Cobra Venture Corporation Announces Completion of Sale of Saskatchewan Assets

Cobra Venture Corporation (the "Corporation") (TSX VENTURE:CBV) is pleased to
announce that it has completed the sale (the "Sale") to Keystone Royalty Corp.
("Keystone") of all of its freehold mineral and royalty interests in the
Province of Saskatchewan, effective as of January 1, 2012 (the "Effective
Date"), for an amount of $5,250,000, which is subject to usual industry
adjustments for the period between the Effective Date and the date of closing
(the "Purchase Price"). A final settlement of all applicable adjustments shall
occur within 60 days of closing. The Purchase Price was paid by Keystone by: (i)
the transfer of 1,767,000 common shares of the Corporation which were owned by
Keystone to the Corporation for cancellation at a deemed price of $0.30 per
common share; and (ii) $4,719,900 paid in cash. 


The Sale was approved by 99.90% of the votes cast in person or by proxy at the
special meeting of shareholders of the Corporation held on January 30, 2012. In
addition, Sayer Energy Advisors provided a fairness opinion to the board of
directors of the Corporation, which opinion was included in the management
information circular of the Corporation sent to shareholders in respect of the
special meeting, that as of December 23, 2011, the consideration to be received
by Corporation in connection with the Sale was fair, from a financial point of
view, to the Corporation and its shareholders.


Upon final approval of the Sale by the TSX Venture Exchange (the "Exchange"),
and as a result of the disposition of the Saskatchewan assets, the Corporation
shall be a Tier 2 oil and gas issuer on the Exchange. It is anticipated that the
1,767,000 common shares of the Corporation being transferred to the Corporation
for cancellation in partial satisfaction of the Purchase Price shall be
cancelled as soon as practicable, resulting in 15,903,748 common shares of the
Corporation being issued and outstanding. 


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.


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, the timing of settlement of adjustments to the
Purchase Price, the final acceptance of the Sale by the Exchange, the Tier 2
issuer status of the Corporation on the Exchange, the cancellation of the common
shares transferred to the Corporation 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 including, but not limited to,
the ability to obtain regulatory body approval in respect of the Sale and the
listing of the Corporation as a Tier 2 issuer on the Exchange, the ability to
settle the final adjustments to the Purchase Price and cancel the common shares
in a timely manner or at all and such specific factors disclosed under the
heading "Risk Factors" 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 release. You
should carefully review the cautionary statements and risk factors contained
herein and in the documents that we file from time to time with the Canadian
securities regulators.