COBRA VENTURE CONTINUES WITH EXPLORATION PROGRAM OF TEST WELLS IN SOUTHWEST SASKATCHEWAN
Vancouver, British Columbia – December 19, 2013 - Further to its News Release of July 13, 2013, Cobra Venture Corporation (“Cobra” or the “Company”) is continuing with its ongoing participation in the drilling of a third test well of a four test well exploration program (the “Test Wells”). The Test Wells are located in southwest Saskatchewan in an area with three geologically and seismically identified formations (the Cantuar, Roseray and Upper Shaunavon). Under the terms of the Participation Agreement that the Company entered into in July 2013, Taku Gas Limited (“Taku”) has granted Cobra (and two other arm’s length companies) the right to participate with Taku in a Farmount Agreement, dated June 11, 2013, between Taku and Ceno Energy Limited (“Ceno”). Cobra pays 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. Based on all 4 Test Wells being drilled, Cobra’s net earned position will be equal to 14.665% of 1640 acres. The Test Wells will be drilled vertically to an approximate depth of 1200 metres to evaluate the Upper Shaunavon Zone. The third Test Well is expected to be spudded in early January 2014.
To facilitate the funding of Cobra’s continued participation of the Test Wells, the Company and certain directors, and an associate thereof (the “Lenders”), have entered into Loan Agreements pursuant to which the Company will receive an aggregate of $300,000 for exploration purposes (the “Loans”). The Loans are for a term of one year with interest of 1.166% per month (14% per annum). The Lenders have not requested the payment or issuance of any bonus shares or warrants, as permitted under the TSX Venture Exchange rules, however, the Company has agreed to pay the Lenders the aggregate sum of $15,000 as a loan facility fee to cover all costs and expenses incurred by the Lenders in connection with the Loans.
About Cobra Venture Corporation
Cobra Venture Corporation is an emerging energy corporation focused on the acquisition and development of strategic oil and natural gas reserves in Western Canada. Common shares of the Corporation trade on the TSX Venture Exchange under the symbol CBV.
For further information, please contact
Cobra Venture Corporation
Daniel B. Evans, President and CEO
Canadian Toll Free: 1-888-888-9122
US Toll Free: 1-888-888-9123
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.