SOURCE: Century Petroleum Corp.

January 10, 2008 08:30 ET

Century Petroleum Announces Shadyside Initial Production

HOUSTON, TX--(Marketwire - January 10, 2008) - Century Petroleum Corp. (OTCBB: CYPE) ("Century" or "the Company") is pleased to announce that the newly discovered gas condensate field on the Shadyside Farm has begun hydrocarbon sales. The project went on stream on January 7th, 2008 at 1pm. Century holds a 15.17% working interest after casing point in the project. At current prices, Shadyside #1 could generate potential gross revenues of approximately $375,000 per quarter to Century.

On its first day of production, the Shadyside #1 flowed at a rate of 84 BOC and 0.9 MMCFG via a 5/64 choke. No water was produced. The FTP was 7,700 PSI with no stimulation. On the second day of production, the production rate was increased to 136 BOC and 1.6 MMCFG. The Company plans to increase production rates gradually until reaching a stabilized optimal rate based on reservoir performance. Sale agreements are in place with third parties to sell the natural gas and liquid hydrocarbons from the Shadyside's discovery well. The gas sale agreements are pegged to the Henry Hub posted natural gas price with a modest differential. In addition, Shadyside's high quality oil will allow Century to receive a premium price per barrel over the posted South Louisiana light oil prices.

"The Shadyside discovery and its initial revenue stream constitute a great achievement for Century. Since I joined the company, we were able to secure high impact quality projects, which are now starting to bear fruit. Shadyside #1 was put into production within 4 months of the initial discovery and has been an excellent start to our 2008 exploration season. We are looking forward to additional success with our HP-HT project inventory this new year," said James Hersch, CEO of Century Petroleum.

Further Information

Shareholders and interested parties are encouraged to visit Century Petroleum's website at www.centurypetrol.com and sign-up to receive news on the company as it becomes available. Otherwise a corporate information package can be requested by contacting shareholder relations at toll-free 1-877-284-8258.

About Century Petroleum Corporation

Century Petroleum Corporation is a publicly traded, dynamic junior oil and gas exploration company currently focused on making significant commercial petroleum discoveries in the Southern States. Century Petroleum Corporation's intent is to build near-term shareholder value by initially focusing its activities in proven domestic hydrocarbon basins. Century Petroleum Corporation trades on the NASD OTC BB under the symbol: CYPE.

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that Century Petroleum Corp. can identify and successfully negotiate leases for oil and gas properties, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the US Securities and Exchange Commission.

Contact Information