Cheetah Oil & Gas Ltd.

Cheetah Oil & Gas Ltd.

March 31, 2005 09:00 ET

Cheetah Oil & Gas Ltd. Welcomes Investment Bankers from C. K. Cooper & Company to Papua New Guinea


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CHEETAH OIL & GAS LTD.

OTC Bulletin Board SYMBOL: COGL

MARCH 31, 2005 - 09:00 ET

Cheetah Oil & Gas Ltd. Welcomes Investment Bankers
from C. K. Cooper & Company to Papua New Guinea

LAS VEGAS, NEVADA--(CCNMatthews - March 31, 2005) - Cheetah Oil & Gas
Ltd., (OTCBB:COGL) (the "Company") has completed an extensive series of
meetings located in Papua New Guinea, with investment bankers from C. K.
Cooper.

Held over three days ending March 17, Cheetah Oil & Gas Ltd. and C. K.
Cooper met with many dignitaries including but not limited to the Prime
Minister of Papua New Guinea, the Honorable Sir Michael Somare; the
Minister for Petroleum & Energy, Sir Moi Avei; the Minister of Forests,
the Honorable Patrick Pruaitch; the Minister for National Planning, the
Honorable Arthur Somare; the Minister for Works, the Honorable Gabriel
Kapris; and the Governor for West Sepik Province, the Honorable Carlos
Yuni.

The intent of the meetings was to introduce and familiarize C. K. Cooper
to the opportunities available within the energy sector of Papua New
Guinea. These opportunities include strong exploration potential and
also the possibilities of pursuing more advanced development situations.

"The scale of opportunity that exists in Papua New Guinea for emerging
energy companies like Cheetah Oil & Gas is incredibly large," said C. K.
Cooper Managing Director Alex Montano. "The country is welcoming our
participation in their growing energy industry, and we held positive
meetings with both the Minister of Petroleum & Energy and the Prime
Minister of Papua New Guinea. We have seen the great potential of this
county."

Garth Braun, CEO of Cheetah Oil & Gas Ltd., said "It was a very positive
experience to bring together so many people from diverse backgrounds as
Cheetah builds our asset base. On-site examinations and face-to-face
meetings provide good opportunities to thoroughly pursue all possible
opportunities for growth."

Looking ahead, the company is preparing plans for the remainder of 2005.
These plans include extensive technical analysis, geological mapping and
additional data processing. As well, Cheetah plans to initiate a
drilling program this year and is working towards finalizing initial
targets.

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.

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