| 1. | I      have reviewed this Annual Report on Form 10-K of Cobra Oil & Gas      Company |
|----|------------------------------------------------------------------------------------------|

| 2. | Based      on my knowledge, this report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this      report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      smaller reporting company issuer’s other certifying officers and I are      responsible for establishing and maintaining disclosure controls and      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and      internal control over financial reporting (as defined in Exchange Act Rule      13a-15(f) and 15d-15(f) for the registrant and  have; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Designed      such disclosure controls and procedures, or caused such disclosure      controls and procedures to be designed under our supervision, to ensure      that material information relating to the registrant issuer, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this report is being      prepared; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Designed      such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Evaluated      the effectiveness of the registrant issuer’s disclosure controls and      procedures and presented in this report our conclusions about the      effectiveness of the disclosure controls and procedures, as of the end of      the period covered by this report based on such evaluation;      and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Disclosed      in this report any change in the registrant issuer’s internal control over      financial reporting that occurred during the period covered by this report      that has materially affected, or is reasonably likely to materially      affect, the registrant issuer’s internal control over financial reporting;      and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      registrant issuer’s other certifying officers and I have disclosed, based      on our most recent evaluation of internal control over financial      reporting, to the registrant issuer’s auditors and the audit committee of      registrant issuer’s board of directors (or persons performing the      equivalent functions): |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | All      significant deficiencies and material weakness in the design or operation      of internal control over financial reporting which are reasonably likely      to adversely affect the registrant issuer’s ability to record, process,      summarize and report financial information;and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant issuer’s internal      control over financial reporting. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date:  August      20, 2009 | /s/ Massimiliano Pozzoni                      |
|---------------------------------------|-----------------------------------------------|
|                                  | Massimiliano      Pozzoni                     |
|                                  | Principal      Executive and FinancialOfficer |

----