Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

September 20, 2005 09:00 ET

Cheetah Oil & Gas Ltd.: Expected Start Date for Kuru #2 Re-Completion Well Announced

CALGARY, ALBERTA--(CCNMatthews - Sept. 20, 2005) - Cheetah Oil & Gas Ltd., (OTCBB:COGL) (the "Company") reviews field operations and provides an expected operational start date for the Kuru #2 re-completion well.

The Company has filed an application under the Papua New Guinea Oil and Gas Act to re-enter the Kuru #2 wellbore for the purposes of testing and production.

The Company expects to begin operations at the Kuru #2 re-completion well during the first week of October. This is about 14 days later than originally envisioned which is considered excellent due to growing world-wide challenges in sourcing and obtaining adequate energy exploration equipment and manpower. All major equipment is scheduled to begin arriving on site on or about September 30, 2005.

"Work is well underway towards our goals of commencing work on the re-completion well," says Doug Marshall, Drilling and Operations Manager for Cheetah Oil & Gas. "We are in the midst of the busiest field season in our company's history."

The Company has been preparing the necessary infrastructure to support its expanded oil and gas exploration programs. To this end, Oilmin Field Services Ltd. has cleared the site and begun construction of a 24-person camp and is expected to be completed by September 30, 2005. Oilmin Field Services Ltd. will be responsible for daily operation of the Kuru #2 camp.

Contracts have been signed to provide logistical support for the upcoming exploration and drill programs. Parker Drilling Company PNG of Houston has been engaged to supply cranes, winch trucks and other necessary auxiliary equipment.

Oil Search (PNG) Limited is providing logistical support by providing wharf access, fuel storage and temporary camp facilities.

Haliburton Overseas Limited is supplying major equipment including perforating, logging, an endless tubing unit, production testing equipment and the appropriate staff to operate the equipment. This equipment will be the main stay of the re-completion program.

Streamflo Industries Ltd. of Canada has been contracted to supply the wellhead. This wellhead will be transported to Port Moresby, Papua New Guinea in the next week and is expected to be installed before the end of September.

Pacific International Hospital has been contracted to supply onsite medical facility and staff, in support of Cheetah's work program.

The Company is evaluating and exploring for energy resources on its five 100%-owned and operated Petroleum Prospecting Licences and one Petroleum Retention License 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 statements include, among other things, the potential re-entry of the Kuru #2 well, any re-completion of the Kuru #2 well, any subsequent testing of the Kuru #2 well, and if the re-entry is commenced, the length of time it will take to complete the operation.

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.

Cheetah Oil & Gas Ltd. (OTC Bulletin Board:COGL - News)

Source: Cheetah Oil & Gas Ltd.

Contact Information