Cheetah Announces Change in Management

VANCOUVER, British Columbia--(Business Wire)--
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.

Cheetah Oil & Gas Ltd.
Robert McAllister, 250-870-2219
President
kameo300@gmail.com
www.cheetahoil.com

Copyright Business Wire 2008