Cobalt International Energy, Inc. Reports Change in Board of Directors
HOUSTON--(BUSINESS WIRE)--May. 28, 2013--
Cobalt International Energy, Inc. (“Cobalt”) (NYSE: CIE) today announced
the resignation of each of Michael G. France, N. John Lancaster and
Scott L. Lebovitz from its Board of Directors, each effective
immediately.
Mr. France resigned as a Class III Director of Cobalt effective
immediately. Mr. France is a Managing Director of First Reserve
Corporation and has been a Director of Cobalt since April 2011. Mr. N.
John Lancaster resigned as a Class I Director of Cobalt effective
immediately. Mr. Lancaster is a Managing Director of Riverstone and has
been a Director of Cobalt since May 2010. Mr. Lebovitz resigned as a
Class III Director of Cobalt effective immediately. Mr. Lebovitz is a
Managing Director in the Merchant Banking Division of Goldman, Sachs &
Co. and has been a Director of Cobalt since April 2011.
The reduction in the Board representation of First Reserve Corporation,
Goldman, Sachs & Co. and Riverstone reflects their decreased ownership
position in Cobalt, which is most recently the result of the completion
of the previously announced registered public sale of shares of Cobalt’s
common stock by funds affiliated with First Reserve Corporation,
Goldman, Sachs & Co. and Riverstone on May 10, 2013. As a result of
these resignations, the size of the Board has been reduced from thirteen
to ten Directors.
Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer,
commented: “We will miss Mike, John and Scott’s guidance and
perspective. During their respective tenures on our Board, they have
each made significant contributions to Cobalt’s success by providing
valuable insight into the development of our overall vision and business
strategies. We wish each of them the very best in all of their current
and future pursuits.”
About Cobalt
Cobalt is an independent oil exploration and production company active
in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in
West Africa. Cobalt was formed in 2005 and is headquartered in Houston,
Texas.
Source: Cobalt International Energy, Inc.
Cobalt International Energy, Inc. Investor Relations: Richard
A. Smith, +1 713-579-9141 Vice President, Investor Relations,
Compliance and Risk Management or Media Relations: Lynne
L. Hackedorn, +1 713-579-9115 Vice President, Government and Public
Affairs