COBRA VENTURE ANNOUNCES ACQUISITION OF WORKING INTEREST IN FOUR TEST WELLS IN SOUTHWEST SASKATCHEWAN
July 12, 2013
Vancouver, British Columbia – Cobra Venture Corporation (“Cobra” or the “Corporation”) (TSXVenture: CBV) is pleased to announce that it has entered into a Participation Agreement to drill and complete up to 4 initial test wells (“the Test Wells”). The Test Wells are located in southwest Saskatchewan in an area with three geologically and seismically identified formations (the Cantuar, Roseray and Upper Shaunavon). Under the terms of the Participation Agreement, Taku Gas Limited (“Taku”) has granted Cobra (and two other arm’s length companies) the right to participate with Taku in a Farmount Agreement, dated June 11, 2013, between Taku and Ceno Energy Limited (“Ceno”). Cobra will pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. Based on all 4 Test Wells being drilled, Cobra’s net earned position will be equal to 14.665% of 1640 acres. The Test Wells will be drilled vertically to an approximate depth of 1200 metres to evaluate the Upper Shaunavon Zone. The first Test Well is expected to be spudded in early August 2013.
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
Canadian Toll Free: 1-888-888-9122
US Toll Free: 1-888-888-9123
Neither the 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.