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MR. DANIEL EVANS REPORTS


May 29, 2007

COBRA VENTURE CORPORATION: DAVID H. EVANS PURCHASES SHARES

David H. Evans has increased his shareholdings in Cobra Venture Corp. to 10.13 per cent of Cobra's issued and outstanding common shares before exercise of all convertible securities of Cobra held by Mr. Evans and 12.4 per cent of Cobra's issued and outstanding common shares after taking into consideration the exercise of all convertible securities of Cobra held by Mr. Evans. Mr. Evans acquired 143,100 common shares of Cobra through the exercise of outstanding stock options and now beneficially owns or exercises control or direction over 1,330,888 common shares, as well as a stock option to purchase a further 300,000 common shares.

Mr. Evans's intention in acquiring additional common shares of Cobra was to increase his investment in Cobra. Mr. Evans intends to acquire additional common shares as opportunities arise for investment purposes or through the exercise of outstanding stock options.

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