Cobalt Taps Ocean Monarch for North Platte Prospect

Cobalt has executed a Rig Assignment Agreement with Anadarko providing for the assignment to Cobalt of Diamond Offshore's Ocean Monarch semisub.

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 Ocean Monarch to drill a second well.

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