Cobalt International Energy, Inc. Commences Chapter 11 Cases to Facilitate Restructuring

December 14, 2017

HOUSTON–(BUSINESS WIRE)–Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
that it and certain of its U.S. affiliates filed voluntary petitions for
relief under chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Southern District of Texas (the
“Chapter 11 Cases”). Cobalt expects to conduct business in the ordinary
course, and its cash on hand is expected to provide Cobalt with adequate
liquidity to fund its operations during the restructuring process. The
Chapter 11 Cases are expected to facilitate the restructuring process
and the proposed sale of Cobalt’s assets.

Cobalt has been engaged in constructive discussions with its first lien
noteholders, second lien noteholders, unsecured noteholders and their
respective advisors regarding the need for, sponsorship of, and terms of
a restructuring and proposed sale of Cobalt’s assets. Cobalt plans to
utilize the Chapter 11 Cases to continue and complete these discussions
with key stakeholders and evaluate other value-maximizing opportunities
to facilitate an expedited restructuring that will deliver maximum value
to its stakeholders.

Cobalt has filed a variety of “first-day” motions with the court
seeking, among other things, authority to use the cash collateral,
maintain its existing cash management system and other customary relief.
When granted, such motions will assure Cobalt’s ability to maintain
business-as-usual operations throughout the restructuring process.

Additional information, including court filings, regarding Cobalt’s
restructuring is available at www.kccllc.net/cobalt
or by contacting Cobalt’s proposed notice and claims agent at
866-967-1782 (for toll-free domestic calls) and 310-751-2682 (for tolled
international calls) or by email at cobaltinfo@kccllc.com.

Kirkland & Ellis LLP is serving as Cobalt’s legal advisor and Houlihan
Lokey, Inc. is serving as Cobalt’s financial advisor.

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 Securities and Exchange Commission 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.