SOURCE: Century Petroleum Corp.

January 18, 2007 08:30 ET

Century Petroleum - Operations Update

HOUSTON, TX -- (MARKET WIRE) -- January 18, 2007 -- Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to provide an update on its exploration activities in Louisiana.

El Grande Wilcox Prospect

Century's detailed seismic velocity analysis and pressure predictive work to assess the expanded potential of its El Grande Wilcox Prospect has been completed. The velocity analysis prepared by Baird Geophysical International, Inc. supports our structural interpretation and the proposed TD of 15,500 feet. A detailed drilling AFE and well prognosis will be prepared in due course and the Company expects to initiate the permitting process by February 2007. Century anticipates the well to spud on the second half of 2007 pending developments with joint venture partners.

"We are pleased with the results of the velocity studies on El Grande. We believe this new work has confirmed our structural and stratigraphic interpretation. The potential reservoir Wilcox section on the prospect could be approximately 1,500 feet larger. The robust structural interpretation combined with an expanded prospective Wilcox section supports major upside reserve potential. The primary risk of the prospect is reservoir quality," said James Hersch, Century Petroleum's President and CEO.

Thunder Stud Prospect

The first exploratory well on the Thunder Stud Prospect is anticipated to spud this weekend pending weather conditions in the area. This significant wildcat well has multiple geologic objectives with a proposed TD of 18,000 feet. It is anticipated that it will take approximately 85 days to drill and evaluate.

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.

On behalf of the Company

Johannes Petersen
Chief Financial Officer
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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