Following the temporary abandonment of the Lontra #1 well, Cobalt has mobilized the Petroserv SSV Catarina rig to drill the Orca #1 Pre-salt exploratory well (formerly the Baleia Prospect), located approximately 15 miles (25 kilometers) northeast of Lontra in Block 20. Cobalt, as operator, owns a 40 percent working interest in both Lontra and Orca.

Partners in Block 20 are BP and Sonangol P&P, each with a 30 percent working interest.

Conference Call

A conference call for investors will be held on Monday, December 2, 2013 at 6:30 a.m. Central Time (7:30 a.m. Eastern Time). Hosting the call will be Joseph H. Bryant, Chairman and Chief Executive Officer, Van P. Whitfield, Chief Operating Officer and James W. Farnsworth, Chief Exploration Officer. Presentation materials associated with the conference call will be available prior to the conference call in the Investor Center-Publications & Presentations section of Cobalt’s website at www.cobaltintl.com.

The conference call can be accessed live over the telephone by dialing (877) 705-6003, or for international callers, (201) 493-6725. A replay will be available shortly after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517. The passcode for the replay is 13573180. The replay will be available until December 16, 2013.

About Cobalt

Cobalt is an independent 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.

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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