Cheetah Completes PNG Farmin with Invicta



Cheetah Oil and Gas has completed a farmin transaction with Invicta Oil & Gas, whereby Invicta has acquired shares in the Company's British Columbia subsidiary Cheetah B.C. Cheetah B.C. holds petroleum prospecting and retention licenses in approximately 8.4 million acres of land in Paupua New Guinea.

In consideration for acquiring a 90% interest in Cheetah B.C., Invicta has agreed to settle approximately $15 million in liabilities and will contribute a further $10 million in additional capital to Cheetah B.C. on or before December 31st 2008, which will be applied to further exploration and development work on Cheetah's licenses in Papua New Guinea.

On November 16th 2007, Invicta announced that it was progressing to close a non brokered private placement of shares of up to $45 million.

RELATED COMPANIES