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This does not include 7 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).

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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. Golden has well-rounded expertise and experience in the global oil and gas industry. For much of his last decade with BP he served as Group Vice President - Exploration and Production. 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. Golden has served as an advisor to Cobalt's Board of Directors. 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. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

Criollo Well Results Cobalt today announced that it reached a planned total depth of 31,145 feet TVD in the Criollo prospect exploration sidetrack well, and is in the process of suspending operations on the well.

The Green Canyon 685 #1 Sidetrack is located in approximately 4,200 feet of water.

The Frontier Exploration Licence (FEL) 2/14 drilling project lies in c.

2,250 meter water depth in the southern Porcupine Basin and is located c.

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. Jack's industry experience will be a tremendous asset to Cobalt as we execute our business plan." About Cobalt Cobalt is an independent oil exploration and production company focusing on the deepwater U. Forward Looking Statements This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 -- that is, statements related to future, not past, events.