Cheetah Oil & Gas Ltd. Announces Debt Settlement and Cancellation of Three Million Shares.

VANCOUVER, British Columbia -- On March 6th Cheetah Oil & Gas (OTCBB:COGL) (the Company) settled outstanding liabilities with two former Directors.

The Company paid $24,000.00 in the settlement of $40,249.72 in consulting liabilities and the return to treasury of 3,000,000 issued and outstanding shares in the Company's stock.

The Company now has 37,086,740 shares issued and outstanding.

Management is pleased with its path to fiscal recovery and looks forward to the next step of becoming a growing energy development company.

The Company continues to evaluate North American energy projects that are reasonably obtainable and can deliver long term value to shareholders and will announce to the market place when such deals are completed.

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 acquisition of any additional Oil & Gas assets for creating and enhancing shareholder value.

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, changes in the commodities market; 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 2007 fiscal year, our quarterly reports on Form 10-Q and other current reports filed from time-to-time with the Securities and Exchange Commission.