Vancouver, British Columbia – September 24, 2014 - Further to its News Release of August 5, 2014, Cobra Venture Corporation (“Cobra” or the “Company”) is pleased to announce that the fourth and final well of a four test well exploration program (the “Test Wells”) has been successfully drilled and cased as an oil well. 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”) 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 paid 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. Cobra’s net earned position is now equal to 14.665% of 1640 acres. Three wells have been completed as oil wells and one well was suspended pending further evaluation. Stabilized flow rates and volumes remain to be established following optimization of production and water handling.
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
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, exploration activities, potential resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.