Cheyenne Energy Inc.

Cheyenne Energy Inc.

March 27, 2007 12:42 ET

CORRECTION FROM SOURCE: Cheyenne Announces Hawk Update

CALGARY, ALBERTA--(CCNMatthews - March 27, 2007) -

A correction from source is issued with respect to the release sent out on March 26, 2007 at 16:30 ET. The Well location stated in the first paragraph was incorrect. The complete and corrected version follows.

Cheyenne Energy Inc. ("The Company") (TSX VENTURE:CHY) announces that it has completed drilling a well on its Hawk Hills property at 14-14-97-20 W5M. The well reached target depth on Thursday, March 22, 2007 and well logs were gathered on Saturday, March 24, 2007. The Company is very pleased with the results. The well confirms the expectations for the property located north of Manning, Alberta.

During the drilling down-hole pressures were experienced in excess of 2200 PSI. Initial results show the Gilwood formation in this area has up to four hydrocarbon bearing sands with porosity as high as 22%. The logs indicate a total pay zone of approximately 10 meters thick. Over the next couple of weeks further tests and analysis of the well will be conducted to prove up the quantity and quality of the resource.

Preliminary results show the Hawk Hills Gilwood play contains commercially viable hydrocarbons and will cause the Company to place a major emphasis on its drilling program in the area.

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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