SOURCE: Century Petroleum Corp.

October 26, 2007 08:36 ET

Century Petroleum: Funding Update

HOUSTON, TX--(Marketwire - October 26, 2007) - Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to provide an update on its financing activities.

"Since June 2006, Century Petroleum has raised over US$7.3 million in equity financing without incurring any debt. Of this total, US$4 million were raised from a European institution in virtue of an agreement signed in December 2006. These funds have helped Century fuel its FY2008 exploration program and added to its working capital," stated Johannes Petersen, Chief Financial Officer of Century Petroleum Corp.

On behalf of the Company

James B. Hersch
Chief Executive Officer

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