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October 1, 2007

Cobra Venture Corporation (the "Corporation") announced today that due to delays on the part of the agent and concerns regarding unnecessary dilution to the common shares of the Corporation, the Corporation will not be proceeding with the previously announced proposed private placement of up to 5,714,286 units (the "Units") of the Corporation at a price of $0.35 per Unit, for gross proceeds of up to $2,000,000.

Notwithstanding the foregoing, the Corporation continues to be in a strong financial position with no debt, over $1,000,000 in working capital currently on hand and increasing monthly cash flow from operations.

About Cobra Venture Corporation

Cobra is an oil and natural gas production and exploration company 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any sate securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.



Daniel B. Evans, President and CEO
Cobra Venture Corporation
(604) 922-2030 or Canadian Toll Free: 1-888-888-9122
US Toll Free: 1-888-888-9123
(604) 922-2037 (FAX)

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