The LeadersIn Maritime Law

Cobalt International Energy L.P.

Two Post Oak Central
1980 Post Oak Blvd., Suite 1200
Houston, Texas 77056
Phone: (888) 346-5024

Cobalt explores for oil in the deep offshore waters of the U.S. Gulf of Mexico and West Africa, with an emphasis on sub-salt and pre-salt exploration, development, and production. Cobalt’s investment of leading-edge technology, places the company in a position to detect and drill reservoirs located in sub-salt structures, which, until recently, have been difficult to detect and drill. In the Gulf of Mexico, Cobalt’s leasehold position is comprised of interests in 227 deepwater blocks covering approximately 1.3 million gross acres with 47 identified prospects. Cobalt will operate approximately 75% of its prospects in the Gulf of Mexico with an average working interest of approximately 49%.

Cobalt International Energy is listed on the New York Stock Exchange under the symbol “CIE”. According to Business Wire, Cobalt International Energy, Inc. recently announced a net loss of $41.8 million, or $0.12 per basic and diluted share, for the three months ending June 30, 2010, due to delays to Cobalt’s drilling plans in the Gulf of Mexico caused by the moratorium. Cobalt International was formed in 2005, and conducted its initial public offering in 2009. The company is headquartered in Houston, Texas, and has approximately 54 employees.

Although there are significant economies of scale in energy exploration, development, and production operations, a small company can compete effectively with large ones if it’s located in a favorable market area, or if it places an emphasis on a specialty, such as sub-salt and pre-salt exploration, development, and production. Cobalt International’s major competitors include ExxonMobil, Nexen Inc., and Noble.

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