Century Energy Ltd.
TSX VENTURE : CEY

Century Energy Ltd.

August 22, 2011 16:33 ET

Century Energy Ltd. Completes Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 22, 2011) -

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Century Energy Ltd. (TSX VENTURE:CEY) (the "Company") is pleased to announce that it has completed the second and final tranche of the non-brokered private placement first announced on June 20, 2011 (the "Offering"). The second closing ("Second Closing") placed 2,700,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $135,000.00. In total, the Offering placed an aggregate of 8,400,000 Units at a price of $0.05 per Unit for gross proceeds of $420,000.

Each Unit consists of one common share of the Company (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; or (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.

As part of the Second Closing, the Company paid Canaccord Genuity Corp. a finder's fee of $12,150 in cash (representing 9% of the gross proceeds raised) and 243,000 finder's warrants (representing 9% of the Units issued) with an exercise price of $0.10 and expiry date of February 22, 2013.

All Shares and Warrants forming the Units issued pursuant to the Offering are subject to a four month hold period, 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 Company'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.

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