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NEW PRODUCTION IN VIEWFIELD SASKATCHEWAN ADDITIONAL DRILLING UNDERWAY


January 22, 2008

Vancouver, B.C. – Cobra Venture Corporation ("Cobra") (TSX Venture : CBV)  is pleased to announce that joint venture partner, Acero Resources (“Acero”) of Calgary, Alberta, has drilled and completed two (2) new producing wells on lands leased by the Corporation in the Viewfield, Saskatchewan area. The wells are currently producing at 75 BOPD and 141 BOPD and are subject to gross overriding royalties of 16% payable to Cobra. Cobra now has a total of eight (8) royalty paying wells in the Viewfield, Saskatchewan area.  

Acero has advised they have licensed a new well on a Cobra crown lease and will begin drilling operations into the Frobisher and Bakken formations by the end of January 2008.

  Cobra has also been advised by a large trust company that a license has been approved on Cobra owned lands for one (1) additional development well to be drilled.  In addition, Cobra has entered into a multi-well farm out with a junior oil and natural gas company on 640 gross,  net 480 acres with a commitment to drill a one (1) mile horizontal Bakken well subject to gross overriding royalties of 20% payable to Cobra.

Cobra looks forward to increased production revenues, as additional wells are drilled and brought on stream throughout 2008.  Within the 40 acres allowable spacing provisions, Cobra believes there are over 26 potential well locations remaining on the existing land base, which is now fully under  development. Cobra has an ongoing geological assessment program underway to evaluate new opportunities at crown land sales and by farm in to increase drill target inventory in the area.

Cobra has also recently completed a sale of crown leased lands to a junior oil and natural gas company for proceeds of $790,000. These funds will further bolster Cobra’s balance sheet which remains debt free.   Proceeds from this sale will be used for drilling operations, to acquire further lands in Alberta and Saskatchewan, and for general working capital requirements. 

In Central Alberta, Cobra has been successful in acquiring varying interests between 25-50% in 320 acres at Alderson, 160 acres at Willesden Green, and 160 acres in the Iosegun areas of Alberta. License applications are currently underway to drill up to 2 Cardium wells at Willesden Green and a Nisku recompletion program is planned for the Iosegun lands.  A 3D seismic farm-in program has been completed by a third party on the Alderson lands and is currently being evaluated.  Cobra is actively evaluating new opportunities in Alberta to increase its land position and drilling inventory of light oil targets.

At Pembina, Alberta, Cobra is now receiving production revenue from 2 natural gas wells previously completed in 2006-2007. Cobra has earned a 40% working interest in 4,200 acres where an additional 10-12 drill targets have been identified and are being evaluated for future development.

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.  Cobra is currently exploring and developing oil and natural gas interests in SE Saskatchewan, Central Alberta and NE British Columbia.  Cobra is actively involved in prospect generation, and secures working interests at an early stage through farm out and royalty agreements.  Cobra retains key ownership positions in multiple projects and employs this strategy to minimize shareholder dilution and maximize shareholder asset value.

The 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
(604) 922-2030
Canadian Toll Free (888) 888-9122
US Toll Free (888) 888-9123
www.cobraventure.com

 

Doren Quinton
QIS Capital
(250) 376-8989
www.qiscapital.com

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

The calculation of barrels of oil equivalent (“boe”) are based on a conversion rate of six thousand cubic feet (“mcf”) of natural gas to one barrel of crude oil.  Boe’s may be misleading, particularly if used in isolation.  A boe conversion ratio of 6 mcf:1 bbl is base on energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements

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.

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