Cobalt Energy Ltd.
TSX VENTURE : CB.A
TSX VENTURE : CB.B

Cobalt Energy Ltd.

June 08, 2007 10:59 ET

Cobalt Energy Ltd. Commences Trading

CALGARY, ALBERTA--(Marketwire - June 8, 2007) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Cobalt Energy Ltd. ("Cobalt" or the "Company") (TSX VENTURE:CB.A) (TSX VENTURE:CB.B) is pleased to announce that further to the previously announced closing of its initial public offering, the Class A Shares and Class B Shares of Cobalt will commence trading on the TSX Venture Exchange ("TSX-V") on Friday, June 8, 2007 under the trading symbols CB.A and CB.B, respectively. Pursuant to the policies of the TSX-V and the Company's stock option plan, the Board of Directors of Cobalt has granted stock options to acquire an aggregate of 768,500 Class A Shares of the Company to certain directors, officers, employees and consultants of the Company at a price of $0.35 per share.

Cobalt was formed to participate in the exploration, development and production of conventional crude oil and natural gas reserves in western Canada. The Company's strategy is to build shareholder value through internally generated exploration and development drilling and through selective acquisitions.

Reader Advisory - This news release contains certain forward-looking statements, which include assumptions with respect to future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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