2009-06-12-2009-01-01-2009-01-01

To buy subsidiary.

LNG Energy has agreed to acquire Vancouver-based Cheetah Oil & Gas Ltd. (OTCBB: COGL) subsidiary Cheetah B.C. for $250,000 in exchange for canceling a $300,000 loan payable to LNG by Cheetah. LNG will forgive existing debt and cancel certain warrants. Cheetah reported several factors contributed to the decision to sell, including the company's practical inability to obtain financing due to adverse market conditions, a demand notice to pay the $300,000 loan to LNG, and its inability to finance expected 2009 operational cash calls and future work commitments.