Cobalt Earmarks $430MM for 2010 Capex

Cobalt's Board of Directors has approved a 2010 capital program of $430 million. This does not include $147 million for letters of credit to cover Cobalt's Angolan work program which were previously approved by the Board of Directors. In the Gulf of Mexico, this program includes the commencement of three Cobalt-operated exploratory wells (North Platte, Aegean and Ligurian), three partner-operated exploratory wells (including Firefox) and one partner-operated appraisal well (Heidelberg #2).

Cobalt's Chairman and Chief Executive Officer, Joseph H. Bryant, said, "Our IPO has given the company the funding to embark on a robust exploration program. The number one priority for Cobalt is to drill these exploratory wells and convert through the drill-bit the company's prospective resources into discoveries."

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