Century Energy Ltd.
TSX VENTURE : CEY

Century Energy Ltd.

December 15, 2011 18:36 ET

Century Energy Updates Vaughn Prospect

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2011) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Century Energy Ltd (TSX VENTURE:CEY) ("Century" or the "Company") announces that further to its November 24, 2011 press release, it has drilled and is in the process of production testing its 10-30 Vawn well in west central Saskatchewan (the "Vawn Prospect"). After having encountered approximately 17.5 meters of indicated heavy oil pay above the oil/water contact, thermal production casing was run and completion operations were initiated utilizing a service rig and a tubing-reciprocated pumping system (PTS). The PTS was unable to pump the well off, so in order to get an accurate flow rate measurement, a screw pump and single well battery is now being installed. Productive wells in the nearby Edam Pool typically produce large volumes of water before the onset of oil and thereafter at high water cuts. Consequently it may be necessary to pump this well for several weeks before its commerciality can be assessed.

Century has a 50% working interest in the Vawn Prospect.

More information concerning the Vawn Prospect can be found on the Company's web site at www.centuryenergyltd.com. Century Energy is an oil and gas exploration company pursuing opportunities in Canada and the United States.

This news release may contain certain forward-looking statements, particularly those relating to management's assessment of timing for completion of production testing. The assessment for timing involves risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas development, exploitation, production, and the inability to retain or delays arising from, obtaining drilling rigs and other related services. Century's actual results in production testing and timing for completion thereof could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur and what benefits, if any, the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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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