Cobra Venture Corporation Announces Project Update

Cobra Venture Corporation ("Cobra") (TSX VENTURE:CBV) - 

Willesden Green, Alberta

The first of two locations has now been drilled in the Willesden Green area. The
wellbore encountered 5 meters of net oil pay including 1 meter of conglomerate.
The well has now been cased, perforated and fracture stimulated. Following the
fracing, the well flowed oil to surface from 2100 meters, however, the well has
now been shut in to allow for pressure build-up data to be acquired. Following
this acquisition of data, it is anticipated that the well will be tied into a
nearby pipeline and put into production. Until further testing is completed
following the pipeline tie in, no production rate can be accurately established
at this time.


Offset wells in proximity with very similar oil pay sections have produced over
100,000 barrels of oil and are continuing to produce between approximately 20
and 50 barrels of oil per day. The Corporation has acquired an 80% working
interest ownership in this oil well, subject to applicable royalties.


Iosegun, Alberta

The surface audit of the existing well site has been completed by the current
owner of the wellbore. Cobra has vetted this environmental audit and is fully
satisfied that no environmental liabilities exist with the old well site and it
is anticipated that the Corporation will now be proceeding with taking over the
existing wellbore from the current owners. The potential re-entry is anticipated
to re-establish the production of approximately 20-30 barrels of light oil per
day that existed when the well was abandoned in the 1980's. Cobra owns a 20%
working interest but may earn additional percentages by farm-in from the current
owners.


Alderson, Alberta

The proposed 3D program has been completed by a 3rd party at no cost to Cobra.
The evaluation by this 3D seismic seems to indicate the presence of a large high
anomaly, which has the potential for a new oil pool. However, Cobra is
interested in acquiring additional lands and possibly a line of 2D seismic
before proceeding to drill the first potential location. The anomaly is offset
by a smaller anomaly that produced 98,000 barrels from depths of only 900
meters. Cobra holds a 25% working interest in the existing lands and 3D seismic.


Westlock, Alberta

The 3D program that had been scheduled to be shot this fall over the Westlock
lands, to earn a working interest of 30%, has been delayed due to access
problems. The surface problems have now been removed and it is anticipated that
the seismic data will be acquired in the next few months. It is anticipated that
a drilling location will be determined similar to the offset natural gas well
that has produced close to 1 bcf of natural gas and is still flowing at 800
mcf/day from a reservoir at only 950 meters depth.


About Cobra Venture Corporation

Cobra is an oil and natural gas production and exploration company currently
producing, exploring and developing oil and natural gas interests in SE
Saskatchewan, Pembina, Alberta and NE British Columbia. Cobra is actively
involved in prospect generation, and secures working interests at an early
stage. Through farm out and royalty agreements, Cobra joint ventures with third
parties to operate and develop the prospects. Cobra retains key ownership
positions in multiple projects and Cobra employs this strategy to minimize
shareholder dilution and maximize shareholder asset value.


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.


This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


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, planned expenditures, corporate strategies, and
participation in projects and financing 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 concerning the specific factors
disclosed under the heading "Risk Factors" and elsewhere 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.
You should carefully review the cautionary statements and risk factors contained
in this and other documents that we file from time to time with the Canadian
securities regulators. Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made and the
Corporation undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances change, except as
required by applicable law.


Barrels of Oil Equivalent

The calculations of barrels of oil equivalent ("boe") are based on a
conversation rate of six thousand cubic feet ("mcf") of natural gas to one
barrel of crude oil. Boe's may be misleading, particularly if used in isolation.
A boe conversion ration of 6mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.
Cobra Venture (TSXV:CBV)
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