LATEST NEWS 
APRIL 20, 2011
Cheetah Oil & Gas Ltd.
OTC Bulletin Board : COHG
 |
April 20, 2011 09:01 ET
Cheetah Oil & Gas Ltd. Field Production Increases by 87%
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) - Cheetah Oil & Gas Ltd. (OTCBB:COHG), (the "Company" or "Cheetah") announces Belmont Lake, Mississippi project update.
Cheetah is very pleased to report the 12-4 and 12-5 wells drilled during the 2010 drilling program have now been tied in and producing at stable rates. The combined field production from the four producing wells has currently stabilized above 150 bbl/d of light oil.
"Based on our current production and oil pricing our cash flow is expected to more than double in 2011," said Robert McAllister, CEO. "Cheetah's strategy of concentrating on those assets that are most likely to deliver a meaningful increase to our balance sheet is paying off. I am confident that our focus on creating value with the drill-bit will lead to an increase in shareholder value."
Cheetah is hopeful that 2011 could see the complete development of the Belmont Lake oil field which potentially would include the drilling of up to four more proved oil well locations, according to the latest third-party engineered reserve report. If so, this could lead to a significant increase in oil production from the field.
About Cheetah:
The Company is a domestic oil & gas producer with its focus on high quality North American oil assets. The Company continually evaluates corporate opportunities that add value for all stakeholders.
ON BEHALF OF THE BOARD
Mr. Robert McAllister, CEO
NEWS APRIL 1, 2011 Cheetah Oil & Gas Ltd. Proved Reserves Grow by 93% in 2010
Cheetah Oil & Gas Ltd. (OTCBB:COHG) (the "Company" or "Cheetah") announces Belmont Lake, Mississippi project update.
Cheetah has filed a Form 10K with the Securities and Exchange Commission which outlines the increased proved reserves.
"The value of our proved reserves alone is now greater than our entire market cap," said Donald Findlay, President. Cheetah''s strategy of concentrating on those assets that are most likely to deliver a meaningful increase to our balance sheet is paying off. And, this of course completely discounts the value of our 130,000 acre land package. I am confident that our focus on creating value with the drill-bit will lead to an increase in shareholder value."
With the successful 2010 Belmont Lake development oil well program Cheetah was able to achieve a year over year increase of 93% in proved reserves. The Company also expects continued year over year record growth in cash flow as well with oil prices at current levels.
Cheetah is hopeful that 2011 could see the complete development of the Belmont Lake oil field which potentially would include the drilling of up to four more proved oil well locations, according to the latest third-party engineered reserve report. If so, this could lead to a significant increase in oil production from the field. As earlier reported, this is an expansion of the previously expected number of wells available to be drilled within this proven field.
Cheetah also announces that one or more of its executive officers have converted $193,537 of accrued wages into shares and warrants of the company. 1,935,370 shares and the same number of warrants have been issued. The excise price of the warrants is $0.20 with an expiry date of March 30th 2013. After the issuance of these restricted common shares, Cheetah has 13,039,000 shares currently issued and outstanding.
About Cheetah:
The Company is a domestic oil & gas producer with its focus on high quality North American oil assets. The Company continually evaluates corporate opportunities that add value for all stakeholders.
