Cobra Venture Announces Adoption of Shareholder Rights Plan

Cobra Venture Corporation ("Cobra" or the "Corporation") (TSX VENTURE:CBV)
announces that the shareholders of the Corporation have ratified Cobra's
Shareholder Rights Plan dated effective June 17, 2010 (the "Plan") at the annual
and special meeting of the shareholders of the Corporation which was held on
July 15, 2010. 


The Plan is designed to ensure the fair treatment of shareholders in connection
with any take-over bid for outstanding common shares of Cobra. The Plan seeks to
provide shareholders with adequate time to properly assess a take-over bid
without undue pressure. It also provides the Board of Directors with adequate
time to fully assess an unsolicited take-over bid, to allow competing bids to
emerge, and, if applicable, to explore other alternatives to the take-over bid
to maximize shareholder value. 


The Plan is not intended to prevent or deter take-over bids that treat
shareholders fairly. Under the Plan, those bids that meet certain requirements
intended to protect the interests of all shareholders are deemed to be
"Permitted Bids". Permitted Bids must be made by way of a take-over bid circular
prepared in compliance with applicable securities laws and, among other
conditions, must remain open for 60 days. 


Under the terms of the Plan, one right will be issued by Cobra for each
outstanding Cobra common share at the close of business on June 17, 2010, and
for each Cobra common share issued in future (subject to the terms of the Plan).
In the event a take over bid does not meet the Permitted Bid Requirements of the
Plan, the rights will entitle shareholders, other than any shareholder or
shareholders making the take-over bid, to purchase additional common shares of
the Corporation at a substantial discount to the market price of the common
share at that time. The Plan has an initial term of three years.


Cobra is not adopting a Plan in response to any proposal to acquire control of
the Corporation. The Plan is similar to plans adopted by other Canadian
companies and ratified by their shareholders. Although effective as of June 17,
2010, the Plan is subject to approval by the TSX Venture Exchange. 


About Cobra Venture Corporation

Cobra is an oil and natural gas production and exploration corporation currently
producing, exploring and developing properties in Alberta, British Columbia, and
Saskatchewan. Cobra is actively involved in prospect generation and secures
working interests at an early stage. Through farm out and royalty agreements,
the corporation joint ventures its prospects but retains key ownership positions
in multiple projects. Cobra employs this strategy to minimize shareholder
dilution and maximize shareholder asset value.

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