Jack Golden Joins Cobalt's Board of Directors

Jack Golden was elected to Cobalt's Board of Directors. Mr. Golden's election brings the number of Directors to ten. His initial term as Director is effective immediately and will expire at Cobalt's 2010 Annual Meeting of Stockholders, at which time he will be up for re-election.

Mr. Golden has well-rounded expertise and experience in the global oil and gas industry. After earning his PhD. in Physics, Mr. Golden joined Shell in 1977, later joining BP plc ("BP") in 1982. He held numerous executive positions in North America including President of BP's North American E&P business. For much of his last decade with BP he served as Group Vice President - Exploration and Production. During this period he was involved with the development and operation of BP's business in North America, Europe, South America, West Africa and Russia. Mr. Golden retired from BP at the beginning of 2006. He is currently managing partner of Edgewater Energy Partners, a Texas-based consulting firm focused on the oil and gas industry, and a director of Atwood Oceanics, Inc., an international offshore drilling company.

Since March 2007, Mr. Golden has served as an advisor to Cobalt's Board of Directors. Commenting on the election, Mr. Bryant said, "Jack has played an important role as an advisor to the Board since early 2007 and we are fortunate that he has now joined the Board. Jack's industry experience will be a tremendous asset to Cobalt as we execute our business plan."