Correction: Cheetah Oil & Gas Equity Placement

Cheetah Oil & Gas Ltd. (OTCBB:COGL) has closed 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 will release additional information as it becomes available, regarding pending exploration schedules. 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.