Cobra Venture Provides Operational Update

Cobra Venture Corporation ("Cobra") (TSX VENTURE:CBV) is pleased to provide an
operational update to its shareholders and prospective investors.


At Viewfield, Saskatchewan, two horizontal wells have now been drilled and
completed on Cobra's lands by a well-known intermediate exploration corporation
with interest in the Bakken exploration play, in Saskatchewan. Cobra has
retained a 20% overriding royalty interest in these wells. Cobra recently
received an initial royalty payment for the month of August and is pleased with
initial flow rates and royalties received. An additional 2 two leg horizontal
wells are currently being drilled and completed under the terms of the same
agreement. Cobra intends to announce final results from this exploration program
once production data from the 4 wells is stabilized.


At Willesden Green, Alberta, Cobra has entered into discussions with various
parties for participation in the completion, equipping, and tie-in of a well
previously drilled by Cobra. The wellbore encountered 5 meters of net oil pay
including 1 meter of conglomerate. The well was cased, perforated, fracture
stimulated and then shut in pending completion. Subject to concluding successful
negotiations with an interested third party regarding completion, equipping and
tying in of this well, Cobra anticipates having the well producing by the end of
2009.


As at August 31, 2009, Cobra had no debt and positive working capital of
approximately $913,429. Cobra believes that it continues to be well funded for
ongoing operations.


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, planned expenditures and operations, corporate
strategies, and participation in projects and financing and any other statements
that are not historical fact. Statements in this release that are
forward-looking statements are subject to various risks and uncertainties
concerning the specific factors disclosed including exploration and development
risks associated with the oil and natural gas industry in general and such other
risks as disclosed 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. 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 law. The reader should carefully review the cautionary statements
and risk factors contained in this and other documents that are filed by Cobra
from time to time with Canadian securities regulators.
Cobra Venture (TSXV:CBV)
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