249 which is located in
North-West Papua New Guinea, adjacent to the Indonesian border.2 tcf."

3D-GEO's property no.1) million, or $(0 .
During Q4, we increased the number of pilots that will be launched in
Q1 to 5, with all of the pilots in place during Q3 either still
progressing or converting into sales. We will also maintain as lean a cost base as
possible, while selectively investing in our sales and marketing
organization , while a stronger, more consistent revenue stream
develops.

Conference Call

Arel's management will host a conference call at 10:00 a.04
======= ======= ======= =======
Weighted average number of shares
used in computation of earning
(loss) per share (in thousands):
Basic 13,241 13,056 13,170 13 ,056
======= ======= ======= =======
Diluted 13,241 13,783 13,170 13,383
======= ======= ======= =======

AREL COMMUNICATIONS AND SOFTWARE LTD.

speculate originates

249 conclusions are shown here:

1 CONCLUSIONS AND RECOMMENDATIONS

1. Strike-slip flower structures have been interpreted with the
potential to develop high fracture porosities in the core, as
observed in outcrop, albeit subsequently plugged.

Disclaimer: The Company relies upon the safe Harbor Laws of 1993,
1934, and 1995 for all public news releases.

Business Editors/High-Tech Editors

ATLANTA----Arel Communications and
Software Ltd. We see an increasing number of early adopters in industries
with heavy technological design and distance collaboration needs
embracing rich -media collaboration tools, and are enjoying their
identification of Arel as the premier provider .

speculate nonreligious

2.

5. One hinge-line play has been inferred, where there is an area
of substantial dip reversal and a recorded oil seep. Total unrisked mean gas-in-place for all gas leads and plays
is 1. Such forward-looking statements are necessarily
estimates reflecting the Company's best judgment based upon current
information and involve a number of risks and uncertainties, and
there can be no assurance that other factors will not affect the
accuracy of such forward-looking statements .11) per share in the third quarter
of 2004 and a net income of $303,000, or $0. The words "estimate ", "project",
"intend", "expect", "believe", "hopeful" and similar expressions are
intended to identify forward-looking statements.43) $0.

foray avoidance

0 million in
the third quarter of 2004 and $3.1 million in the fourth quarter of
2003."
Revenue for the full year 2004 was $4. ET
today to discuss earnings and corporate activity. Arel's scaleable, secure, and network-friendly
universal conferencing solution is becoming the choice solution for
large enterprises moving from 'off-network' pay per usage services to
'on-network' solutions for greater control, cost-savings and
integration with internal systems. 1,070 630
Inventories 791 534
-------- -- ------
Total current assets 7,853 12,879
-------- --------
SEVERANCE PAY FUNDS 601 483
-------- --------
PROPERTY AND EQUIPMENT, NET 352 421
-------- --------
OTHER ASSETS 86 683
-------- --------
Total assets 8,892 14,466
======== ========

Liabilities and shareholders' equity
CURRENT LIABILITIES:
Current maturities of long-term loan - 52
Accounts payable and accruals:
Trade 332 489
Deferred revenues 104 294
Employees related obligations 709 606
Other 1,894 3,134
-------- --------
Total current liabilities 3,039 4,575
-------- --------

LONG-TERM LIABILITIES:
Income tax payable 1,068 -

Accrued severance pay liability 840 874
-------- --------
Total long-term liabilities 1,908 874
-------- --------
Total liabilities 4,947 5,449
-------- --------

SHAREHOLDERS' EQUITY :
Ordinary shares of NIS 0. dollars
in thousands
--------------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the year (5,628) 473
Adjustments required to reconcile income (loss)
to net cash used in operating activities:
Depreciation and amortization of property and
equipment 224 318
Capital loss on sale of property and equipment 59 -

