Century Energy Ltd.

Century Energy Ltd.

July 22, 2011 17:52 ET

Century Energy Ltd. Completes First Tranche of Private Placement

CALGARY, ALBERTA--(Marketwire - July 22, 2011) - Century Energy Ltd. (TSX VENTURE:CEY) (the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on June 20, 2011 (the "Offering"). The Company issued 5,700,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $285,000.00.

Each Unit consists of one common share of the Corporation (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to buy one common share at an exercise price of $0.10 at any time until the close of business on the earlier of : (i) 18 months from the date of the issuance of the Warrant; and (ii) the date, following the expiry of 4 months from the date of the issuance of the Warrant, occurring 30 days from the date the Warrantholder receives notice from the Company that there has been a period of 10 consecutive trading days during which time the closing trading price of the common shares of the Company was $0.15 or higher.

The Company intends to close the balance of the Offering shortly. The Corporation paid Canaccord Genuity Corp. a finder's fee in connection with this closing of $25,650 in cash (representing 9% of the gross proceeds raised) and 513,000 finder's warrants (representing 9% of the Units issued) with an exercise price of $0.10 and expiry date of January 22, 2013.

All Shares and Warrants forming the Units issued pursuant to the Offering and all Shares issued in connection with the exercise of the Warrants will be subject to a hold period expiring on November 23, 2011, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Proceeds from the Offering will be used for development of the Corporation's Vawn heavy oil prospect in Central Western Saskatchewan (the "Vawn Prospect") and for general corporate purposes. More information concerning the Vawn Prospect can be found on the Company's web site at www.centuryenergyltd.com.

Century Energy Ltd., www.centuryenergyltd.com, is an oil and gas exploration company pursuing opportunities in Canada and the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. In addition, this release is not for distribution to U.S. Newswire Services or for dissemination in the United States.

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