Cobalt International Energy, Inc. Receives Continued Listing Standard Notice from the NYSE

HOUSTON–(BUSINESS WIRE)–Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
that on November 14, 2017, it was notified by The New York Stock
Exchange (“NYSE”) that Cobalt is no longer in compliance with certain
continued listing standards that are applicable to Cobalt. Cobalt’s
30-day average closing share price as of November 13, 2017 was $0.95, in
violation of the listing standard set forth in Section 802.01C of the
NYSE Listed Company Manual. This standard requires the trailing 30-day
average closing share price to remain at or above $1.00.

As outlined in Section 802.01C of the NYSE Listed Company Manual, upon
receiving notice, Cobalt has a six-month cure period to regain
compliance. Within this cure period, Cobalt must have a closing share
price of $1.00 or higher on the last trading day of a given month or at
the end of the cure period. In addition, Cobalt’s coinciding trailing
30-day average closing share price must also be $1.00 or higher.

Cobalt has notified the NYSE of its intention to regain compliance
within the six-month cure period. During the cure period, Cobalt’s stock
will continue to be listed on the NYSE, subject to its ability to remain
in compliance with other continued listing standards. The notice
received from the NYSE does not affect the ongoing business of Cobalt,
nor does it trigger any violations, including any event of default, of
its secured or unsecured debt obligations.

About Cobalt

Cobalt 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