Cheetah Oil & Gas Ltd. (COHG - OTCBB), (the "Company" or "Cheetah") provides the following information to update shareholders on general developments.
The Company continues to wait for acceptable ground conditions at Belmont Lake, Mississippi in order to be able to drill the awaited PP F12-4 horizontal well. Using data supplied by the US Army Corps of Engineers website, the Mississippi river levels since early summer 2008, have been at times among the highest recorded since consistent records were kept beginning in 1941. There was not a sufficient interval during all of 2009 to safely access the Belmont Lake site long enough to be able to drill the expected horizontal well. Our operators require roughly 4-5 uninterrupted weeks of water levels below 34 feet measured at Natchez, in order to be able to drill the new horizontal well. On average since 1941 the river as measured at Natchez is below 34 feet for roughly 9 months each year.
Likewise, the Company requires about 10 days below 34 feet water level to be able to access Belmont Lake in order to conduct normal well maintenance and treatments, which also have not been possible recently due to the high river water. As a result, current production is lower than its potential until such maintenance can be performed.
ANNUAL REPORT AND PROVEN RESERVES
The Company is currently completing its 10-K for the year ending December 31 2009. When our report is completed and filed we will be able to update shareholders with the Company's first ever proven, producing reserve report.
Cheetah is working towards maximizing shareholder value in as low a risk manner as possible, which it believes starts with developing the proved Belmont Lake oil field. Utilizing expected improved cash flows as a result of full development at Belmont Lake, the Company would then expand its drilling efforts in nearby areas where it has a 40% gross interest in 38 exploration wells to be drilled. Cheetah is also examining other potential transactions in an effort to grow the Company as quickly and responsibly as possible, so that not all growth must necessarily be internal.
About Cheetah:
To learn more about Cheetah Oil & Gas Ltd. visit www.cheetahoil.com.
ON BEHALF OF THE BOARD
"Robert McAllister"
Mr. Robert McAllister, President
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Cautionary Note to U.S. Investors
In this press release, we have disclosed our proved reserves using the SEC's definition of proved reserves. Proved reserves are estimated quantities that geological and engineering data demonstrate with reasonable certainty to be recoverable in the future from known reservoirs under the assumed economic conditions. Although the SEC now allows companies to report probable and possible reserves, we have elected not to report on such basis. Investors are urged to closely consider the disclosures and risk factors in our Forms 10-K and 10-Q, available from our offices or on EDGAR at www.sec.gov, including the inherent uncertainties in estimating quantities of proved reserves.
Contacts:
Cheetah Oil & Gas Ltd.
Robert McAllister, 250-870-2219
President
Source: Cheetah Oil & Gas Ltd.
Financing, Debt Consolidation and Drilling Update
Pursuant to the equity financing, the Company issued 1,500,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of $75,000. Each Unit consists of one common share and one warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.20 per common share for a period of two years. The Company issued 90,000 shares to a finder in connection in with the equity financing.
The Company also issued 1,180,000 shares at a deemed price of $0.05 per share to settle outstanding debt, interest and expenses in the aggregate amount of $59,000.
After issuing 2,770,000 new shares to complete the recent financing and debt settlement, Cheetah will have 10,728,625 shares issued and outstanding.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended,and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Company's existing wells continue to produce oil at the proven oil field, Belmont Lake. Using gas-lift technology, the field has produced consistently. Belmont Lake is located in a flood plain of the Mississippi River and is subjected to seasonal flooding generally between January and May in most years. Our utilization of a remote tank farm and gas compressor; injector and production pipelines; and the gas-pressurized oil lift system have enabled oil production even during those times when the Mississippi River is at flood stage.
The Company continues to wait for surface conditions to improve so the fully financed drilling program can take place this fall. With the closing of the recent financing and debt conversion the Company is in a position to look at potential acquisitions that may be immediately accretive to the company's cash flow.
About Cheetah Oil & Gas Ltd.
Cheetah's an oil & gas company active in Mississippi, where it holds between 6.75% and 50% gross working interests in various gas and oil projects. Cheetah routinely evaluates additional oil & gas projects and corporate opportunities.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements include but are not limited to, (1) the Company's expectation to commence the fully financed drill program this fall; (2) the Company's intention to review potential acquisitions that will be immediately accretive to the Company's cash flow. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Contacts:
Cheetah Oil & Gas Ltd.
