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COBRA VENTURE CORPORATION ANNOUNCES CLOSING OF PRIVATE PLACEMENT


November 29, 2006

Cobra Venture Corporation’s (the “Corporation”) announces that it has completed its previously announced arm’s-length, non-brokered private placement of 400,000 common shares issuable on a flow through basis at a purchase price of $0.25 per common share, for gross proceeds of $100,000. The securities issued pursuant to the private placement are subject to a four (4) month hold period from the date of issuance.

The proceeds of the private placement will be used to fund the Corporation’s exploration drilling and development.

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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