Cobra Venture Corporation (the 'Company' or 'Cobra'), is pleased to provide an update on its non-operated joint venture projects, and as well, to confirm the appointment of its new Chief Financial Officer.

Gull Lake Project, Saskatchewan

Cobra currently has a 14.665% interest in the Gull Lake project, which consists of 11 wells. Due to low oil and gas commodity prices in late 2019 and early 2020, one of the Company's operators, Taku Gas Ltd. ('Taku'), elected, as of April 1, 2020, to shut in or suspend all of its 7 wells, but such wells were subsequently brought back onstream on June 1, 2020. Additionally, the 4 wells operated by Vital Energy Ltd. ('Vital') were shut in during the later part of April 2020, and during the shut down period, new pressure buildup data was collected by Vital to evaluate remaining reserves in the pool. The wells operated by Vital were subsequently brought back onstream on July 1, 2020. As well, Cobra has also elected to participate in the drilling of two development well locations (at 4-29 and 9-29-13-19W3, respectively). These additional wells will target the Upper Shaunavon formation, which is the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal well targeting the Cantuar formation.

This news release includes certain statements that may be deemed 'forward-looking statements' within the meaning of applicable securities legislation. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'suspects', 'intends', 'estimates', 'projects', 'targets', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by - 3 - this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact:

Tel: 604.922.2030

Fax 604.922.2037

(C) 2020 Electronic News Publishing, source ENP Newswire