Cobra Oil & Gas has announced that effective August 12th, 2009 a purchase agreement has been completed with Enercor for Cobra to purchase 62.5% working interest (WI) from Enercor 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 in which Cobra has contract rights pursuant to a July 25, 2009 purchase agreement between Cobra and Enercor.
According to terms of the purchase agreement Cobra's purchase price will be 300,000 shares of Cobra Common Stock. Cobra intends to include this lease in its development activities involving adjacent leases. Questar Corporation holds the balance (37.5% WI) on the lease.
"We are excited at the progress being made in expanding our rights within the intended P.R. Spring Deposit," stated Max Pozzoni, President of Cobra Oil & Gas. "We feel that this prolific area of the country has been overlooked by energy companies in the past."
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