VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2012) - 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.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.