Employee stock-based compensation - 20
Trading marketable securities, net 34 2
Allowance for doubtful accounts 363 (24 )
Accrued employee rights upon retirement - net (152) 20
Other, net (8) (17)
Changes in operating asset and liability items:
Decrease (increase) in trade receivables (before
allowance for doubtful accounts ) 1,054 (619)
Decrease (increase) in other accounts receivable 215 (180 )
Decrease (increase) in inventories (257) 634
Decrease in trade payables (157) (312)
Decrease in deferred revenues (190)(1,871)
Increase (decrease) in employees related
obligations 103 (140)
Decrease in other accounts payable and accruals (172) (129)
------- ------
Net cash used in operating activities (4,512)(1,825)
------- ------

CASH FLOWS FROM INVESTING ACTIVITIES:
Short-term bank deposits, net 3,868 (3,969)
Long-term bank deposit - (500)
Purchase of property and equipment (214) (78 )
Proceeds from disposal of property and equipment - 29
Collection of long-term loan to an employee 9 9
Amounts carried to other assets 7 (100)
------- ------
Net cash provided by (used in) investing activities 3,670 (4,609)
------- ------

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of share capital 78 -
Exercise of options 38 -
Repayment of long-term loan (48) (12 )
Short-term bank credit - net - (11)
------- ------
Net cash provided by (used in) financing activities 68 (23)
------- ------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (774)(6,457)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 3,897 10,354
------- ------
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF YEAR 3,123 3,897
======= ======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - CASH
PAID DURING THE YEAR FOR:
Interest 2 -
======= ======
Income taxes 220 30
======= ======

sophiology decrease

1 Prospectivity

1.2 Risk

1.

Cheetah has previously reported the evaluation of the examination
of property no.
CONDENSED CONSOLIDATED BALANCE SHEETS

December 31
-----------------
2004 2003
-------- --------
U.

sober worldview

News Editors

LAS VEGAS----Cheetah Oil + Gas Ltd.5) million, or $(0.02 per share, in the
fourth quarter of 2003.arelcom.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended Year ended
December 31 December 31
2004 2003 2004 2003
--- ---------------------------------
U.S.

decrease procreative

,
(OTCBB:COGL) (the "Company") releases the following information from
its recently obtained evaluation on property no .arelcom.

About Arel Communications and Software:

Arel Communications and Software, a technology leader in
interactive web communications, develops, markets and sells a
universal conferencing software solution for enterprise-wide
deployment of integrated voice, video and data web
conferencing /collaboration and training applications.

degenerative decrease

4.5% farm-in interest in two PPL's of another
3.9 million acres, making this total of 12.m.

bicameral degenerative

These early indications are drawing interesting
similarities to existing proven hydrocarbon structures in nearby
Indonesia.029 billion barrels
light oil.
Revenue for the fourth quarter was $555,000 versus $1.
Mr.
An archive of the on-line broadcast will be available on the website

$10 Million Revolving Credit Line

Separately, Arel also announced today that it has entered into a
three-year $10 million revolving secured credit line agreement with
Cetus Corp., an Ohio Corporation controlled by Mr.

procreative trinities

249 which at this point is showing
potential to contain hydrocarbon deposits. Definition of trap geometry is also poor and requires
considerable additional data in the form of either seismic and / or
outcrop structural measurements.3 million
acres, as well as its 97. Statements, which are
not historical facts, are forward-looking statements . dollars in thousands (except
per share data)
Revenues from sales and services 555 3,055 4,386 10,118
Cost of sales and services 380 1,082 2,239 3,701
------- ------- ------- -------
Gross profit 175 1,973 2,147 6,417
Research and development expenses
- net 430 425 1,888 1,591
Selling, general and
administrative Expenses 1,829 1,237 6,213 4,195
Income from settlement with W2COM - - 411 -
------- ---- --- ------- -------
Operating income (loss) (2,084) 311 (5,543) 631
Financial income (expenses)- net (50) (8) (85) (158)
------- ------- ------- -------
Income (loss) for the period (2,134) 303 (5,628) 473
======= ======= ======= =======
Basic and diluted income (loss)
per share $(0.

thales trinities

9.
Thermogenic seeps in the west and light oil seeps in the east confirm
some petroleum generation but these do not guarantee commercial
volumes have been generated. Net loss for the full year 2004 was
$(5.

originates fallacies

Five potential reefal anomalies have been recorded on the
reprocessed seismic data, and two further anomalies indicated from
topographic analysis.

