COBRA VENTURE CORPORATION EXPANDS BAKKEN OIL PLAY - 3 NEW WELLS ANTICIPATED TO BE DRILLED IN VIEWFIELD, S.E, SASKATCHEWAN
September 10, 2007
Vancouver, British Columbia – Cobra Venture Corporation ("Cobra")
Cobra is pleased to announce that it has entered into a second farm out arrangement with Acero Energy Inc.(“Acero”) of Calgary, Alberta, whereby Acero has agreed to drill a test well on Cobra held lands in the Viewfield area, to test the Frobisher/Bakken formations, on or before December 1, 2007.
In addition, Acero has advised Cobra of it’s intention to drill 2 new development wells on Cobra lands, in the Viewfield area. Under the terms of all agreements with Acero, Cobra receives a 16% gross override and no deduction royalty on all production.
In the Viewfield area, Cobra has interests in over 2000 gross acres of which, Acero has 1120 gross acres under exploration and development agreements. Cobra’s overall gross acreage will allow as many as 44 potential wells to be drilled under the current 40 acre well spacing guidelines.
On an annualized basis Cobra’s net production income from the Viewfield assets is currently $1 million dollars. This net production income is anticipated to increase in the third quarter as a previously drilled well is brought into production. Positive results from the current drilling program is anticipated to result in an increase in net production income as early as the first quarter of 2008.
About Cobra Venture Corporation
Cobra is an oil and natural gas production and exploration corporation currently producing, exploring and developing oil and natural 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.
Cobra Venture Corporation is an emerging energy corporation focused on the acquisition and development of strategic oil and natural gas reserves in the 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 (888) 888-9122
US Toll Free (888) 888-9123
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
This press release contains “forward looking statements” within the meaning of applicable Canadian securities legislation. The words “could”, “plan”, “expect”, “estimate”, “anticipate”, “project”, “predict”, “intend”, “may”, “potential”, “believe” and similar expressions and variations thereof are forward-looking statements. These include, but are not limited to, statements respecting anticipated business activities, planned expenditures, corporate strategies, and participation in projects and financing and any other statements that are not historical facts. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian securities regulators. Although the Corporation believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The reader is cautioned not to place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this filing. You should carefully review the cautionary statements and risk factors contained in this and other documents that we file from time to time with the Canadian securities regulators.