CB.A Cobalt Energy Ltd

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 update recent drilling activity. Cobalt participated
in the drilling of two exploration wells in December, 2008. The Company
participated in the successful drilling and completion of one natural gas well
(18% working interest) located at Hines in the Peace River Arch area of Alberta.
This well has been tied-in and is currently producing at a restricted rate of
approximately 350 mcf/d (63 mcf/d net). The operator is evaluating compression
options which are expected to increase this well's production rate. Cobalt also
participated in the drilling of one light crude oil horizontal well (43% working
interest) in December, 2008 located in west central Alberta. The well has
recently commenced testing operations and the Company has agreed with its
partners to hold information on this well confidential until after the testing
is completed.


Cobalt also announces that Paul McMillan, Vice President Exploration and Randy
Doetzel, Vice President Operations have resigned from the Company. The directors
and management wish both gentlemen well in their future endeavors.


Reader Advisory - This news release contains certain forward-looking statements,
which include assumptions with respect to availability of funds, use of capital,
results of operations and production levels. 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. Such risks and uncertainties include, without limitation, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, tax treatment (including royalties), inability
to retain drilling rigs and other services, delays resulting from or inability
to obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources, the impact of general economic conditions in
Canada, the United States and overseas, industry conditions, changes in laws and
regulations (including the adoption of new environmental laws and regulations)
and changes in how they are interpreted and enforced, increased competition, the
lack of availability of qualified personnel or management, fluctuations in
foreign exchange or interest rates, stock market volatility and market
valuations of companies with respect to announced transactions and the final
valuations thereof, and obtaining required approvals of regulatory authorities.
The Company's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if any
of them do so, what benefits, including the amount of proceeds, that the Company
will derive therefrom. Readers are cautioned that the foregoing list of factors
is not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. 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. BOE or boe/d may be misleading
particularly if used in isolation. A BOE conversion of 6mcf:1bbl is based as an
energy equivalency conversion method primarily applicable at the burner tip and
does not necessarily represent a value equivalency at the well head.

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