Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

October 30, 2006 13:54 ET

Cheetah Appoints Senior Vice President and Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Cheetah Oil & Gas Ltd. (OTCBB:COGL) (the "Company") announced today that it has appointed Isaac Moss to the position of Senior Vice President and Chief Financial Officer of the Company.

During the 1990's through 2002 Isaac Moss was associated with a mid market investment banking company based in Geneva, where he provided corporate, strategic and investment banking advisory services to micro and small cap client companies in the energy and resource, telecommunications, chemicals and industrial minerals, entertainment, forest products and hospitality industries. From 1994 to 1997 Mr. Moss was President of a specialty chemical company headquartered in France.

"We are pleased to have Mr. Moss join our management team. His solid understanding of public finance, his experience of advising on a number of multi-jurisdictional international financings coupled with his strong management and organizational skills, will substantially enhance the Company's key management," stated Ian McKinnon, Chairman and CEO. Mr. Moss' appointment is part of an overall corporate plan to restructure and refocus the company and to enhance the management team to better exploit the Company's energy projects in Papua New Guinea.

Cheetah Oil & Gas Ltd. is an exploration stage oil and gas company engaged in exploring for petroleum and natural gas in the country of Papua New Guinea. The Company has certain licenses and permits from the Minister of Petroleum and Energy for Papua New Guinea to explore approximately 8.2 million acres of land prospective for petroleum and natural gas.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things the successful restructuring of the Company and enhancement of the Company's management team.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration, particularly in Papua New Guinea; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other current reports filed from time-to-time with the Securities and Exchange Commission.


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