Cheetah Oil & Gas Ltd. Field Production Increases by 87%
April 20 2011 - 8:00AM
Marketwired
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
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", "look-a-like", 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 CEO (250)
765.6422 www.cheetahoil.com
Cheetah Oil and Gas (CE) (USOTC:COHG)
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