ON BEHALF OF THE BOARD
Mr. Donald Findlay, President
http://energy.einnews.com/pr-news/368866-cheetah-oil-gas-ltd-proved-reserves-grow-by-93-in-2010-
Cheetah Oil & Gas (COHG) OTC-QB
 | The OTCQB market tier helps investors easily identify companies that are current in their reporting obligations with the SEC or report to a U.S. banking or insurance regulator. OTCQB securities are quoted on OTC Markets Group's quotation and trading system and some may also be quoted on FINRA's BB. See OTCQB Fact Sheet |
Shares Outstanding | 13,039,000 | April 1,2011 |
share structure source: SEC 8-K filing = http://www.sec.gov/Archives/edgar/data/908821/000106299311001297/exhibit99-1.htm
| Directors and Executive Officers as a Group(1) | 6,087,718 Common Shares | 42.84% |
FLOAT(tradeable shares)= 6,951,282
LOTS OF ~DD~ HERE
CORPORATE WEBSITE= http://www.cheetahoil.com/s/Home.asp
CORPORATE PROFILE= http://www.cheetahoil.com/i/pdf/CHEETAH_PROFILE_JULY_2010.pdf
FACT SHEET= http://www.cheetahoil.com/i/pdf/factsheet.pdf
MANAGEMENT= http://www.cheetahoil.com/s/Management.asp
Cheetah Oil & Gas Limited
Cheetah
Oil & Gas wells in Mississippi. With up to a 40% gross interest in up to 38 defined drill
targets covering over 130,000 acres which have had either 2-D or 3-D seismic coverage.
currently has an 8% to 40% gross interest in producing and non producing
Well Name Type Gross Int Net Interest Status
Buffalo 33 Gas 40% 24.36% Proven Non Producing
Faust No. 1 Gas 8.0% Proven Non Producing
Frio 12-1 Oil 8.0% 5.20% Proven Producing
Frio 12-2 Oil 10.0%* 6.50%* Proposed New Well
Frio 12-3 Oil 8.0% 5.20% Proven Awaiting Work over
Frio 12-4 Oil 10.0%* 6.50%* Proposed New Well
Frio 12-5 Oil 8.0% - 16%* 5.20% - 10.4%* Proposed New Well
Frio 29 Gas 16% 10.262% Proven Non Producing
Frio 42 Gas 8.0% Proven Non Producing
USA 39-14 Gas 36% 36% Proven Non Producing
. Opportunity and leverage has
launched CHEETAH OIL & GAS LTD. on a path of rapid growth.
Belmont Lake is the company's spring board to immediate
growth with 4 and up to another 6 light oil wells that should IP
at 100 BOPD each thus raising the current daily production
from 80 BOPD to 500 to 1,000 BOPD after full field
development. The Mississippi Area of Mutual Interest "AMI" is
over 150,000 acres in size and has over 7,500 miles of 2D
seismic and 200 square mils of 3D seismic already shot. This is
a massive strategic advantage and intellectual asset. Dozens of drill targets have already
been identified as a result.
PRODUCING OIL & GAS
Mississippi
Cheetah currently has working interests of between 8% and
40%. Cheetah's operator has drilled over 100 Frio Wells with
roughly a 70% success rate.
Frio Sand Gas Targets are typically between 2,500 and 4,000
for dollar, we can drill. These shallow Frio targets can have
initial production (IP) of over 100 BOPD for vertical wells, and
it is theorized that horizontal wells could have IP of over 300
BOPD. The PP F-12 well marked the discovery of the Belmont
Lake Oil Field and the successful exploitation of the theory
that Frio Gas sands can at times be a cap overlying lucrative
oil fields. Frio oil exploration is Cheetah's key focus in
Mississippi.
Frio Oil Targets are potentially the highest impact wells,
initial production of approximately 250 BOPD and 2MMCFD.
They are usually found between 12,000 and 15,000 feet and
are much lower cost than Tuscaloosa wells typically drilled in
South Louisiana. Cheetah has not yet participated in any
Tuscaloosa drilling.
Tuscaloosa Oil and Gas Targets are larger wells...
LW
-RISK DOMESTIC ONSHORE OIL & GAS
WHY CHEETAH?
1
the next 38 wells on 150,000 acres.
LEVERAGE: 40% interest in
2
development program planning
underway for summer 2010 drilling.
TIMELINESS: Belmont Lake
3
already identified; 7,500 miles of 2D
seismic and 200 sq. miles of 3D
seismic worth over $25 million.
SIZE: Dozens of drill targets
4
inexpensive sediment drilling
combined with no-penalty Henry Hub
pricing.
ECONOMICS: Fast,
5
property exposure with many low risk
and high impact wells.
