Cobalt Energy Ltd. Announces Approval for Plan of Arrangement and Results of Special Meetings

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

Cobalt Energy Ltd. ("Cobalt" or the "Corporation") (TSX VENTURE:CB.A) (TSX
VENTURE:CB.B), is please to confirm that they have received approval from the
Cobalt shareholders in accordance with all legal and regulatory requirements at
the special meetings of Cobalt Class A and Class B shareholders held on June 30,
2009 regarding its previously announced plan of arrangement (the "Arrangement")
with Bonterra Oil & Gas Ltd. ("Bonterra") and Bonterra Energy Corp. 


The Arrangement has received the approval of the Court of Queen's Bench of
Alberta and it is expected that the proposed transaction will be completed on
July 2, 2009. 


Reader Advisory - This news release contains certain forward-looking statements
relating to completion of a transaction. 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.