2009-04-09-2009-04-06-2009-04-06

Combined 214 exploratory leases in GOM with Cobalt holding 60%.

Privately held, Houston-based Cobalt International Energy LP and Total E&P USA Inc., a subsidiary of Total SA, (Paris: TOTF; NYSE: TOT) have entered several agreements that will combine their respective exploratory lease holdings through a long-term alliance across the entire Gulf of Mexico. Cobalt will generally hold a 60% interest in the venture while Total will generally hold a 40% interest across 214 joint Gulf of Mexico deepwater leases in which they currently have varying working interests. Cobalt is operator on behalf of the alliance. Cobalt and Total have also agreed to a joint-participation-area for any future opportunities between the parties in the Gulf of Mexico. Cobalt chairman and chief executive Joseph Bryant says, "We are pleased with the opportunity to establish a long term alliance with Total in the Gulf of Mexico. We will execute our program utilizing state-of-the-art technology to realize the full potential and value of our combined Gulf of Mexico assets. The combined portfolio contains numerous prospects with significant working interests positioned in key play fairways. This alliance is another significant milestone establishing Cobalt as a leading long term participant and operator in the deepwater Gulf of Mexico." Cobalt and Total anticipate that a multi-well program on the combined portfolio will begin this summer utilizing a Total-supplied drilling rig. This transaction is subject to approval of the U.S. Minerals Management Service. Cobalt will now hold a working interest in 221 leases in the Gulf of Mexico.