SOURCE: Century Petroleum Corp.

April 05, 2007 08:30 ET

Century Petroleum: Operational Update -- April 2007

HOUSTON, TX -- (MARKET WIRE) -- April 5, 2007 -- Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to provide an update of its present operations.

El Grande Wilcox Prospect

Century is currently seeking an operator on its 100% working interest controlled prospect and is negotiating the participation of industry recognized joint-venture partners. The Company's management anticipates the Company will retain approximately a 40% working interest in the proposed 15,500 feet expanded Wilcox test. El Grande is a well-defined four-way structure targeting abnormal pressured Wilcox reservoirs. We anticipate having agreements in place to spud the well early on the second half of 2007.

Century's management team believes the El Grande structural Wilcox prospect represents a continuation of the presently active and economically successful industry Wilcox drilling program occurring in Texas. The South Louisiana gas condensate market is strong with field development and initial production quickly following any commercial discovery. The proposed 15,500 feet test will evaluate the abnormal pressured Wilcox section on a previously unrecognized four-way closure. Century's lease position encompasses the entire prospect with nearby infrastructure in-place.

Shadyside Farm Prospect

The Shady Side project is anticipated to spud in May of 2007, subject to rig availability. The location has been built and the well is permitted. The operator, Red Willow Offshore, LLC, intends to spud the well upon completion of its current drilling obligations with Grey Wolf. The Shadyside Farm prospect is the next project in their drilling schedule. Century has an 8.92353% working interest before casing point on this Prospect and the Company's management team is pleased to be part of this exciting exploratory project. If successful, the project has nearby existing pipeline infrastructure that would allow for a short turnaround from discovery to initial production. The structural prospect is well defined by a modern 3D seismic survey and the existing well database demonstrates excellent quality Miocene reservoir properties.

Thunder Stud Prospect

Drilling on the Thunder Stud Prospect continues and the operator of the Prospect expects to reach permitted TD sometime in early May 2007. The Company is excited about the economic potential of the project and it expects to release data concerning the project in due course.

"We will continue to seek obtaining working interest in high-potential, multiple-objective prospects within proved hydrocarbon producing areas of the Southern United States. We intend to manage risk by exposing our working capital in multiple projects with the participation of well-known industry operators," said James Hersch.

Further Information

Shareholders and interested parties are encouraged to visit Century Petroleum's website at 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.

On behalf of the Company

James Hersch
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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