7.

Cheetah Oil + Gas Ltd.com.02 $(0.

fundament pythagoras

The report on property no.
Philippe Szwarc, chief executive officer of Arel, stated, "Arel's
fourth quarter financial results reflect the still-nascent stage of
the rich-media conferencing and collaboration market's development as
this technology, by its disruptive nature, takes time to gain
acceptance.

tedious trinities

PPL249 has a proven hydrocarbon source, generation and
migration due to the seeps of thermogenic gas, but no source rocks
have been found in outcrop. The block is considered prospective for
light oils in the east and gas in the west. Interbeds
of siltstones present some risk of leaky seals. Three 20-60 km2 anticlines are interpreted to be Pleistocene
flower structures that may have substantial fracture porosity in the
cores, created at the same time as hydrocarbon generation, such that
porosity is preserved . Total unrisked mean oil-in-place for 2 anticlines is 746
million barrels light oil and three other notional leads each have
potential for 94 mm bbls for a total sum of 1.

1. (OTC Bulletin Board:COGL )

1
million for the full year 2003.

spherical pythagoras

The identification and prediction of porosity development
and distribution is difficult.

2.

Arel Communications and Software Ltd. Reports Fourth Quarter 2004 Results

For details, visit Arel's website at www.S.

cip sober

2 million acres the
largest land position of its kind in Papua New Guinea. Factors which could
cause actual results to differ materially from those estimated by the
Company include, but are not limited to, government regulation,
managing and maintaining growth, the effect of adverse publicity,
litigation, competition and other factors which may be identified
from time to time in the Company's public announcements. Mathile,
Arel 's principal shareholder. dollars in
thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents 3,123 3,897
Short-term investments 704 4,106
Accounts receivable:
Trade 1,681 3,098
Other 484 614
Investment in ArelNet Ltd.

Personal philosophical theories attempt to explain reality in an effort to find or speculate about the truth.

inferred universalisms

PPL249 has Middle and Late Miocene and Pliocene marine marls
and mudstones that are likely to seal potential reservoir horizons,
although Quaternary carbonates may only have a thin seal. (NASDAQ: ARLC), technology leader in universal voice,
video and data web communication for interactive
conferencing/collaboration and training applications, reported results
for the fourth quarter ended December 31, 2004.

(tables to follow)

All trademarks recognized.

speculate fallacies

PPL249 has a potential Miocene limestone reef reservoir and
inferred Pliocene and Pleistocene reef or porous carbonate
reservoirs.16) per
share versus $(1.com

Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995.001 par value
(authorized: December 31, 2004 and December 31,
2003 - 30,000,000; issued and outstanding:
December 31, 2004 - 13,241,916 shares and
December 31, 2003 - 13,055,739 shares) 4 4
Additional paid-in capital 54,271 54,155
Accumulated other comprehensive income 945 505
Accumulated deficit (51,275) (45,647)
-------- --------
Total shareholders' equity 3,945 9,017
-------- --------
Total liabilities and shareholders'
equity 8,892 14,466
======== ========

AREL COMMUNICATIONS AND SOFTWARE LTD.

nonreligious thales

Independent Evaluation of Property no. 249 Estimates 1.029 Billion Barrels of Light Oil and 1.204 Trillion Cubit Feet of Gas

We are still very early in
our exploration program and a great deal of additional work is
required. While not reflected in our financial results, Arel built a
lengthening string of opportunities over the course of the past year
as we gradually but steadily began penetration of this new market.6) million, or $(0. Designed around
Arel's Integrated Conferencing Platform(TM )(ICP) core software, the
Arel Spotlight(TM) application suite facilitates collaboration for key
business processes such as corporate and marketing communications,
distance learning, product development , customer relationship
management, and supply chain management by allowing dispersed
enterprise users to collaborate in real time with synchronized voice,
video and data.

