Cheetah Oil and Gas (COHG)

[TheFinalCD]

Cheetah Oil & Gas Ltd. Field Production Increases by 87%


http://www.marketwire.com/press-release/cheetah-oil-gas-ltd-field-production-increases-by-87-otc-bulletin-board-cohg-1504708.htm


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