COBRA OIL & GAS COMPANY

Exhibit 10.3

COBRA OIL & GAS COMPANY
	00000 X. Xxxxxx Xxxxx	t: 000 000-0000
	Aurora, Colorado	f: 000 000-0000
	U. S. A. 80013

COLORADO OIL & GAS, INC.	May 15, 2006
0000 Xxxxxxx Xxxxxx
Westminster, Colorado 80030
U.S.A.

Re: JOINT VENTURE AGREEMENT

Colorado Oil & Gas, Inc. (COG) does xxxxxx agrees to purchase a 25% (twenty five percent) working interest in the Xxxx Prospect in Xxxxx County, Colorado, Section 23,24-1S-62W.

1. COG will pay 25% of the up-front Prospect Fee & Land Costs upon execution of this agreement.

   Land	$20,000.00
   Prospect Fee	3,000.00
   Total Costs	$23,000.000
   COG Costs	$ 5,750.00	(25% of $23,000.00)

2. COG will pay 25% of any lease rentals required.
3. COG will pay 25% of the costs of drilling and completion upon receipt of an AFE.

COLORADO OIL & GAS, INC.
By: Xxxxxxx X. Xxxxxxx	Signature: XXXXXXX X. XXXXXXX
Title: President/CEO