James Ivey Joins Cobalt International Energy, L.P. as Executive Vice President and Chief Financial Officer

Houston, TX – Cobalt International Energy, L.P., an oil and gas exploration and production company with $600 million in funding from investors including Carlyle/Riverstone, Goldman Sachs Capital Partners, and KERN Partners, today announced that James G. Ivey has joined the Cobalt team as Executive Vice President and Chief Financial Officer. In this capacity, Mr. Ivey will be responsible for all aspects of Cobalt’s financial management, strategic planning and budgeting. He begins his duties on October 1, 2006.

Joseph H. Bryant, Cobalt Chairman and Chief Executive Officer, said, "We are fortunate to have someone with Jim’s blend of industry experience and finance background join Cobalt’s management team. Jim will play a pivotal role in carrying out our strategic, financial and operating goals and will be a tremendous asset to Cobalt as we continue to establish ourselves as a major player in the E&P arena."

Mr. Ivey said, "I’m excited to join Cobalt and such an impressive team of industry veterans. Cobalt is playing to win and I look forward to the challenge."

Cobalt International Energy, L.P. is an oil and gas exploration and production company that focuses on the Deepwater Gulf of Mexico and other high-potential global basins worldwide.

Mr. Ivey comes to Cobalt from MarkWest Hydrocarbon, Inc. where he was the Chief Financial Officer. Prior to MarkWest, Mr. Ivey served at The Williams Company from 1995-2004 as Treasurer and later as Acting Chief Financial Officer.

Prior to that, Mr. Ivey was Treasurer of Tenneco Gas and Arkla, Inc. Mr. Ivey began his career as an engineer, first with Fluor Corp. and later with Conoco, Inc.

Mr. Ivey earned his undergraduate degree from Texas A&M University and his M.B.A. from the University of Houston. He is also a graduate of the Army Command and General Staff College and the Duke University Advanced Management Program.

Cobalt International Energy is a next-generation oil and gas exploration and production company that focuses on the Deepwater Gulf of Mexico and other high-potential global basins. The company was formed in 2005 and is headquartered in Houston, Texas. For more information on Cobalt, please visit our website at www.cobaltintl.com/.