Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

November 14, 2005 09:00 ET

Cheetah Oil and Gas Ltd.: Kuru # 2 Re-Entry Program Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Cheetah Oil and Gas Ltd., (OTCBB:COGL) (the "Company") is pleased to announce that all major equipment has arrived and has been set up for the Kuru # 2 workover and drilling out of the cement plugs has commenced .

In conjunction with Halliburton Overseas Ltd., "Halliburton", a subsidiary of Halliburton Co. and Parker Drilling Company PGN of Houston, the Company is re-entering the Kuru # 2 well located on PRL13 in south-central Papua New Guinea.

Re-completion of the well will involve entering the 7 inch casing and running an ultra sonic imaging logging tool to evaluate the integrity of the casing and the condition of the cement bonding. Perforating guns will then be run to evaluate oil and gas potential in up to five intervals: a limestone unit in the Eocene, a sandstone section in the lower Miocene and three potential reservoirs in the lower, middle and upper Darai limestone. Each zone will be evaluated by swabbing the casing and/or cleanout with endless tubing. Upon success an extended production test may then be conducted.

Results from this high impact program are slated to be released during the 4th quarter 2005.

The Company is evaluating and exploring for energy resources on it's five 100% - owned and operated Petroleum Prospecting Licences and one Petroleum Retention Licence of approximately 8.3 million acres in Papua New Guinea.

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 statemnents include, among other things the successful evaluation and re-completion of the Kuru#2 well and the release of any data arising from the testing and evaluation of the Kuru #2 well".

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 2004 fiscal year, our quarterly reports on Form 10-QSB and other current reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Tydewell Consulting Inc.
    Vance Loeber
    Toll Free: 1-888-228-9571
    Website: www.cheetahoil.com