Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.

April 10, 2006 00:01 ET

Cheetah Oil & Gas Ltd. Expected Start Date for Kuru #2 Re-entry

CALGARY, ALBERTA--(CCNMatthews - April 10, 2006) - Cheetah Oil & Gas Ltd. (OTCBB:COGL) (the "Company") provides an expected operational start date for the Kuru #2 re-entry.

The Company expects to begin the re-entry of the Kuru #2 well located on Petroleum Retention License (PRL) #13 in South Central, Papua New Guinea (PNG) in late April, early May 2006.

The Company is transporting the newly leased Simmons Drilling (Overseas) Limited, Challenger model 150-64 drill rig and all associated equipment (including personnel) to the Kuru #2 well using a helicopter. There are approximately 100 loads and the helicopter can transport 7 to 10 loads a day. The Company estimates two weeks until the entire rig is on site. Simmons Drilling (Overseas) Limited will require around 1 week to prepare the rig to begin the re-entry of the Kuru #2 well.

The Company has re-engaged Haliburton Overseas Limited to assist in supplying major equipment including perforating, logging, production testing equipment and the appropriate staff to operate the equipment. This equipment will be the main stay of the re-entry program and is currently in transit from Singapore, expected to arrive in Port Moresby PNG on April 20th.

Re-completion of the well will involve re-entering the 7 inch casing, drilling out the existing cement plugs 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 four intervals: a limestone unit in the Eocene, and three potential reservoirs in the lower, middle and upper Darai limestone. Each of the four zones will be evaluated by flow testing or by swabbing the casing. Upon success an extended production test may then be conducted. Results from this high impact re-completion well will be released upon completion.

The Company is evaluating and exploring for energy resources on its 500,350 acre Petroleum Prospecting License (PPL) #246 and the 40,028 acre PRL #13 in South Central, 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.

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