Cobalt International Energy, Inc. Announces Agreement to Expand the Anchor Unit

HOUSTON–(BUSINESS WIRE)–Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
that it has entered into a definitive agreement with its co-owners in
the Anchor development to unitize and include Cobalt’s two leases
immediately south of the current Anchor unit (Green Canyon blocks 850
and 851) into the existing Anchor unit. The transfer of interests in the
two leases and the revised Anchor unit are subject to customary
regulatory approval. Following such approval, Cobalt will retain a 20%
working interest in the revised Anchor Unit.

Timothy J. Cutt, Cobalt’s Chief Executive Officer, stated, “Expansion of
the Anchor unit to include Cobalt’s two blocks to the south is key to
optimizing the development plan and increasing oil recovery from Anchor
as the reservoir clearly extends onto these blocks. This agreement makes
Anchor even more attractive of a development going forward, whether for
us or for a potential purchaser in our ongoing sales efforts.”

About Cobalt

Cobalt International Energy, Inc. (NYSE:CIE) is an independent
exploration and production company active in the deepwater U.S. Gulf
of Mexico and offshore West Africa. 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 federal securities laws, including 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,”
“may,” “will,” “aim,” “estimate,” “continue,” “intend,” “could,”
“expect,” “plan,” and 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 disclaims any obligation or undertaking,
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.

Contacts

Cobalt International Energy, Inc.
Investor Relations:
Aaron
Skidmore, +1 (713) 457-4426
Director, Investor Relations
or
Media
Relations:
Lynne L. Hackedorn, +1 (713) 579-9115
Vice
President, Government and Public Affairs