Cheetah Oil & Gas: Kuru Re-Entry Program Update.

CALGARY, Alberta -- Cheetah Oil and Gas (the "Company") (OTCBB:COGL) announces interim progress report on the Kuru re-entry program.

Evaluation of recently available data has identified the initial re-entry well as Kuru#3 and not Kuru#2 as initially reported.

In conjunction with Halliburton Overseas Ltd, a subsidiary of Halliburton Co. and Parker Drilling Company, PNG "Cheetah" re-entered the Kuru#3 well on Nov.12 and reached a PBTD of 3630 feet by drilling out the cement plugs. The middle and upper Darai limestone was perforated. During these operations a review of current data confirmed that this first well was the Kuru #3 well. Open hole logs have indicated hydrocarbons and the well is currently shut in and being monitored for pressure build up.

The site of the next well, Kuru#2 is currently being prepared and a re-entry program is slated for the first quarter of 2006.

The Company is evaluating and exploring for energy resources on its five 100% - owned and operated Petroleum Prospecting Licences and one Petroleum Retention Licence of approximately 8.3 million acres in Papua New Guinea.

Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the potential re-entry of the Kuru #2 well and any re-completion of the Kuru #2 well.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration, particularly in Papua New Guinea; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other current reports filed from time-to-time with the Securities and Exchange Commission.

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