Cheetah Oil & Gas Ltd.

Cheetah Oil & Gas Ltd.

March 10, 2005 09:00 ET

Cheetah Oil & Gas Ltd. Acquires Additional 13.5% Interest in Scotia Petroleum Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CHEETAH OIL & GAS LTD.

OTC Bulletin Board SYMBOL: COGL

MARCH 10, 2005 - 09:00 ET

Cheetah Oil & Gas Ltd. Acquires Additional 13.5%
Interest in Scotia Petroleum Inc.

LAS VEGAS, NEVADA--(CCNMatthews - March 10, 2005) - Cheetah Oil & Gas
Ltd., (OTCBB:COGL) (the "Company") is pleased to announce that it has
completed the acquisition of an additional 13.5% interest in Scotia
Petroleum Inc.("Scotia").

As previously announced the Company acquired an 85.15% interest in
Scotia in September 2004 and had an option to acquire an additional
13.5% interest. The Company has now exercised its option to acquire the
additional 13.5% interest, and now owns 98.65% of the outstanding stock
of Scotia. The Company will issue 142,000 restricted common shares at
$7.00 per share in payment for the 13.5% interest in Scotia.

Garth Braun CEO, commented that, "The assets that we acquired through
Scotia Petroleum Inc. have become strategically important to us. As a
result of the extensive property examinations we have been conducting
since last year, we have determined that it is very much in our best
interests to exercise our option to purchase a further 13.5% of Scotia
Petroleum Inc. This transaction increases our ownership in a significant
region of Papua New Guinea that has historically proven to be rich in
hydrocarbons."

The Company believes that Petroleum Prospecting Licenses 245 ("PPL
245"), 246 ("PPL 246"), and Petroleum Retention License 13 ("PRL 13"),
all of which are held by Scotia, are some of its more prospective
properties. An independent evaluation of PPL 246 by 3D-GEO of Melbourne
Australia dated November 2004, has identified ten (10) leads that
justify more intense examination and exploration for establishment of
potential drill targets.

In addition, the Company is further evaluating the previously drilled
Kuru gas prospect, both to confirm the presence of gas and also to
further explore the possibility of discovering oil, as has been reported
by others more recently on adjoining licenses with similar geologic
features. The Company considers the existence of similar geological
features on trend with its acreage to be of particular interest.

The Company is evaluating and exploring for energy resources on five
Petroleum Prospecting Licenses and one Petroleum Retention License which
have been granted to the Company and its majority owned subsidiary,
Scotia Petroleum Inc. These licenses cover approximately 8.3 million
acres in Papua New Guinea.

Disclaimer: The Company relies upon the safe Harbor Laws of 1993, 1934,
and 1995 for all public news releases. The Company has no official gas
or oil reserves at this time and may not have sufficient funding to
thoroughly explore, drill or develop its properties. Little
infrastructure currently exists to support oil or gas production in many
areas of Papua New Guinea. Statements, which are not historical facts,
are forward-looking statements. The Company, through its management,
makes forward-looking public statements concerning its expected future
operations, performance and other developments. Such forward-looking
statements are necessarily estimates reflecting the Company's best
judgment based upon current information and involve a number of risks
and uncertainties, and there can be no assurance that other factors will
not affect the accuracy of such forward-looking statements. Although it
is impossible to identify all such factors they include and are not
limited to the existence of underground deposits of commercial
quantities of oil and gas; cessation or delays in exploration because of
mechanical, operating, financial or other problems; capital expenditures
that are either significantly higher or lower than anticipated; and from
the number of exploration opportunities being greater or fewer than
currently anticipated. Factors which could cause actual results to
differ materially from those estimated by the Company include, but are
not limited to, government regulation, managing and maintaining growth,
the effect of adverse publicity, litigation, competition and other
factors which may be identified from time to time in the Company's
public announcements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cheetah Oil & Gas Ltd.
    Andrea Bleasdale
    Toll Free: 1-888-228-9571
    www.cheetahoil.com