PRESS RELEASE
FOR IMMEDIATE RELEASE
CHEETAH ANNOUNCES INVICTA – INTEROIL
AGREEMENT
Vancouver, BC: (October 12 th , 2007)
– Cheetah Oil and Gas Ltd. (
OTCBB: COGL ) (the
“Company”) As previously announced, on May 23, 2007, we
entered into an agreement with Kepis & Pobe Investments Inc.
whereby Kepis & Pobe would acquire an interest in our Papua New
Guinea petroleum prospecting licenses and petroleum retention
licence comprising approximately 8,400,000 acres. Kepis & Pobe
(or its assignee) have agreed to acquire shares in Cheetah Oil
& Gas Ltd., our British Columbia subsidiary (“Cheetah
B.C.”), representing 90% of the issued and outstanding shares
of Cheetah B.C. Cheetah B.C. holds our licenses in Papua New
Guinea. Kepis & Pobe has assigned all its rights and
obligations under the subscription agreement to Invicta Oil &
Gas Ltd.
On October 11, 2007, Invicta Oil & Gas Ltd.
announced that it has signed a memorandum of understanding (the
"MOU") with InterOil Corporation ("InterOil") with regards to three
adjacent Petroleum Prospecting Licenses ("PPL") in Papua New
Guinea, two of which are currently held by our Company and one of
which is held by InterOil.
As Invicta announced, they and InterOil propose to
enter into agreements to share data in respect of the properties,
to undertake a joint exploration and development program in respect
of up to four wells on the properties, and for offtake arrangements
for the supply of natural gas from the properties to InterOil's
planned LNG facilities in Papua New Guinea should natural gas be
discovered on the properties.
Also as announced by Invicta, the MOU is subject to
a number of conditions, inc