OPPORTUNITY: Large
To learn more about Cheetah,
visit the web site at
www.cheetahoil.com
CORPORATE PROFILE
OTCBB: COHG Copyright©2010 by CHEETAH OIL & GAS LTD. All rights reserved. Page 1
CHEETAH OIL & GAS LTD.
HIGHLIGHTS
OIL FIELD DEVELOPMENT
DRILLING
Cheetah has an 8% interest in the
important Belmont Lake Oil Field
where as of July/10, 1 oil well was
producing and one shut-in
awaiting work over. 2010
development plans include at
least 1 vertical development well
and 1 vertical exploration well.
EXPLORATION DRILLING
Cheetah has a 40% interest in the
38 exploration wells remaining to
be drilled within the Area of
Mutual Interest ("AMI").
HIGHLY EXPERIENCED OPERATOR
Operator Griffin & Griffin
Exploration, LLC has actively
participated in more than 100
wells in the region, developing
strong relationships with property
owners for more than 20 years.
This provides us with a strong
competitive advantage.
OTCBB: COHG Copyright©2010 by Cheetah Oil & Gas Ltd. All rights reserved. Page 2
One well, the PP-F12 is producing light oil and PP-F12-3 is
currently awaiting a work over. We expect to drill one
vertical infill well and one vertical exploration well at
Belmont Lake in 2010. A successful 2010 would allow
for full field development of up to an additional 8 vertical
wells, allowing field production to reach 1,000 BOPD all
with our existing 8% working interest. Cheetah also owns
a 40% interest in the exploration wells to be drilled in the
32,000 acres of Palmetto Point that surround Belmont
Lake on all four sides.
Development Project. The Belmont Lake oil field will
Belmont Lake has distinct Northern and Southern lobes,
and all the work to date has focused on the Northern
section. Ultimate field reserves could double to 800,000
to 1,000,000 barrels should the Southern lobe prove as
productive as the Northern, thus at least one
successfully drilled well in the Southern section could
add significant shareholder value.
CHEETAH OIL & GAS LTD.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth, as of March 30, 2011, certain information with respect to the beneficial ownership of our common shares by each shareholder known by us to be the beneficial owner of more than 5% of our common shares, as well as by each of our current directors and executive officers as a group. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated.
| Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percentage of Class(1) |
Georgina Martin(2)
Box 172, Station A
Nanaimo, BC V9R 5K9 | 504,725 | 3.77% |
Robert McAllister(3)
483 Holbrook Rd E.
Kelowna, BC V1X 7H9 | 2,912,243 | 20.74% |
58
{C}{C}{C}
| Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percentage of Class(1) |
Donald James Findlay(3)
#2700 500 4th Avenue SW
Calgary, Alberta T2P 2V6 | 2,670,750 | 18.32% |
| Directors and Executive Officers as a Group(1) | 6,087,718 Common Shares | 42.84% |
| (1) | Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of shares of common stock actually outstanding on March 30, 2011. As of March 30, 2011, there were 13,039,000 shares of our Company's common stock issued and outstanding. |
| | |
| (2) | Mr. McAllister holds 300,000 stock options, 1,912,243 shares and 700,000 warrants |
| | |
| (3) | Ms. Martin holds 350,000 stock options and 154,727 common shares |
| | |
| (4) | Mr. Findlay holds 400,000 stock options, 1,135,375 common shares and 1,135,375 warrants |
Cheetah Oil & Gas (COHG)
0.1500 +0.0500 (+50.00%) Friday, Apr 1st, 2011
| Strong Buy |
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| Buy |
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| Hold |
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| Sell |
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| Strong Sell |
| The OTCQB market tier helps investors easily identify companies that are current in their reporting obligations with the SEC or report to a U.S. banking or insurance regulator. OTCQB securities are quoted on OTC Markets Group's quotation and trading system and some may also be quoted on FINRA's BB. See OTCQB Fact Sheet |
