Cheetah Oil & Gas Ltd. – ‘8-K’ for 11/3/04

On:  Thursday, 11/4/04, at 5:58pm ET   ·   As of:  11/5/04   ·   For:  11/3/04   ·   Accession #:  1158957-4-211   ·   File #:  0-26907

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Cheetah Oil and Gas Ltd. 8-K                           2     10K 

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8-K
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2004

CHEETAH OIL & GAS LTD.
 (Formerly Bio-American Capital Corporation)
------------------------------------------------------
(Exact name of registrant as specified in its charter)

Nevada
------------------------
(State of Incorporation)

 000-26907
------------------------
(Commission File Number)

93-1118938
 ---------------------------------------
 (I.R.S. Employer Identification Number)

 498 Ellis Street, 2nd Floor
Penticton, British Columbia V2A 4M2 Canada
------------------------------------------------------------
(Address of principal executive offices, including zip code)

 (250)497-6072
----------------------------------------------------
(Registrant's telephone Number, including area code)

INFORMATION TO BE INCLUDED IN THE REPORT

Section 1 - Registrant's Business and Operations                                

Item 1.01 - Entry into a Material Definitive Agreement                          

Cheetah Oil & Gas Ltd. (the  "Registrant")  has entered into a binding agreement
with Grey Creek  Petroleum  Inc. in which the  Registrant  has  acquired a 97.5%
farm-in interest in two new Petroleum  Prospecting Licenses ("PPL") in Papua New
Guinea  being  PPL #257 and PPL  #258.  The  Registrant  is now  evaluating  and
exploring oil and gas prospects over approximately 8.3 million acres in its five
100% owned license areas in Papua New Guinea as well as the 3.9 million acres in
these two new 97.5% farm-in licenses.                                           

Payment  in full  for the  97.5%  farm-in  interest  in PPL #257 and PPL #258 is
200,000  common  shares of the  Registrant.  The  200,000  common  shares of the
Registrant are restricted under the provisions of Rule 144.                     

PPL #257  encompasses  1.72 million acres located off shore of the East Coast of
Papua New Guinea near the Cape Vogel  Basin and the Kumasi and Buna  Anticlines.
Examinations  of  historical  data  indicate the  theoretical  possibility  of a
potential  hydrocarbon-bearing structure that could hold the equivalent of up to
1.4 billion barrels of oil.                                                     

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PPL #258 is located in the East Sepik  Province  of Papua New Guinea  covering a
total of 2.2 million acres in the North Niugini Basin. This East Sepik Basin has
been ranked as having the second-highest oil prospects of any nearby basins.    

With these latest farm-in interest  acquisitions,  the Registrant has achieved a
strategic position on many of the most highly sought-after  prospective areas in
Papua New Guinea.  The  Registrant's  seven Petroleum  Prospecting  Licenses are
located along the Northern  Coast,  close to prolific areas of Indonesia;  along
the  North-Eastern  Coast;  and throughout  the currently oil producing  Central
Highlands.  In aggregate,  tens of millions of dollars have been spent exploring
and  acquiring  data  throughout  the  properties  the  Registrant  now holds or
controls.                                                                       

Section 9 - Financial Statements and Exhibits                                   

Item 9.01 - Financial Statements and Exhibits                                   

(a)      Financial Statements of Business(es) Acquired                          

Not Applicable.                                               

(b)      Pro Forma Financial Information                                        

Not Applicable.                                               

(c)      Exhibits                                                               

None                                                          

SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.                                           

                CHEETAH OIL & GAS LTD.
                                     (formerly Bio-American Capital Corporation)

             Per: /s/Garth Braun
                                       -----------------------------------
                                       Garth Braun, President and Director

2 

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed as of:		11/5/04							None on these Dates
Filed on:		11/4/04
For Period End:		11/3/04		1
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