Cheetah Oil & Gas Finds Gas at Kuru #2

Cheetah Oil & Gas has hit and is currently flaring gas as a result of the Kuru #2 well re-entry program.

"We are extremely pleased with the initial results from our re-entry program. The successful perforation testing at this early stage is very encouraging and we look forward to further delineating this target," said Garth Braun, President and CEO of the Company.

The Company re-entered the Kuru #2 well bore on May 7, 2006, located on the company's Petroleum Prospect License #246 in Papua New Guinea.

Re-completion of the well has involved drilling out the existing cement plugs, after which perforating guns were employed to evaluate oil and gas potential. The Company perforated the first ten feet of the upper Darai limestone formation, where gas blew and pressure increased in the well. The gas has been flowing from one of the potential reservoirs in the upper Darai limestone and is currently being flared. The Company intends to conduct further perforation testing over the next month to determine the scope of the reservoir.