Cobalt's CFO Resigns

Cobalt announced that Rodney L. Gray, Chief Financial Officer and Executive Vice President has resigned due to personal reasons. He will be replaced by John P. Wilkirson who is currently Cobalt's Vice President, Strategic Planning and Investor Relations. These changes are effective June 18, 2010.

Commenting on these changes, Joseph H. Bryant, Cobalt's Chairman and Chief Executive Officer said, "I regret Rod's decision to leave Cobalt, but respect his desire to spend more time with his family in Atlanta. Over the past year, Rod has made many significant contributions to our company while balancing his CFO role in Houston with commuting from his home in Atlanta. I understand the toll that this has taken and we wish him the very best in his future endeavors."

"I am very pleased that John has accepted Cobalt's Chief Financial Officer position. The Board of Directors and I know John well and we have always been impressed with his business acumen, work ethic and strategic vision. I am confident that John will continue to make outstanding contributions to the Cobalt team during a seamless transition and for years ahead."

Mr. Wilkirson joined Cobalt in 2007 and has over 25 years of experience in the energy industry. Prior to joining Cobalt, he was Vice President, Strategic Planning and Economics of Unocal Corporation. From 1992 to 1997 he was Engagement Manager at McKinsey and Company. Additional industry experience includes positions at Exxon Company USA, Sohio Petroleum Company, and British Petroleum. Mr. Wilkirson has a Bachelor of Science Degree with Highest Honors in Petroleum Engineering and a Master of Business Administration from the University of Texas at Austin.