Cobalt International Energy, Inc. Announces Execution of Rig Assignment Agreement with Anadarko

HOUSTON, Mar 08, 2010 (BUSINESS WIRE) -- Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) today announced its execution of a Rig Assignment Agreement with Anadarko Petroleum Corporation ("Anadarko") providing for the assignment to Cobalt of the Ocean Monarch Drilling Rig (the "Rig"). Cobalt plans to use the Rig to drill its North Platte #1 exploratory well.

Cobalt expects Anadarko to make the Rig available to Cobalt on or about May 1, 2010, depending upon when the current assignee of the Rig concludes its designated drilling operations. Cobalt also has an option to use the Rig to drill a second well. Cobalt committed to use the Rig for a minimum of 75 days at a day rate of approximately $440,000.

About Cobalt

Cobalt is an independent oil exploration and production company focusing on 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 United States Private Securities Litigation Reform Act of 1995 -- 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 our 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. 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.

SOURCE: Cobalt International Energy, Inc.

Cobalt International Energy, Inc.
Investor Relations
John Wilkirson, +1-713-452-2322
Vice President, Strategic Planning and Investor Relations
Media Relations
Rich Smith, +1-713-579-9141
Vice President
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