Cheetah Oil & Gas Announces Financing, Debt Consolidation and Drilling Update
September 17 2009 - 8:30AM
Business Wire
Cheetah Oil & Gas Ltd. (OTCBB:COHG) (the "Company" or
"Cheetah")
Cheetah is pleased to report it has completed an equity
financing, partial debt settlement and farm out agreements that
will support ongoing operations as the Company enters final
preparations for drilling at the light oil Belmont Lake project in
Mississippi.
After issuing 4,250,000 new shares to complete the recent
financing, debt settlement and farm-out agreements, Cheetah will
have 7,958,674 shares issued and outstanding.
The Company’s existing wells continue to produce oil at the
proven oil field, Belmont Lake. Using gas-lift technology, the
field has produced consistently. Belmont Lake is located in a flood
plain of the Mississippi River and is subjected to seasonal
flooding generally between January and May in most years. Our
utilization of a remote tank farm and gas compressor; injector and
production pipelines; and the gas-pressurized oil lift system have
enabled oil production even during those times when the Mississippi
River is at flood stage.
The Company is in the final planning stage for drilling
additional production well(s) as it attempts to increase oil
production and cash flows with the expectation that the first oil
well will be spud around September 21, 2009.
About Cheetah Oil & Gas Ltd.
Cheetah’s an oil & gas company active in Mississippi, where
it holds between 6.75% and 50% gross working interests in various
gas and oil projects. Cheetah routinely evaluates additional oil
& gas projects and corporate opportunities.
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. Statements which are not historical facts are
forward-looking statements. The Company makes forward-looking
public statements concerning its expected future operations,
performance and other developments. Such statements include the
Company’s expectation that the first oil well will be spud around
September 21, 2009. 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.
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