Cobalt International Energy, Inc. Board of Directors Approves Reverse Stock Split

HOUSTON–(BUSINESS WIRE)–Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today
announced that its Board of Directors has approved a 1-for-15 reverse
stock split of Cobalt’s issued and outstanding shares of common stock,
which will become effective upon the filing and effectiveness of a
Certificate of Amendment to Cobalt’s Second Amended and Restated
Certificate of Incorporation after the market closes on or about June
23, 2017. Trading on a split adjusted basis is planned to begin when the
market opens on June 26, 2017. No fractional shares will be issued in
connection with the reverse stock split. Stockholders who would
otherwise be entitled to receive a fractional share of Cobalt’s common
stock will receive a full share in lieu of such fractional share.

Following the reverse split, Cobalt’s shares of common stock will
continue to trade on the New York Stock Exchange under the symbol “CIE.”
19075F 304 will be the new CUSIP number under which Cobalt’s common
stock will trade following the reverse stock split.

Stockholders who own uncertificated shares of Cobalt stock are not
required to take any action to receive the shares in connection with the
reverse stock split and they will not be required to surrender or
exchange their shares of Cobalt common stock. The transfer agent will
automatically issue the new shares via a statement. Stockholders who own
certificated shares of Cobalt stock will be required to transmit their
certificates to the transfer agent in exchange for updated certificates
upon receipt of the Letter of Transmittal mailing. Proportional
adjustments will be made to the conversion and exercise prices of the
company’s outstanding warrants, convertible notes and stock options, and
the number of shares issued and issuable under the company’s equity
compensation plans.

The transfer agent for Cobalt’s common stock is Continental Stock
Transfer & Trust Company. For questions relating to the transfer or
mechanics of the reverse stock split, stockholders may contact
Continental Stock Transfer & Trust Company, 1 State Street 30th Floor,
New York, NY 10004-1561, or by phone at: (212) 262-2378. If shares are
held by a bank, broker or other nominee, stockholders should contact
that institution directly.

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