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Stocks in this article: CIE

Cobalt is currently drilling its Ardennes #1 exploratory well in Green Canyon 896. Ardennes is targeting both Miocene and Inboard Lower Tertiary reservoirs. Results are expected sometime mid-year 2013. DeGolyer and MacNaughton estimates Ardennes to have potential resources greater than 500 million barrels gross oil equivalent.

“The exceptional results of both the Shenandoah #2R appraisal well and the North Platte #1 exploratory well further substantiate our regional model of the prolific potential of the Inboard Lower Tertiary Trend,” said Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer. “We believe that our material working interests in these two significant Inboard Lower Tertiary fields will be the source of tremendous value for our shareholders. Our deep portfolio of prospects on trend with these two fields bodes well for our future growth in the Gulf of Mexico. These recent results and our bright future are a testament to our commitment to the people and technology required to succeed in the deepwater Gulf of Mexico subsalt trends.”

Cobalt is the operator and holds a 60 percent working interest in North Platte. TOTAL E&P USA, INC. (NYSE:TOT) is Cobalt’s partner in North Platte with a 40 percent working interest. Cobalt is the operator and holds a 42 percent working interest in Ardennes. Partners in Ardennes include ConocoPhillips (NYSE:COP) (30 percent working interest) and TOTAL E&P USA, INC. (NYSE:TOT) (28 percent working interest). In Shenandoah, Cobalt holds a 20 percent working interest. Partners in Shenandoah include Anadarko Petroleum Corporation (NYSE:APC), as operator (30 percent working interest), ConocoPhillips (NYSE:COP) (30 percent working interest), Venari Resources LLC (10 percent working interest) and Marathon Oil Company (NYSE:MRO) (10 percent working interest).

For more information about these announcements, see Cobalt’s March, 2013 Investor Presentation, which can be found on Cobalt's website at www.cobaltintl.com in the Investors-Presentations and Publications section.

About Cobalt

Cobalt is an independent oil exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

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