SOURCE: Century Petroleum Corporation

December 19, 2006 08:30 ET

Century Petroleum Signs $5 Million Equity Financing Agreement

HOUSTON, TX -- (MARKET WIRE) -- December 19, 2006 -- Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to announce that it has signed an equity financing agreement for $5,000,000.

"Since June 2006, Century Petroleum has raised over $3.3 million in equity financing which have funded exploration activities and acquisitions. This new equity financing agreement will help us fund Century's 2007 exploration program and will add to our working capital. More importantly, it will also allow us to continue advancing the technical work in Century's El Grande Wilcox prospect which we aim at spudding on the second or third quarter of 2007. Prior to this agreement, the Company had outstanding warrants that could potentially bring up to $8.6 million in additional funding," said Johannes Petersen, Chief Financial Officer of Century Petroleum Corp.

The agreement allows the company to call upon the funds as it sees necessary by issuing units consisting of one share of its common stock and one common stock purchase warrant exercisable for the purchase of an additional share of common stock. Full details of this agreement can be reviewed on our latest SEC filings.

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 B. Hersch
Chief Executive 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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