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RETRACTION OF REFERENCE TO RESERVE INFORMATION


October 23, 2006

In regard to Cobra Venture Corporation’s (“Cobra” or “Corporation”) news release, dated October 19, 2006, the Corporation wishes to retract reference to any potential reserve information contained in the said news release relating to the Pembina, Alberta and Inga, NE British Columbia areas on the basis that such disclosure may not have been made in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Cobra is an oil and natural gas production and exploration company currently producing, exploring and developing oil and gas interests in Pembina, Alberta, NE British Columbia and SE Saskatchewan. Cobra is actively involved in prospect generation, and secures working interests at an early stage. Through farm out and royalty agreements Cobra joint ventures with third parties to operate and develop the prospects. Cobra retains key ownership positions in multiple projects and Cobra employs this strategy to minimize shareholder dilution and maximize shareholder asset value.

FOR FURTHER INFORMATION PLEASE CONTACT:

Cobra Venture Corporation
Daniel B. Evans
President and CEO
(604) 922-2030
Canadian Toll Free (888) 888-9122
US Toll Free (888) 888-9123

THE TSX VENTURE EXCHANGE INC. DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

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