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Aug. 31, 2009 (Business Wire) — Cobra Oil & Gas Company (NASD OTCBB:CGCA) (hereafter “Cobra”) – An updated research report has been issued on Cobra Oil & Gas Co. by Cohen Independent Research Group, Wall Street’s leading independent research firm, building off of July 21, 2009’s initial report. The latest report includes Cobra’s expansion of its Utah Oil Sands prospect and the addition of additional acreage, equating to a long-term price target of $4.42.

Cobra commissioned the updated report to Cohen Independent Research Group for the sum of $5,500. For the full report please visit 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 PhD’s (three with MD’s), two MD’s, six CFA’s (chartered financial analyst), three with CPA’s (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 (NASDAQ OTCBB:CGCA). 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.

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