Cohen Independent Research Group Issues a "BUY" Rating With a $3.65 Target Price for Cobra Oil & Gas Company

HOUSTON, TX--(Marketwire - July 20, 2009) - Cobra Oil & Gas Company (OTCBB: CGCA) (hereafter "Cobra") -- A new research report has been issued on Cobra Oil & Gas Co. by Cohen Independent Research Group, Wall Street's leading independent research firm, with a "BUY" recommendation and a $3.65 long-term price target.

For the full report please visit Cobra's website at www.cobraoilgas.com, or Cohen Independent Research Group's website, www.cohenresearch.com

About Cohen Independent Research Group:

Led by Paul Cohen, Cohen Independent Research Group is Wall Street's #1 Independent Research Firm. As founder of Bear Stearns Western Regional Offices, Paul Cohen was one of the original 12 Dirty Dozen analysts, regarded by many to be the top 12 security analysts in the nation. Mr. Cohen was also the West Coast Senior Vice President of CBWL-Hayden Stone-American Express. Mr. Cohen's partners were Sanford I. Weill (past Chairman and CEO of CitiGroup and past Chairman of Solomon Smith Barney) and Arthur Levitt (past Chairman of the Securities and Exchange Commission (SEC)).

Cohen Independent Research Group includes nine PhDs (three with MDs), two MDs, six CFAs (chartered financial analyst), three with CPAs (certified public accountant) and 21 analysts covering most industries. The backbone of the fundamental research targeted at stock investment includes investigative research into significant corporate events, thorough review of SEC filings, in depth financial analysis, valuations, and management profiles. The Cohen Financial and Valuation Model, an analytical and portfolio management system, is a 100+ page income statement model with seven (7) equity valuation and three (3) cash flow analytical models. Our model covers 9,000 public companies. For more information, readers can visit the company's website at www.cohenresearch.com.

About Cobra Oil & Gas Co.

Cobra Oil & Gas Co. is a publicly traded independent oil and gas exploration and production company headquartered in Houston, Texas (OTCBB: CGCA). Cobra Oil & Gas signed an LOI with Enercor Inc. for the purchase of a 20% lease assignment upon completion of financing activities on 23 Federal Leases in the central region of the P.R. Spring bituminous sandstone deposit in southern Uintah County, Utah on our Utah Oil Sands Prospect. These leases comprise 33,632 acres in total, approximately 15% of the entire P.R. Spring deposit. It is estimated the P.R. Spring deposit to contain 4.0 to 4.5 billion barrels of oil according to the US Bureau of Mines. Cobra Oil & Gas has an option to buy a 50% interest with 100% working interest (WI) and approximately 80% net revenue interest (NRI) on 82,000 acres in Williston Basin, Valley County, Montana. Over 300 Lodgepole Reef prospects have been identified with likely 100 drillable prospects and preliminary estimates of potential gas reserves totaling 260 billion cubic feet (BCF), comprising our Starbuck Prospects. Shareholders and prospective investors are encouraged to visit Cobra Oil & Gas's website: http://www.cobraoilgas.com and to subscribe to the email newsletter. Please feel free to call our investor relations toll-free at 1-866-503-8613 if you have any questions.

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to: the Company's belief that Cobra Oil & Gas can identify and successfully negotiate domestic leases for oil and gas properties in Utah and Montana, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission of the Company.