SOURCE: Century Petroleum Corp.

March 05, 2008 08:30 ET

Century Petroleum -- Operations Update

HOUSTON, TX--(Marketwire - March 5, 2008) - Century Petroleum Corp. (OTCBB: CYPE) ("Century" or "the Company") is pleased to provide an operations update on its High Pressure - High Temperature (HP-HT) project portfolio.

SHADYSIDE FARM

Shadyside #1 (St. Mary's Parish, LA) started production on January 7th this year. The operator has gradually increased the choke size and production flow rates have increased. On March 2nd 2008, Shadyside #1 was producing at a rate of approximately 2.45MMCFD and 200 BOD on an 11/64 choke.

Century expects Shadyside's initial revenue distribution during March 2008. The partnership continues to integrate the geological and engineering data to assess remaining exploration potential on our existing lease block. Century has 15.17% working interest in this new field discovery.

THUNDER STUD

Thunder Stud #1 (Calcasieu Parish, LA) encountered both oil & gas on multiple pay horizons. Testing operations were carried out in two intervals of the Yegua formation. One of these intervals was deemed to be non-commercial, whilst the other interval flowed oil and gas at a gross rate of 1,057 MCFD and 456BOPD. In addition, shallower Hackberry sands were found and were deemed to be productive. Partners are expected to drill Thunder Stud #2 confirmation well later this year. The second well will target a sizable geologic structure interpreted to be up-dip of the existing well control.

Century's CEO, James Hersch, commented on the Company's progress to date: "It has been an exciting start of the year. Century has joined the ranks of producing companies with our participation in the Shadyside HP-HT discovery. Thunder Stud has tested hydrocarbons from an HP-HT section and we are hopeful that a confirmation well will be successfully drilled and prove up significant resources. Finally, our largest project to date, the Alligator Bayou, is expected to spud during the second quarter."

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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