Cheyenne Energy Inc.: Valhalla Asset Sale and Corporate Update

Cheyenne Energy Inc. ("Cheyenne" or the "Company")(TSX VENTURE:CHY) announced
today that is has entered into a binding agreement with Bastion Energy Ltd., an
arm's length purchaser, for the sale of certain of its producing assets in the
Valhalla area. The Valhalla assets represent approximately 19 BOE/D of
production. The agreement is the result of a formal sales process and proceeds
from the sale will be used to reduce the Company's debt. The sale is expected to
close on or about February 18, 2008 and is subject to customary industry terms
and conditions and certain preferential rights.


Cheyenne is a Calgary based oil and gas exploration and development company in
Western Canada. Its mission is to be a strong junior oil and gas producer
through internal generation of core producing areas. The corporate strategy is
organic growth through the drill bit, maintain high working interests and
operatorship, develop core areas in geographic areas of expertise of management,
all in order to maximize shareholder value.


Cheyenne's shares are listed on the TSX Venture Exchange under the symbol CHY.

This press release contains forward-looking statements. These forward-looking
statements can generally be identified as such because of the context of the
statements including words such as the Company "believes", "anticipates",
"expects", "plans", "may", "estimates" or words of a similar nature. These
statements are based on current expectations and are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Accordingly, readers are cautioned and no
assurances can be given that any of the events anticipated by the
forward-looking statements will occur, or if any of them do so, what benefits
that we will derive there from. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements.