Cheetah Oil & Gas Ltd. Announces US $6 Million Equity Placement.

LAS VEGAS -- Cheetah Oil & Gas Ltd. (OTCBB:COGL) (the "Company"), announces the closing of a $6 million equity placement to fund the Company's 2005 CAPEX budget. The budget includes the re-entering of the Kuru 2 well and drilling an offset location in the Company's PRL  13 lease. In addition, the Company will conduct various seismic surveys, and other geological/geophysical work over its remaining acreage blocks. C. K. Cooper & Company of Irvine, California served as placement agent for the transaction.

The Company has entered into purchase agreements with certain accredited investors for the private placement of 1,200,000 units at a price of $5.00 per unit for aggregate equity private placement of $6.0 million. Each unit is comprised of one common share and one common share purchase warrant exercisable at $7.00 per share. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") within 45 days after completion of the transaction, covering the resale of shares of common stock sold in the private placement or issuable upon exercise of the warrants. The warrants are exercisable for a term of one year after the Securities and Exchange Commission has declared the registration statement filed by the Company effective.

The Company is evaluating and exploring for energy resources on its five 100%-owned and operated Petroleum Prospecting Licenses and one Petroleum Retention License of 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)