Cheyenne Enters Agreement to Sell Valhalla Asset

Cheyenne Energy Inc. has entered into a binding agreement with Bastion Energy Ltd., an arm's length purchaser, for the sale of certain of its producing assets in the Valhalla area. The Valhalla assets represent approximately 19 BOE/D of production. The agreement is the result of a formal sales process and proceeds from the sale will be used to reduce the Company's debt. The sale is expected to close on or about February 18, 2008 and is subject to customary industry terms and conditions and certain preferential rights.

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