Cheyenne Energy Inc.
TSX VENTURE : CHY

Cheyenne Energy Inc.

April 23, 2007 09:00 ET

Cheyenne Announces Hawk Update

CALGARY, ALBERTA--(CCNMatthews - April 23, 2007) - Cheyenne Energy Inc. (TSX VENTURE:CHY) ("The Company") announces that due to weather and forestry regulations the well on its Hawk Hills property at 14-14-97-20 W5M has not been fully evaluated at this time. Further analysis and completions work on the well will continue after spring break-up.

During the drilling phase, the well began to flow against the weight of the drilling mud. This would indicate a reservoir with over 16,500 kpa of pressure. Over the 12 hour period that the well was flowing, mud analysis indicated the presence of oil and gas with no salt water. Eventually the mud weight was increased and the well was brought under control.

The company needs additional time to fully evaluate all the Gilwood sands in order to gather information for further drilling in the area. The initial sand perforated flowed salt water to surface at a rate of 325 bbls/d, indicating a strong water drive for these sands updip of the 14-14 well.

As soon as regulations allow the company to re enter the area, further work will be done to evaluate the remaining sands and to complete the well for production.

The Company has a contiguous tract of 23 sections of land on a geologically defined structural high that trends both North East and South West from this location with the primary target being the Gilwood zone. Cheyenne has working interests of between 80% and 95% in these lands.

This press release contains forward-looking statements. These forward-looking statements can generally be identified as such because of the context of the statements including words such as the Company "believes", "anticipates", "expects", "plans", "may", "estimates" or words of a similar nature. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers are cautioned and no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do so, what benefits that we will derive there from. The Company does not undertake any obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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