Cobra Earns $528,646 in Fiscal 2008

Cobra Venture Corporation ("Cobra" or the "Company") (TSX VENTURE:CBV) is
pleased to announce that the Company earned a record $528,646 or $0.04 per
common share for the year ended November 30, 2008. Complete financial results
and management's discussion and analysis related thereto can be found on SEDAR
at www.sedar.com.


During fiscal 2008, Cobra achieved several significant milestones including the
following:


- Completed a private placement of 1 million flow-through units for proceeds of
$300,000.


- Sold 480 (240 net) acres of lands in the Viewfield area of Saskatchewan for
$790,000 resulting in a gain of $330,737.


- Entered into a multi-well farm out on 640 (480 net) acres in the Viewfield
area with a commitment to drill two 1-mile horizontal Bakken wells subject to a
gross overriding royalty of 20%.


- Drilled a successful oil well (80% interest) in the Willesden Green area with
expected tie-in during 2009.


Financial Overview

Revenue, consisting of oil and natural gas royalty and production revenue,
during the year ended November 30, 2008, totalled $1,033,684, an increase of 27%
over 2007. Other income of $89,847, including interest and lease income, was up
significantly from $42,304 achieved during 2007. Operating expenses were
$643,301 during 2008, an increase of 64% due to higher management fees,
professional fees, consulting fees, stock-based compensation, and general office
expenses. Net income for the year ended November 30, 2008 was $528,646 ($0.04
per common share) compared to a net loss of $255,468 ($0.02 per common share)
during 2007. Included in the 2008 net income was a gain of $330,737 on the sale
of land recorded during the first quarter of the year.


During the fourth quarter of fiscal 2008, Cobra generated oil and natural gas
royalty and production revenue of $332,960. Other income was $6,157 and
operating expenses were $255,304 resulting in net income of $262,151 ($0.02 per
common share).


As at November 30, 2008, Cobra had no debt and positive working capital of
$1,105,822 ($0.07 per common share) compared to working capital of $884,815 as
at November 30, 2007. The Company remains well funded with a cash balance of
$1,784,900 (2007 - $878,075).


As at March 31, 2009, Cobra has 14,940,750 common shares issued and outstanding.

Operational Overview

Viewfield, Saskatchewan

The Company's southeast Saskatchewan lands continue to produce monthly revenue
on a royalty basis from 9 wells. Cobra owns 80% of the freehold mineral rights
on these lands and has retained a non-convertible 16% gross overriding royalty
held under the terms of a previous lease agreement. The Company has also entered
into a multi-well farm out on 640 (480 net) acres in the Viewfield area with a
commitment to drill two 1-mile horizontal Bakken wells subject to a gross
overriding royalty of 20%.


Pembina, Alberta

At Pembina, the Company has earned a 27% working interest in 2 natural gas wells
and is receiving production revenue from 1 well with 1 well pending
recompletion. The Company has subsequently earned a 40% net working interest in
4,200 acres where an additional 10-12 drill targets have been identified and are
being evaluated for future development.


Alderson, Alberta

In the Alderson area, the Company has obtained a 50% net working interest in 320
acres of land. A 3D program has been completed by a third 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. 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.


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 2,100 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. The Company has acquired an 80% working
interest ownership in this oil well, subject to applicable royalties.


Iosegun, Alberta

The Company has acquired the oil and natural gas rights to the Nisku zone and
plans to re-enter an existing oil well that was abandoned in the 1980's with
historical production of between 20 and 30 bbls/d of light oil. The surface
audit of the existing well site has been completed by the current owner of the
wellbore and Cobra has vetted this environmental audit and is fully satisfied
that no environmental liabilities exist with the old well site. 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 in 160 gross acres (32 net acres) but
may earn additional percentages by farm-in from the current owners.


Valhalla, Alberta

The Company has entered into an agreement to acquire a 20% working interest in
one section of land in the Valhalla area. The section shows several interesting
sands that have high natural gas readings identified during drilling of an old
abandoned well. The Company has identified several natural gas zones which
correlate to nearby natural gas wells drilled to the Bluesky-Gething formation
that produced between 1 Bcf and 2.5 Bcf in offset wells. Also of interest is the
shallower Paddy-Cadotte sand package that produced over 3.8 Bcf in a nearby
wellbore. This land acquisition is anticipated to close soon and once acquired,
a location has been identified for winter drilling in Cobra's 2009 budget. The
Company will also have the option to earn an additional 30% interest for a total
50% working interest in this section of land. Initial production rates for the
offset Bluesky well were 1.5 mmcf/d, while the Paddy production rates were over
4 mmcf/d for the first year in a well 2 miles to the south of these lands.


Morinville area, Alberta

During the year ended November 30, 2008, the Company acquired a 40% net working
interest in one section of land over a 5 year crown lease.


Inga Area, N.E. British Columbia

The Company holds 640 (480 net) acres of crown leased land underlying a
significant structure in this area. Cobra's net working interest is 75%, and
additional seismic structures are being reviewed with the intent to accumulate a
larger land position in the prospect area. The Company is awaiting results from
some Montney horizontal wells drilled in the immediate vicinity of its Inga
play. Upon analysis, the decision to drill a vertical or horizontal Montney
natural gas well will be made along with the conclusion of current efforts to
increase the land base in the offsetting acreage. Three Montney wells are to be
released and a land sale is taking place prior to that release. Once data on the
wells is available, the Company will decide on the depth to be drilled and the
type of completion to be used. Cobra is in discussion with other landholders in
the area for pooling and participation in a possible Montney well.


Reserves

Cobra has filed all required information and reports relating to reserve data
and other oil and natural gas information for the financial year ended November
30, 2008, as required pursuant to National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities. Copies of these documents may be obtained
electronically from SEDAR at www.sedar.com.


Summary

Cobra Venture had a successful year and achieved many of the goals set out by
management. Despite the current challenging economic environment, Cobra remains
well financed with no debt and positive working capital. The Company is unique
in that the majority of its revenues are derived from overriding royalty
interests which require no capital outlay and no ongoing maintenance costs. This
allows Cobra to continue to build its cash balance while effectively timing the
deployment of capital into new projects.


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. Cobra is currently exploring and developing oil and natural gas
interests in SE Saskatchewan, Central 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 retains key ownership
positions in multiple projects and employs this strategy to minimize shareholder
dilution and maximize shareholder asset value.


The common shares of the corporation trade on the TSX Venture Exchange under the
symbol CBV.


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, anticipated drilling, completion and tying in
of future oil and natural gas wells, planned land acquisitions and other
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 actual results may vary materially from
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. The Corporation undertakes no obligation to publicly
revise these forward-looking statements to reflect events or circumstances that
arise after the date of this filing, except as required by applicable law. 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.
Cobra Venture (TSXV:CBV)
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