COBRA ANNOUCES OIL WELL CASED AND COMPLETED

December 20, 2006

Vancouver – Cobra Venture Corporation . ("Cobra") (TSX Venture Exchange: CBV) Cobra is pleased to announce that the first well in a three well drilling program in the Viewfield area of south Saskatchewan, being carried out under a previously announced farm-out arrangement with a private Alberta company, has been cased and completed as an oil well. Cobra owns 100% of the freehold mineral rights on the lands where this first well was drilled and has retained a non-convertible sixteen percent (16%) gross overriding royalty, without further commitment of capital for any additional development. Cobra’s royalty is not subjected to any deductions other than its crown obligations..

The first well was drilled horizontally on a structural feature and the results from the well suggest that a second well can be located on the adjacent spacing unit on Cobra land. The initiation of a second well would be subject to further reservoir evaluation over the next three months. The single horizontal leg well encountered approximately 400 meters of high quality limestone porosity and initial production has yielded a sweet 30.3 degree API gravity oil with a very low water cut. Production rates for the well have been as high as 240 bbls of oil per day since completion of the well in the early part of December, but the operator anticipates reducing the rate of production to approximately 200 bbls of oil per day while the reservoir is being evaluated. If warranted, the rate could be increased in the future since a good production practice order has been obtained for the well. The operator has informed Cobra that it intends to construct a battery facility in the immediate area complete with water disposal to accommodate any future water production. Currently the well is being tank treated and shipped directly to sales.

The operator has informed Cobra that it has now licensed the second well for the drilling program and will survey the third well location in early January, 2007. Cobra looks forward to continued success on both of the remaining earning wells and the subsequent drilling which will materialize with that success.

FOR FURTHER INFORMATION PLEASE CONTACT:

Cobra Venture Corporation
Daniel B. Evans
President and CEO
(604) 922-2030
Canadian Toll Free (888) 888-9122
US Toll Free (888) 888-9123

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