Cheetah Oil & Gas Ltd. Proved Reserves Grow by 93% in 2010
April 01 2011 - 9:30AM
Marketwired
Cheetah Oil & Gas Ltd. (OTCBB: COHG) (the "Company" or
"Cheetah") announces Belmont Lake, Mississippi project update.
Cheetah has filed a Form 10K with the Securities and Exchange
Commission which outlines the increased proved reserves.
"The value of our proved reserves alone is now greater than our
entire market cap," said Donald Findlay, President. Cheetah's
strategy of concentrating on those assets that are most likely to
deliver a meaningful increase to our balance sheet is paying off.
And, this of course completely discounts the value of our 130,000
acre land package. I am confident that our focus on creating value
with the drill-bit will lead to an increase in shareholder
value."
With the successful 2010 Belmont Lake development oil well
program Cheetah was able to achieve a year over year increase of
93% in proved reserves. The Company also expects continued year
over year record growth in cash flow as well with oil prices at
current levels.
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. As
earlier reported, this is an expansion of the previously expected
number of wells available to be drilled within this proven
field.
Cheetah also announces that one or more of its executive
officers have converted $193,537 of accrued wages into shares and
warrants of the company. 1,935,370 shares and the same number of
warrants have been issued. The excise price of the warrants is
$0.20 with an expiry date of March 30th 2013. After the issuance of
these restricted common shares, Cheetah has 13,039,000 shares
currently issued and outstanding.
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. Donald Findlay, President
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.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
Contacts: Cheetah Oil & Gas Ltd. Donald Findlay (403)
870.4772 www.cheetahoil.com
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