SOURCE: Century Petroleum Corp.

May 07, 2008 08:30 ET

Century Petroleum - Alligator Bayou Update

HOUSTON, TX--(Marketwire - May 7, 2008) - Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") today announced that drilling operations on Alligator Bayou #1 in Matagorda County (Texas) have begun. The well has a planned total depth (TD) of 25,000 feet and targets gas in the emerging Lower Tertiary condensate play.

"Century is pleased to announce that operations on the initial test well of the Alligator Bayou Prospect are progressing as scheduled. We expect to reach TD in approximately six months. This prospect has the potential of becoming a major discovery in the emerging Lower Tertiary condensate play and is consistent with our strategy of pursuing high impact Gulf Coast projects," said James Hersch, CEO of Century Petroleum.

Further Information

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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.

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