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COBRA VENTURE CORPORATION ANNOUNCES SALE OF SASKATCHEWAN ASSETS


December 1, 2011

Cobra Venture Corporation (the “Corporation”) is pleased to announce that, subject to regulatory body and shareholder approval, the Corporation has agreed to sell all of its freehold mineral and royalty interests in the Province of Saskatchewan for an amount of $5,250,000, subject to usual industry adjustments, effective as of January 1, 2012.  The Corporation is expected to call a special meeting of shareholders of the Corporation in early 2012 to consider, and if deemed fit, to approve this sale transaction which is anticipated to close on or about February 1, 2012.

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. 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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, the future anticipated sale of certain petroleum and natural gas assets 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 including, but not limited to, the ability to obtain regulatory body and shareholder approval in respect of the proposed transaction and such specific factors disclosed under the heading "Risk Factors" 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 release. You should carefully review the cautionary statements and risk factors contained herein and in the documents that we file from time to time with the Canadian securities regulators.

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