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Cobra Oil & Gas Co. Enters Into Letter Of Intent With Enercor, Inc. For Purchase Of 37.5% Working Interest Covering 640 Acres Within The P.R. Spring Deposit In Uintah County, Utah


HOUSTON--(BUSINESS WIRE)--Cobra Oil & Gas Co. (OTCBB:CGCA - News) (Hereafter “Cobra”), an independent oil and gas exploration company and focused on the strategic exploration and development of domestic energy projects, has entered into a Letter Of Intent (LOI) with Enercor, Inc. (Enercor) to purchase 37.5% representing a title and working interest covering a total of 640 gross acres. This acreage is adjacent to the Utah Oil Sands prospect in the P.R. Spring Deposit in Uintah County, Utah.


ccording to terms of the LOI Cobra’s purchase price will be 300,000 shares of Common Stock, fully paid and non-assessable. Cobra intends to include this lease in its development activities of other adjacent leases. Other title holders of this lease include Pioneer Energy and Questar Corporation.

Max Pozzoni, President of Cobra Oil & Gas, stated, “We are excited at the possibility of expanding our holdings within the Utah Oil Sands prospect”.

Both parties may cancel the agreement prior to the closing date with written notice. The close of the proposed transaction shall take place on or before August 31, 2009.