COBRA VENTURE CONTINUES WITH EXPLORATION PROGRAM IN SOUTHWEST SASKATCHEWAN
Vancouver, British Columbia – August 5, 2014 - Further to its News Release of December 19, 2013, Cobra Venture Corporation (“Cobra” or the “Company”) is continuing with its ongoing participation in the drilling of a fourth test well of a four test well exploration program (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 that the Company entered into in July 2013, Taku Gas Limited (“Taku”) has granted Cobra (and two other arm’s length companies) the right to participate with Taku in a Farmout Agreement, dated June 11, 2013, between Taku and Ceno Energy Limited (“Ceno”). Cobra pays 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 are being drilled vertically to an approximate depth of 1200 metres to evaluate the Upper Shaunavon Zone. The fourth Test Well is expected to be spudded in September, 2014. To date, two wells have been completed as oil wells, and one well is currently suspended following further evaluation.
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
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