Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

December 05, 2007 11:30 ET

Cheetah Completes Farmin Transaction With Invicta Oil & Gas Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - Cheetah Oil and Gas Ltd. (OTCBB:COGL) (the "Company") announced recently that it had completed a farmin transaction with Invicta Oil & Gas ("Invicta") (TSX VENTURE:IGG) whereby Invicta has acquired shares in the Company's British Columbia subsidiary Cheetah B.C. Cheetah B.C. holds petroleum prospecting and retention licenses in approximately 8.4 million acres of land in Paupua New Guinea.

In consideration for acquiring a 90% interest in Cheetah B.C., Invicta has agreed to settle approximately $15 million in liabilities and will contribute a further $10 million in additional capital to Cheetah B.C. on or before December 31st 2008 which will be applied to further exploration and development work on Cheetah's licenses in Papua New Guinea.

On November 16th 2007, Invicta announced that it was progressing to close a non brokered private placement of shares of up to $45 million.

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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