Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

May 30, 2006 00:05 ET

Cheetah Oil & Gas Ltd. Announces Preliminary Results from the Re-Entry of the Kuru #2 Well

CALGARY, ALBERTA--(CCNMatthews - May 30, 2006) - Cheetah Oil & Gas Ltd. (OTCBB:COGL) (the "Company") is pleased to announce that it has hit and is currently flaring gas as a result of the Kuru #2 well re-entry program.

"We are extremely pleased with the initial results from our re-entry program. The successful perforation testing at this early stage is very encouraging and we look forward to further delineating this target," said Garth Braun, President and CEO of the Company.

The Company re-entered the Kuru #2 well bore on May 7, 2006, located on the company's Petroleum Prospect License #246 in Papua New Guinea.

Re-completion of the well has involved drilling out the existing cement plugs, after which perforating guns were employed to evaluate oil and gas potential. The Company perforated the first ten feet of the upper Darai limestone formation, where gas blew and pressure increased in the well. The gas has been flowing from one of the potential reservoirs in the upper Darai limestone and is currently being flared. The Company intends to conduct further perforation testing over the next month to determine the scope of the reservoir.

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 testing and evaluation of the Kuru #2 well and the release of any data arising from the testing and evaluation of the Kuru #2 well, and any production that may be achieved from 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 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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