COBRA VENTURE PROVIDES OPERATIONAL UPDATE
November 4, 2009
Vancouver, B.C. - Cobra Venture Corporation ("Cobra") (TSX Venture : CBV) is pleased to provide an operational update to its shareholders and prospective investors.
At Viewfield, Saskatchewan, two horizontal wells have now been drilled and completed on Cobra’s lands by a well-known intermediate exploration corporation with interest in the Bakken exploration play, in Saskatchewan. Cobra has retained a 20% overriding royalty interest in these wells. Cobra recently received an initial royalty payment for the month of August and is pleased with initial flow rates and royalties received. An additional 2 two leg horizontal wells are currently being drilled and completed under the terms of the same agreement. Cobra intends to announce final results from this exploration program once production data from the 4 wells is stabilized.
At Willesden Green, Alberta, Cobra has entered into discussions with various parties for participation in the completion, equipping, and tie-in of a well previously drilled by Cobra. The wellbore encountered 5 meters of net oil pay including 1 meter of conglomerate. The well was cased, perforated, fracture stimulated and then shut in pending completion. Subject to concluding successful negotiations with an interested third party regarding completion, equipping and tying in of this well, Cobra anticipates having the well producing by the end of 2009.
As at August 31, 2009, Cobra had no debt and positive working capital of approximately $913,429. Cobra believes that it continues to be well funded for ongoing operations.
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
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 and operations, corporate strategies, and participation in projects and financing and any other statements that are not historical fact. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed including exploration and development risks associated with the oil and natural gas industry in general and such other risks as disclosed 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, except as required by law. The reader should carefully review the cautionary statements and risk factors contained in this and other documents that are filed by Cobra from time to time with Canadian securities regulators.