Robert McAllister, 250.870.2219
www.Cheetahoil.com
Cheetah Oil & Gas Ltd Announces Weather Delays Spud Date, Director Appointed
Cheetah Oil & Gas Ltd. (OTC BB: COHG) (the "Company" or "Cheetah")
Drilling of the PPF-12-4 Well has been delayed due to unseasonable heavy rains of over 11 inches in the past 30 days. The Company intends to commence drilling at such time as the rig can be moved safely onto the lease. The Company intends to update shareholders at such time.
Cheetah is pleased to announce the appointment of Mr. Don Findlay to its Board of Directors.
Mr. Findlay is a seasoned Geologist with 20 years experience and has an extensive exploration and development background in Western Canada. Mr. Findlay is comfortable managing multi-disciplinary teams and working as a self directed Geologist to create and maximize value.
For the past five years Mr. Findlay has been retained in roles as a VP of Exploration or Exploration Manager and is currently the Exploration Manager of a public company that is currently producing in excess of 9,000 BOE/D.
About Cheetah Oil & Gas Ltd.
Cheetah Oil & Gas Ltd. is an oil & gas company active primarily in Mississippi, where it holds between 6.25% and 50% gross working interests in various gas and oil projects. Cheetah routinely evaluates additional resource projects and corporate opportunities.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements include but are not limited to, (1) the Company's intension to commence drilling at such time as the rig can be moved safely onto the lease and the Company's intension to update shareholders at such time. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
CONTACT
Cheetah Oil & Gas Ltd.
Robert McAllister, 1-250-870-2219
www.cheetahoil.com
Cheetah Oil & Gas Announces Financing, Debt Consolidation and Drilling Update
Cheetah Oil & Gas Ltd. (OTCBB:COHG) (the "Company" or "Cheetah")
Cheetah is pleased to report it has completed an equity financing, partial debt settlement and farm out agreements that will support ongoing operations as the Company enters final preparations for drilling at the light oil Belmont Lake project in Mississippi.
After issuing 4,250,000 new shares to complete the recent financing, debt settlement and farm-out agreements, Cheetah will have 7,958,674 shares issued and outstanding.
The Company's existing wells continue to produce oil at the proven oil field, Belmont Lake. Using gas-lift technology, the field has produced consistently. Belmont Lake is located in a flood plain of the Mississippi River and is subjected to seasonal flooding generally between January and May in most years. Our utilization of a remote tank farm and gas compressor; injector and production pipelines; and the gas-pressurized oil lift system have enabled oil production even during those times when the Mississippi River is at flood stage.
The Company is in the final planning stage for drilling additional production well(s) as it attempts to increase oil production and cash flows with the expectation that the first oil well will be spud around September 21, 2009.
About Cheetah Oil & Gas Ltd.
Cheetah's an oil & gas company active in Mississippi, where it holds between 6.75% and 50% gross working interests in various gas and oil projects. Cheetah routinely evaluates additional oil & gas projects and corporate opportunities.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such statements include the Company's expectation that the first oil well will be spud around September 21, 2009. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Contacts:
Cheetah Oil & Gas Ltd.
Robert McAllister, 250-870-2219
www.Cheetahoil.com
Cheetah Oil & Gas Ltd. Announces Symbol Change and Stock Restructure
Also effective the opening of business August 20, 2009, Cheetah has effected a stock reverse split of 1 new share for 10 old shares. This will serve to reduce the number of shares issued and outstanding from the current quantity of 37,086,740 shares to a new issued and outstanding quantity of 3,708,674 shares.
The extraordinarily difficult market environment for financing ongoing operations, exploration and corporate expansion has convinced management that the share restructuring was necessary. The Company continues to build value through oil and gas operations and to that end is currently examining potential development drilling opportunities in its proven oil field, Belmont Lake.
About Cheetah Oil & Gas Ltd.
Cheetah. is an oil & gas company active primarily in Mississippi, where it holds between 8% and 40% gross working interests in various gas and oil projects. Cheetah routinely evaluates additional oil & gas projects and corporate opportunities.
Contact:
Robert McAllister, 1-250-870-2219
www.Cheetahoil.com
Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Current oil and gas production rates may not be sustainable and targeted production rates may not occur. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.