Cheyenne Energy Inc.

Cheyenne Energy Inc.

October 14, 2005 11:44 ET

Cheyenne Energy Inc.: Activity Update and Guidance Change

CALGARY, ALBERTA--(CCNMatthews - Oct. 14, 2005) - Cheyenne Energy Inc. (TSX VENTURE:CHY) ("Cheyenne" or the "Company") announces that in the core area of Cessford, the Company has drilled and evaluated the 93% working interest developmental well. The well's primary target was Viking natural gas and although testing indicated pressure, further analysis did not yield economic rates of production. Since Cheyenne has other drilling prospects adjacent to the drilled lands, the decision has been made to retain the well bore pending its conversion into a water disposal well (with EUB approval) for future operations in the area.

The Company's 2005 capital program will drill two additional 100% working interest Glauconite natural gas wells at Camrose.

The Company is revising its guidance for 2005. Exit rate production for 2005 is estimated to be in the range of 560 to 650 boe/d, down from previous guidance of 750 boe/d. Capital expenditures for 2005 are estimated to be in excess of $3.0 million.

Cheyenne Energy Inc. is a public energy company engaged in the exploration and production of crude oil and natural gas, primarily in Western Canada. Cheyenne's corporate strategy is to grow and develop oil and gas reserves through the drill bit and add value for its shareholders.

This news may contain forward-looking information. Actual future results may differ materially from those contemplated herein.

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

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