July 31, 2008

Cheetah Announces Change in Management

Cheetah Oil and Gas Ltd. (OTCBB: COGL) (the "Company") is pleased to announce change of Management. Effective July 29, 2008 Robert McAllister became President and Chief Executive Officer and Georgina Martin currently a director was appointed Chief Financial Officer. Isaac Moss President and director and directors David Martin, Ian McKinnon and Dean Swanberg have all resigned to pursue other business interests.

Mr. McAllister stated, "I am excited about working with all the stake holders of COGL. As such I am committed to rebuilding shareholder value from day one."

Cheetah looks forward to the future with optimism on several fronts. The Company holds a 10% interest in petroleum prospecting and retention licences in approximately 8.3 million acres of land in Papua New Guinea. The recent success of Interoil's (OIL) Natural Gas well on PPL 238 which is adjacent to our PPL 250 lands bodes well for the future development of natural gas discoveries in the area.

Cheetah's partner in Papua New Guinea, LNG Energy is planning on drilling this year on our joint lands. Cheetah will be updating all stakeholders on a continual basis as the Company moves forward. Cheetah has also started to look at Oil & Gas assets in other friendly jurisdictions that meet the Company's goal of creating and enhancing shareholder value.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things the successful restructuring of the Company and enhancement of the Company's management team, LNG Energy drilling this year on the property, or the acquisition of any additional Oil & Gas assets for creating and enhancing shareholder value.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration, particularly in Papua New Guinea; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2006 fiscal year, our quarterly reports on Form 10-QSB and other current reports filed from time-to-time with the Securities and Exchange Commission.