CBV Cobra Venture Corporation

Cobra Venture Corporation (the "Corporation") (TSX VENTURE:CBV) is pleased to
announce that it has entered into an assignment and assumption agreement (the
"Assignment Agreement") with a corporation controlled by an insider of the
Corporation (the "Assignor"), whereby the Assignor has agreed to assign to the
Corporation all of its right and interest in an offer to purchase and interim
agreement (the "Offer to Purchase") between the Assignor, as purchaser, and a
third party who is arm's length party to the Corporation (the "Vendor"), as
vendor. The Offer to Purchase is in respect of the acquisition of certain lands
and premises located in the Municipal District of Rocky View No. 44, in the
Province of Alberta, consisting or approximately 15.78 acres, excepting thereout
all mines and minerals (the "Lands") for an aggregate purchase price of
$3,975,000 (the "Purchase Price"). The Corporation believes that the Lands have
a strategic value that will integrate into the Corporation's future business
plans.


Pursuant to the Agreement, the Assignor has agreed to assign to the Corporation
all of its rights and interests in and to the Offer to Purchase, including the
right to purchase the Lands thereunder, in exchange for the Corporation paying
to the Assignor $100,000, which amount is equal to the first non-refundable
deposit already paid by the Assignor to the Vendor under the Offer to Purchase
and which amount shall be applied against the Purchase Price upon closing of the
acquisition of the Lands ("Closing"), and the assumption by the Corporation of
all obligations and liabilities of the Assignor under the Offer to Purchase,
including the obligation to pay the outstanding balance of the Purchase Price.


Pursuant to the terms of the Offer to Purchase, the Corporation is required to
pay a further deposit of $275,000 to the Vendor by March 31, 2012, which deposit
shall be non-refundable and shall be applied to the Purchase Price upon Closing.
Closing is currently anticipated to occur on or about June 30, 2012 at which
time the remaining $3,600,000 of the Purchase Price shall be paid to the Vendor.
Closing is subject to receipt of all necessary regulatory approvals, including
the approval of the TSX Venture Exchange.


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 the payment of the second
deposit, the acceptance of the transaction by the Exchange the timing and
occurrence of Closing 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 transaction, the ability to
pay the second deposit and the balance of the Purchase Price, and the ability to
complete the Closing 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.

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