Cheetah Oil & Gas Wins License for Property 246 in PNG

Cheetah Oil & Gas reports that the Papua New Guinea Department of Petroleum and Energy has issued the Company's subsidiary, Scotia Petroleum Inc., a Petroleum Retention License for petroleum property #246. Scotia Petroleum Inc. is an 85% controlled subsidiary.

As previously announced, the Company commissioned an independent risk assessment of property #246 from 3D-GEO of Melbourne Australia. That original assessment estimated total unrisked mean gas-in-place for all leads and plays within property #246 as 2.6 trillion cubic feet. 3D-GEO has subsequently informed the Company that its original report contained calculation errors and has now revised this report. 3D-GEO's revision now estimates total unrisked mean gas-in-place for all leads and plays within property #246 as 3.3 trillion cubic feet.

The Company anticipates receiving independent assessment reports on petroleum properties #245 and #249 shortly and will release additional information regarding these evaluations as soon as possible.

The Company is evaluating and exploring for energy resources on its five 100%-owned and operated PPL's of approximately 8.3 million acres, as well as its 97.5% farm-in interest in two PPL's of another 3.9 million acres, making this total of 12.2 million acres the largest land position of its kind in Papua New Guinea.

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