Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COGL

Cheetah Oil & Gas Ltd.
Halliburton Overseas Ltd.

July 14, 2005 08:23 ET

Halliburton Enters Servicing Contract with Cheetah Oil & Gas Ltd.

LAS VEGAS, NEVADA--(CCNMatthews - July 14, 2005) - Cheetah Oil & Gas Ltd., (OTCBB:COGL) (the "Company") is pleased to announce it has entered into an important new working relationship with Halliburton Overseas Ltd. "Halliburton" a subsidiary of Halliburton Co. (NYSE:HAL)

Under the terms of the agreement, Halliburton will provide servicing equipment and all necessary support to the Company for its upcoming re-entry of the Kuru #2 well.

"We are extremely pleased to be able to add Halliburton's expertise to our exploration program in Papua New Guinea. We look forward to a strong alliance with Halliburton." said Douglas Marshall, P.Eng, Cheetah Oil & Gas Ltd. Drilling and Operations Manager.

"Our understanding of the Darai formation at Kuru #2 is such that we have high expectations for this well." said Garth Braun CEO and Chairman of Cheetah Oil & Gas Ltd.

The Company holds a 100% working interest in the Kuru structure on Petroleum Retention Licence #13 located in South-central Papua New Guinea. Petroleum Retention Licence #13 covers a total of 40,028 acres with the Kuru structure being approximately 15 kilometers in length and 3.5 kilometers wide.

The Company will be releasing additional information regarding the proposed re-completion program for Kuru #2 and the expected start of operations in the near future.

The Company is evaluating and exploring for energy resources on its five 100% owned and operated Petroleum Prospecting Licences and one Petroleum Retention Licence covering 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.

Cheetah Oil & Gas Ltd. (OTC Bulletin Board:COGL - News)

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