Cobalt International Energy, Inc. announced the resignation of Kenneth A. Pontarelli and Peter R. Coneway from its Board of Directors.
Mr. Pontarelli is a Managing Director in the Merchant Banking Division of Goldman, Sachs & Co. and has been a Director of Cobalt since our inception in November 2005. Mr. Coneway is a Managing Director of Riverstone LLC and has been a Director of Cobalt since October 2009.
As a result of these resignations, the size of the Board has been reduced from eleven to nine Directors. The two founding sponsors who remain represented on Cobalt's Board control a combined total of approximately ten percent of Cobalt's outstanding shares.