Cobalt International Energy executes a Rig Assignment Agreement with Anadarko Petroleum Corporation providing for the assignment to Cobalt of the Ocean Monarch Drilling Rig. Cobalt plans to use the Rig to drill its North Platte #1 exploratory well in the US Gulf of Mexico.

Cobalt expects Anadarko to make the Rig available to Cobalt on or about May 1, 2010, depending upon when the current assignee of the Rig concludes its designated drilling operations. Cobalt also has an option to use the Rig to drill a second well. Cobalt committed to use the Rig for a minimum of 75 days at a day rate of approximately $440,000.

Tags: Anadarko Petroleum Corporation, Cobalt International Energy