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Cobra Venture Due Diligence Report - Information can be found on Sedar. TSXV: CBV // OTCQB: CBVTF Price: $0.285 CDN // $0.215 USD Common Shares: 15,903,748 Options: 1,390,000 Insider Holdings: 3,899,954 – 24.5% Website: cobraventure.com Recent News (March 23,2022): Cobra Venture Corp.'s board of directors has approved a special, one-time cash dividend of three cents per common share. The special dividend will be payable on May 4, 2022, to shareholders of record as of the close of business on April 6, 2022. The aggregate amount of the payment to be in connection with this special dividend will be approximately $477,113. Recent Financial Results (Audited) (Ending November 30, 2021) – Q1 2022 Results to be released in April, as per last year’s filings. ASSETS Cash & Equivalents: $2,157,331 - $0.136 per share Receivables: $215,661 Marketable Securities: $30,880 Prepaid Expenses: $29,098 Investments: $350,000 Property & Equipment: $672,183 Total Assets: $3,455,153 LIABILITIES Accounts Payable: $39,213 Decommissioning Liabilities: $84,676 Total Liabilities: $123,889 2021 Performance Oil/Gas Revenue: $1,589,972 Net Income: $113,322 2021 Management Discussion Highlights The following is a summary of the significant events and transactions that occurred during the year ended November 30, 2021, and up to March 15, 2022: Net earnings for the twelve-month period ended November 30, 2021, was $113,322 compared to a loss of $208,201. The earnings for the twelve-month period ended November 30, 2021, included non-cash Share-based payments of $110,294 on stock options issued during the period and is measured on the date of grant, using the Black-Scholes option pricing model. PETROLEUM AND NATURAL GAS INTERESTS Gull Lake, Saskatchewan During the year ended November 30, 2013, the Company entered into a Participation Agreement whereby the Company (and two other arm’s length companies) was granted the right to equally participate to drill and complete up to 4 initial test wells (each “Test Well”) located in Gull Lake, Saskatchewan. Under the agreement, the Company had to pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. The Company currently maintains a 14.665% interest in the Gull Lake project area. The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal. During the year ended November 30, 2021, the Company recorded $1,589,972 (2020 - $976,326) in production revenue. MARKETABLE SECURITIES Investments are marketable securities comprised of 475,076 (November 30, 2020 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common. INVESTMENT At November 30, 2021, the Company had 350,000 shares (November 30, 2020 - 350,000) of Star Valley Drilling Ltd, a privately-owned company, valued at $350,000 (November 30, 2020 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value. | ||||||||||||||
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