Cobra Venture Corporation (CBV) 銘柄情報

Cobra Venture Corporation Q3 2022 Financial Results (Ending August 31, 2022)
All information can be found on www.sedar.com

TSXV:CBV | OTCQB:CBVTF
Price: $0.17CAD - $0.126USD
Common Shares: 16,053,748
Options: 1,240,000 @ $0.135 CAD
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $2.73M CAD | $2.02M USD
Website: http://www.cobraventure.com/

Q2 2022 Balance Sheet (Expressed In Canadian Dollars)

ASSETS
Cash: $2,273,478
Receivables: $174,870
Marketable Securities: $21,378
Prepaid Expenses: $30,613
Investment: $350,000
Property & Equipment: $521,731
Total Assets: $3,372,070

LIABILITIES
Accounts Payable: $35,715
Current Decommissioning: $10,125
Non-Current Decommissioning: $82,141
Total Liabilities: $127,981

2022 Performance Over 9 Months
Production Revenue: $1,428,917
Gross Profit: $760,583
Net Earnings: $372,687
Earnings Per Share: $0.023

Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.

Management Discussion Highlights (MD&A)

Net earnings for the nine-month period ended August 31, 2022, was $372,687 compared to a loss of $74,670. The net earnings for the nine-month period ended August 31, 2022, increased by 447,357 as noted below.

Oil and gas revenue for the nine-month period ended August 31, 2022 was $1,428,917 compared to $908,208 in the comparative nine-month period ended August 31, 2021. The $520,709 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.

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.

During the year ended November 30, 2015, the Company recorded an impairment charge of $664,978 on the property due to a sustained decline in forecasted crude oil prices. The impairment was determined using a value in use approach using estimated expected cash flow based on proved plus probable reserves using a pre-tax discount rate of 10%.

During the year ended November 30, 2016, the Company recorded an impairment charge on the property of $98,917 due to a sustained decline in forecasted crude oil and natural gas prices.

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 well.

During the year ended November 30, 2021, the Company recorded $1,589,972 (2020 - $976,326) in production revenue.

During the period ended August 31, 2022, the Company recorded $1,428,917 (2021- $908,208) in production revenue.

San Joaquin Basin Project, California

As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.

MARKETABLE SECURITIES

Investments are marketable securities comprised of 475,076 (November 30, 2021 – 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 August 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privatelyowned company, valued at $350,000 (November 30, 2021 - $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.

Cobra Venture Portion Starts At 1:19:08

Cobra Ventures will be announcing their third quarter results in October and at the same time White Tundra investments will also be putting out a webinar in regards to the company tomorrow. See the Twitter link below for more information:

https://twitter.com/i/spaces/1mrxmkVzLPWGy?s=20

Cobra Venture Corporation Q2 2022 Financial Results ( Ending February May 31, 2022 )
All information can be found on www.sedar.com

TSXV:CBV - OTCQB:CBVTF
Price: $0.20 CDN - $0.18 USD
Common Shares: 16,003,748
Options: 1,290,000 @ $0.135
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $3.2M CDN | $2.9M USD
Website: http://www.cobraventure.com/

Q2 2022 Balance Sheet (In Canadian Dollars)

ASSETS
Cash & Equivalents: $1,953,180
Receivables: $140,083
Marketable Securities: $18,643
Prepaid Expenses: $32,653
Investments: $350,000
Property & Equipment: $579,700
Total Assets: $3,074,259

LIABILITIES
Accounts Payable: $22,230
Decommissioning Liabilities: $79,611
Total Liabilities: $111,966

Six Month Performance
Production Revenue: $752,082
Gross Profit: $364,045
Net Income: $97,641

The Company's board of directors has approved a special, one-time cash dividend of three cents per common share. The special dividend was paid 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 of $477,112.

MARKETABLE SECURITIES

Marketable securities comprise of 475,076 (November 30, 2021 – 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 May 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privately-owned company, valued at $350,000 (November 30, 2021 - $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.

*Additional Notes on Star Valley Drilling*
Star Valley Website - https://starvalleydrilling.ca/
Star Valley Underwriting - https://www.bcsc.bc.ca/documents/view/P7I4E6C6U7M7L7J9B6YDP7HEM7L3

INCOME TAXES
Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.

2022 Q2 Management Discussion Highlights

Net earnings for the six-month period ended May 31, 2022, was $97,641 compared to a loss of $111,268. The net earnings for the six-month period ended May 31, 2021, increased by $208,909

Oil and gas revenue for the six-month period ended May 31, 2022 was $752,082 compared to $563,607 in the comparative sixmonth period ended May 31, 2021. The $188,475 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.

Gull Lake, Saskatchewan

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 well.

San Joaquin Basin Project, California

As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.

As May 31, 2022, the Company had working capital of $2,112,204 compared to $2,383,632 as at November 30, 2021. As at May 31, 2022, the Company had cash and cash equivalents of $1,953,180 compared to $2,157,331 as at November 30, 2021.

Just to confirm the most recent MD&A, Cobra showed an $80k additional expense due to "increasing production" which has now been verified by Vital Energy's May 2022 company presentation. Gull Lake production doubled quarter over quarter, so CBV's cashflow should double as well. Still 2 locations to drill - http://www.vitalenergyoil.com/presentations/Vital%20Assets%202022%20Presentation%20.pdf

Cobra Venture Corporation Q1 2022 Financial Results ( Ending February 28, 2022 )
All information can be found on www.sedar.com

TSXV: CBV | OTCQB: CBVTF
Price: $0.25 CDN // $0.21 USD
Common Shares: 15,903,748
Options: 1,390,000
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $3,975, 937 CDN | $3,339,787
Website: http://www.cobraventure.com/

Q1 2022 Balance Sheet

ASSETS
Cash & Equivalents: $2,281,124 - $0.143c per share
Receivables: $174,432
Marketable Securities: $21,378
Prepaid Expenses: $37,651
Investments: $350,000
Property & Equipment: $644,787
Total Assets: $3,509,372

LIABILITIES
Accounts Payable: $55,690
Decommissioning Liabilities: $87,206
Total Liabilities: $142,896

Q1-Q4 2021 Performance
Oil/Gas Revenue: $1,589,972
Net Income: $113,322

Q1 2022 Performance
Oil/Gas Revenue: $373,996
Net Income $35,212

*NOTE* - Cash from Q4 2021 to Q1 2022 increased by $123,793. However, funds were used to increased production. See MD&A production and operation costs.

2022 Q1 Management Discussion Highlights

Direct costs for the three-month period ended February 28, 2022, were $211,391 compared to $157,055 in the comparative three-month period ended November 30, 2021. The costs increased in comparison to the comparative period due to increased production. The overall direct costs as a percentage of revenue has returned to pre-pandemic levels during the three months ended February 28, 2022, of 56.5% of sales compared to 73.5 during the period ended November 30, 2020.

Gull Lake, Saskatchewan

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 well.

San Joaquin Basin Project, California

As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.

MARKETABLE SECURITIES

Investments are marketable securities comprised of 475,076 (November 30, 2021 – 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 February 28, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privately owned company, valued at $350,000 (November 30, 2021 - $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.

I think the Q1 numbers for Cobra are going to be a lot better than the market expects. If you compare Q3 to Q4, the company had a $75k loss and then ended up with a $113k profit, call it $190k profit in Q4 with $75 oil average. Revenue went from $900k to $1.6 mil. Q1 is from December-February, so I would expect at least a $300k profit or 2 cents EPS. But if they got another well or two producing, it could be a lot more.

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: http://www.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.