SOURCE: Century Petroleum Corp.

December 20, 2007 08:33 ET

Century Petroleum Announces Discovery on Shadyside, Onshore Louisiana

HOUSTON, TX--(Marketwire - December 20, 2007) - Century Petroleum Corp. (OTCBB: CYPE) ("Century" or "the Company") is pleased to announce the discovery of a new gas condensate field in Saint Mary's Parish, Louisiana.

The initial production test of Shadyside # 1 flowed at a stabilized daily rate of 3 million cubic feet and 200 barrels of condensate via a 7/64 choke. The flow tubing pressure was 8,900 PSI. The high quality Miocene reservoir did not require artificial stimulation. Century expects the well to begin initial sales before the end of this calendar year. The Company has a 15.17% working interest after casing point.

"We are extremely pleased that our strategy has begun with a successful discovery. Shadyside is an important milestone for the Company and its shareholders as it constitutes our first high-impact discovery and could provide us with a growth engine for our company in 2008. At Century, we are confident in our HP-HT exploration strategy and we believe that we could have similar successes at our other projects," commented Jim Hersch, CEO of Century Petroleum.

"We expect Shadyside to generate our first production and revenue in a very short time. The operator was informed that we may have a sales tap installed by the end of this week which means that the company could start generating revenues as early as the first quarter of 2008. At current prices, Shadyside # 1 could potentially provide Century with gross revenues in excess of $125,000 per month," added Johannes Petersen, CFO of the Company.

The operator of the well is Neumin Production Company and among the working interest partners was Index Oil and Gas Inc. (OTCBB: IXOG).

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.

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