Filed by sedaredgar.com - Cheetah Oil & Gas Ltd. - Exhibit 10.1






MUTUAL RELEASE

KNOW ALL MEN BY THESE PRESENTS that Cheetah Oil & Gas Ltd.
(“Cheetah Nevada”), a Nevada company, Cheetah Oil & Gas Ltd., a British
Columbia company and Scotia Petroleum Inc. (“Scotia”), a British Columbia
company (collectively, the “Cheetah Parties”) and Paradigm United Kingdom Ltd.,
David Powell, Troy McIntyre and Wayne Richards, (collectively, the “Scotia
Shareholders”) for the issuance of certain restricted shares of common stock in
Cheetah Nevada (the “Settlement Shares”) to the Scotia Shareholders as indicated
on Schedule “A” attached hereto, in consideration for the outstanding shares of
Scotia held by the Scotia Shareholders, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged by each
party, agree as follows:

1. Each party hereby remises, releases and forever discharges
each other and their respective assigns, directors, officers, shareholders,
employees and servants, and, where applicable, the heirs, executors,
administrators, successors and assigns of each other from any and all manner of
action and actions, cause and causes of action, suits, debts, dues, sums of
money, claims, demands and obligations whatsoever, at law or in equity, which
each party may have had or now have or which their assigns, receivers,
receiver-managers, trustees, affiliates, and, where applicable, the heirs,
executors, administrators, successors and assigns of each other hereafter can,
shall or may have existing up to the present time by reason of any matter cause
or thing whatsoever relating to or arising out of the relationship between the
parties relating to, arising out of or in connection with any and all dealings
between the parties up to and including the date of this Mutual Release.

2. Notwithstanding the above provision and for greater
clarification, this Mutual Release does not bar any claims that may arise from
facts that occur after the date of this Mutual Release.

3. It is understood and agreed that neither the Cheetah Parties
nor the Scotia Shareholders shall commence or continue any claims or proceedings
against anyone in respect of anything hereby released which may result in a
claim or proceedings against any other party to this Release. If any such claim
or proceeding results in any claim or proceeding against another party to this
Release, then the party bringing such claim or proceeding shall indemnify and
save harmless the other party from all resulting liabilities, obligations and
costs.

4. The parties, and each of them, hereby represent that they
are the only parties entitled to the consideration expressed in this Mutual
Release, and that they have not assigned any right of action released hereby to
any other firm, corporation or person.

5. Each of the parties to this Mutual Release acknowledges that
such party has read this document and fully understands the terms of this Mutual
Release, and acknowledges that this Mutual Release has been executed voluntarily
after either receiving independent legal advice, or having been advised to
obtain independent legal advice and having elected not to do so.

6. This Mutual Release is governed by the laws of British
Columbia, and the parties attorn to the jurisdiction of the Courts of British
Columbia with regard to any dispute arising out of this Mutual Release.

7. It is understood and agreed that this Mutual Release does
not constitute an admission of liability on the part of any party.




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8. This Mutual Release may be signed in any number of
counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same document. Execution and
delivery of this document by fax shall constitute effective execution and
delivery. Execution of this document by a corporation shall be effective
notwithstanding that its corporate seal is not affixed hereto.

DATED for reference this 30 day of June, 2008.

	/s/ signed 	 	/s/
      Wayne Richards 
	Witness 	 	Wayne Richards 
	  	 	  
	/s/ signed 	 	/s/
      David E. Powell 
	Witness 	 	David E. Powell 
	  	 	  
	/s/ signed 	 	/s/
      Troy A. McIntyre 
	Witness 	 	Troy A. McIntyre 


 

	Paradigm United Kingdom Ltd.	 	 
	 	 	 	 
	Per:	 	 	 
	 	/s/ David E.
      Powell 	/s/ Troy A. McIntyre
    	 
	 	Authorized Signatory 	  
	 	 	 
	Cheetah Oil & Gas Ltd. (Nevada)
    	  
	 	 
	Per: 		  
	 	/s/ Isaac Moss
    	  
	 	Authorized Signatory 	  
	 	  	  
	Cheetah Oil & Gas Ltd. (British Columbia)
    
	 
	Per: 		  
	 	/s/ Ian McKinnon
    	  
	 	Authorized Signatory 	  
	 	 	 
	Scotia Petroleum Inc. 	  
	 	  	  
	Per: 		  
	 	 	 
	 	Authorized Signatory 	  






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SCHEDULE A


  	NAME OF SCOTIA SHAREHOLDER 	NUMBER OF COMMON SHARES 

        CURRENTLY HELD IN THE CAPITAL OF SCOTIA 	NUMBER OF SETTLEMENT SHARES 

        OF
      CHEETAH OIL & GAS LTD. TO BE ISSUED 
	Paradigm United Kingdom Ltd.(1) 	350,000 	525,000 
	Wayne Richards 	70,000 	210,000 
	David E. Powell 	40,000 	60,000 
	Troy A. McIntyre 	40,000 	60,000 




	(1) 	
      The Settlement Shares issuable to Paradigm United Kingdom
      Ltd. will be issued in equal portions to David Powell and Troy McIntyre,
      the respective co-owners of Paradigm United Kingdom
Ltd.