Cheetah Oil and Gas Ltd.announces that, 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.
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