North Platte is located in approximately 4,400 feet of water and was drilled to a total depth of approximately 34,500 feet. Cobalt first attempted to drill this prospect in May 2010, and had a rig on the North Platte well location preparing to spud when the Department of the Interior implemented the 2010 drilling moratorium, requiring Cobalt to move the rig off the well location.

Cobalt is the operator of North Platte and has a 60 percent working interest in the prospect. TOTAL E&P USA, INC. is Cobalt’s partner in the discovery, with a 40 percent working interest.

Presentation materials associated with the North Platte discovery were made available on the Investors-Presentations and Publications section of Cobalt’s website at www.cobaltintl.com concurrently with the issuance of this news release.

About Cobalt

Cobalt is an independent oil 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — 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 Cobalt’s 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, other than as required by law. 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.

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