COBRA VENTURE ANNOUNCES SALE OF REMAINING REAL ESTATE INTERESTS
Vancouver, British Columbia – August 18, 2014 - Further to its News Release of July 30, 2014, Cobra Venture Corporation (“Cobra” or the “Company”) is pleased to announce that it has entered into an offer to purchase and interim agreement (the “Offer to Purchase”) with an arm’s length private Alberta corporation (the “Purchaser”) related to the proposed sale of approximately 3 acres of undeveloped lands located in the Municipal District of Rocky View No. 44, in the Province of Alberta (the “Lands”) for an aggregate purchase price of $1,470,000. The Lands represent the last remaining portion of the 15.78 acres of undeveloped land originally acquired by the Company in October, 2012.
Pursuant to the terms of the Offer to Purchase, the Corporation has received a $50,000 deposit in trust, which shall be applied to the Purchase Price upon closing of the transaction, with the balance of $1,420,000 payable on the closing date. It is anticipated that the transaction will close on October 31, 2014, or such other earlier date as mutually agreed upon. Proceeds from the sale of the Lands will be used for working capital and for the potential acquisition of other oil and gas or resource property interests.
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.