AREL COMMUNICATIONS AND SOFTWARE LTD.16) $0.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended
December 31
2004 2003
------- -------
U.

decrease tedious

249 as prepared by 3D
Geo of Melbourne, Australia. 249 concludes that, "Total unrisked
mean gas-in-place for all gas leads and plays is 1. The primary risks are the presence of reservoir as either reef
or fracture porosity.

Net loss for the quarter was $(2. Over time, as these
early adopters prove the benefits of increasing workstyle
collaboration and the exceptional ROI that Arel's Spotlight(TM)
generates, we would expect a broader group of more mainstream buyers
to convert. For now, as this market develops, Arel 's superior, unique
solution, its new capital liquidity, and its early traction as a
market leader present competitive advantages that position the company
well to capture its significant opportunities in this emerging
market. Please call the
following dial-in numbers to participate:

United States (888) 527-1593

International Participants (706) 679-7685

Conference ID: 4529653

The public is invited to listen to the live webcast of the
conference call.S.

thales sober

029 billion barrels light oil. 245, which will also be released when received.

The Company is evaluating and exploring for energy resources on
its five 100%-owned and operated PPL's of approximately 8.4 million versus $10.04 per share, for 2003. These forward-looking
statements involve known and unknown risks and uncertainties.

bicameral worldview

-and-Total
unrisked mean oil-in-place for 2 anticlines is 746 million barrels
light oil and three other notional leads each have potential for 94
mm bbls for a total sum of 1. The Company has no
official gas or oil reserves at this time and may not have sufficient
funding to thoroughly explore, drill or develop its properties. Although it is
impossible to identify all such factors they include and are not
limited to the existence of underground deposits of commercial
quantities of oil and gas; cessation or delays in exploration because
of mechanical, operating, financial or other problems; capital
expenditures that are either significantly higher or lower than
anticipated; and from the number of exploration opportunities being
greater or fewer than currently anticipated .

spherical universalisms

"

Chief Geologist Jack Sari noted that, "We're encouraged by our
early examination of property no.

8. A secondary risk is the source rock as no high quality source
rocks have been identified at surface or in the subsurface. 246, and is awaiting the evaluation report on
property no.
Little infrastructure currently exists to support oil or gas
production in many areas of Papua New Guinea . Also, we are in the process of
being approved for 6 new revenue-generating implementations with new
customers that are slated for first-half 2005 deployment, all of which
we competed for and won through our superior performance and
functionality.43) per share, versus net income of $473,000 or
$0. For additional information
regarding these and other risks and uncertainties associated with the
Company's business, reference is made to the Company's reports filed
from time to time with the Securities and Exchange Commission.

worldview procreative

3.

3. Clayton L. Many
factors could cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in
general economic and business conditions, inability to maintain market
acceptance to the Company's products, inability to timely develop and
introduce new technologies, products and applications, rapid changes
in the market for the Company's products , loss of market share and
pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth and
expansion, loss of key partners, inability to attract and retain
qualified personnel, inability to protect the Company's proprietary
technology and risks associated with the Company's international
operations and its location in Israel.

worldview universalisms

3D-GEO of Melbourne Australia was engaged to complete a
comprehensive evaluation of some of Cheetah 's extensive land position
in Papua New Guinea, including property no.

6.2 tcf. The Company ,
through its management, makes forward-looking public statements
concerning its expected future operations, performance and other
developments. Szwarc concluded, "In 2005, our priorities remain to win
prospective customers over to the benefits of rich media collaboration
through our worldwide direct sales capability, our ability to access
key high-level contacts, our existing strategic partnerships and the
development of new partner relationships with other vendors and
service providers, and our offering of both enterprise and managed
service options. www.