Cobra Venture is currently focussing on two projects located in the Southwest of Saskatchewan, Canada, and central California, USA.
GULL LAKE, Saskatchewan Project
Cobra owns a 14.665% non-operated working interest in nine oil wells, plus gathering and disposal facilities. As of November 30, 2019, eight wells were on production, with production from this project comprising all of Cobra’s revenue. Average annual net production to Cobra as of November 30, 2019 totalled 81 boepd.
The Gull Lake wells produce medium gravity crude, associated gas, and water, from either the Roseray and Upper Shaunavon formations. A recently completed high resolution 3-D seismic interpretation identified additional potential drilling targets on the joint venture acreage, however, recent drops in commodity prices have resulted in the suspension of all production and further activity until prices improve.
SAN JOAQUIN BASIN, California Project
Cobra (25%) entered into a participation agreement in 2019 with Makk Energy Ltd. (15%) and QC Energy Ltd. (60%) to undertake a geological and leasing program in the San Joaquin basin of California. The group is acquiring a focussed lease position within an area of proven historical oil and gas production. Further development will be undertaken utilizing current drilling and completion methods.