Cobalt International Energy, Inc. Announces Receipt of BOEMRE's Approval of Deepwater Exploration Plan for its North Platte #1 Exploratory Well

HOUSTON, Feb 24, 2011 (BUSINESS WIRE) --

Cobalt International Energy, Inc. ("Cobalt") (NYSE: CIE) announced today that it has received a letter from the Bureau of Ocean Energy Management, Regulation and Enforcement ("BOEMRE"), notifying Cobalt of the BOEMRE's approval of the Exploration Plan for OCS-G 30876, Block 959, Garden Banks Area, which we refer to as Cobalt's North Platte #1 exploratory well. Although this approval is an important step in the well permitting process, Cobalt is uncertain as to when it will be able to resume drilling operations on the North Platte #1 exploratory well given that other steps in the process remain to be completed, notably satisfaction of Notice to Lessee (NTL) No. 2010-N10 and BOEMRE's approval of the drilling permit (APD) for this well, which Cobalt is diligently pursuing.

Cobalt intends to drill the North Platte #1 well with the Ensco 8503 rig. Cobalt is the Operator of the North Platte Prospect with a 60% working interest, with TOTAL E&P USA, INC. owning the remaining 40% working interest.

About Cobalt

Cobalt is an independent oil and gas 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 Cobalt's 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.

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