CBV Cobra Venture Corporation

Cobra Venture Corporation ("Cobra" or the "Corporation") (TSX VENTURE:CBV) is
pleased to announce results arising from its annual and special meeting of
shareholders held on May 24, 2012, at which the shareholders of the Corporation
approved all resolutions presented at the meeting including the re-election of
the current directors, the re-appointment of Mackay LLP as Cobra's auditor and
an amendment to the Corporation's stock option plan to increase the number of
common shares reserved for issuance under the plan.


Appointment of Independent Director 

In addition, immediately following the meeting, the directors have appointed S.
Reid MacDonald to the board of directors. Mr. MacDonald is considered to be an
independent director for the purposes of applicable securities regulations and
the policies of the TSX Venture Exchange Inc. ("TSXV"). Mr. MacDonald's
appointment is subject to review and approval by the TSXV.


Mr. MacDonald was the President of GASFRAC Energy Services Inc. from October
2010 to November 2011 and Chief Operating Officer of GASFRAC from April 2010 to
November 2011. Mr. MacDonald has over 35 years experience in the oilfield
services industry. From January 2006 to March 2010, Mr. MacDonald was
Vice-President and General Manager of Nabors Blue Sky, a subsidiary of Nabors
Industries, an oilfield service company listed on the New York Stock Exchange.
From September 2002 to December 2005, Mr. MacDonald was Vice-President of
Airborne Energy Solutions, an air transportation company in the energy field.
Mr. MacDonald was also Vice-President Marketing for Crown Energy Technologies
from 1998 to 2002, President of Maritime Hydraulics (Canada) from 1996 to 1998,
and prior thereto he worked with Nowsco Well Service where all worldwide pumping
services reported to him.


Grant of Stock Options

In connection with Mr. MacDonald's appointment, the Corporation is granting
200,000 stock options to Mr. MacDonald. In addition, the Corporation is granting
25,000 stock options to Michael J. Perkins, the Corporation's Corporate
Secretary. The options permit each holder to purchase common shares of the
Corporation ("Common Shares") at an exercise price of $0.24 per Common Share, a
price which equals the close of market trading price on May 24, 2012 (the last
day the Common Shares traded on the TSXV), for a period of five (5) years from
the date of issuance. One quarter (1/4) of the options granted to each of the
foregoing persons will vest immediately, with a further one quarter (1/4) to
vest on the six, twelve and eighteen month anniversary of the granting of the
options.


Appointment of CFO

The Corporation also announces that Cyrus H. Driver has been appointed as the
Chief Financial Officer of Cobra. Mr. Driver is a chartered accountant and is a
partner with Davidson & Company LLP, Chartered Accountants. Mr. Driver has been
a director of Cobra since November 1998. Daniel B. Evans remains the President
and Chief Executive Officer of Cobra.


Changes to Board Committees

Finally, the Corporation announces that it has re-constituted its Audit
Committee and Compensation Committee to ensure that each has a majority of
independent directors. Accordingly the members of both the Audit Committee and
the Compensation Committee are Daniel B. Evans, W. Murray Rodgers and S. Reid
MacDonald.


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.

Cobra Venture (TSXV:CBV)
Historical Stock Chart
From May 2024 to Jun 2024

Cobra Venture (TSXV:CBV)
Historical Stock Chart
From Jun 2023 to Jun 2024