and $900 million for the year 2013. The range is primarily dependent on the appraisal and development activity associated with the existing discoveries.

Cash, cash equivalents and investments at year-end 2012 were approximately $2.7 billion. This includes about $500 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $95 million in the TOTAL drilling fund for the U.S. Gulf of Mexico.

Operational Update

Cobalt today provided an update regarding its Shenandoah #2R appraisal well, located in Walker Ridge Block 51 in the deepwater Gulf of Mexico. While evaluation operations are still ongoing in this well, wireline evaluation results received thus far are very encouraging.

The Shenandoah #2R appraisal well was drilled as a straight hole to a total depth of 31,400 feet in approximately 5,800 feet of water, about 1.3 miles southwest of the Shenandoah #1 discovery well. The Shenandoah #1 discovery well was drilled in early 2009 on Walker Ridge Block 52 and encountered nearly 300 net feet of Inboard Lower Tertiary oil pay.

“We are extremely pleased with the results of the Shenandoah appraisal well to date, as they provide further evidence that Shenandoah has the potential to hold significant Inboard Lower Tertiary oil resources”, said James H. Painter, Executive Vice President, Gulf of Mexico. “We look forward to providing additional information regarding Shenandoah’s resource potential and reservoir quality once the operator has completed well evaluation operations.”

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