2009-08-04-2009-08-01

To acquire 20% WI in tar-sand leases involving 26,000 BLM acres in Uintah Co., UT.

Cobra Oil & Gas Co., Houston, (OTCBB: CGCA) plans to acquire a 20% interest in Utah tar-sand leases from Enercor Inc. for an undisclosed price. The assets involve approximately 26,000 acres owned by the Bureau of Land Management and under lease by ExxonMobil Corp., Irving, Texas, (NYSE: XOM). Enercor holds a contract with ExxonMobil to convert those leases into combined hydrocarbon leases for the right to exploit the tar sands, paying a 1/16 royalty to ExxonMobil on top of the 8% royalty that is due to the BLM. The leases are in the central region of the P.R. Spring bituminous sandstone deposit in southern Uintah County. The tar sands have an estimated potential of up to 1.4 billion barrels of oil in place. Closing is expected before Sept. 15.