Cobalt International Energy, Inc. Closes Secondary Public Offering of Common Stock and Announces End of “Controlled Company”

  Cobalt International Energy, Inc. Closes Secondary Public Offering of Common
  Stock and Announces End of “Controlled Company” Status Under NYSE Corporate
  Governance Standards

Business Wire

HOUSTON -- January 18, 2013

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced the
closing of the previously announced registered underwritten public offering of
shares of its common stock, all of which were sold by funds affiliated with
First Reserve Corporation, Goldman, Sachs & Co., Riverstone Holdings LLC and
The Carlyle Group, and KERN Partners Ltd. and certain limited partners in such
funds affiliated with KERN Partners Ltd. (collectively, the “selling
stockholders”). The selling stockholders sold a total of 40,000,000 shares of
Cobalt’s common stock. The underwriters also may purchase up to an additional
6,000,000 shares of common stock from certain of the selling stockholders
should the underwriters exercise their over-allotment option. Cobalt will not
receive any of the proceeds from the sale of the shares of common stock.
Morgan Stanley & Co. LLC and Citigroup acted as the underwriters of the
offering.

Cobalt today also announced that, as a result of the secondary offering and
the selling stockholders now owning in the aggregate less than 50% of Cobalt’s
total outstanding shares of common stock, Cobalt is no longer a “controlled
company” for purposes of certain exemptions from the NYSE corporate governance
standards. Accordingly, Cobalt will be required to comply with, among other
things, the NYSE’s board and committee independence requirements within the
time periods required by the NYSE rules. In addition, certain provisions set
forth in Cobalt’s certificate of incorporation and bylaws take effect
regarding, among other things, the election and removal of directors from
Cobalt’s board and the ability of stockholders to take action by written
consent or call special meetings of stockholders.

About Cobalt

Cobalt is an independent oil exploration and production company focusing on
the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West
Africa. 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 Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 — 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, other than as required by law. 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.

Contact:

Cobalt International Energy, Inc.
Investor Relations:
Richard A. Smith, +1 (713) 579-9141
Vice President, Investor Relations and Planning
or
Media Relations:
Lynne L. Hackedorn, +1 (713) 579-9115
Vice President, Government and Public
Affairs
 
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