SOURCE: Century Petroleum Corp.

November 29, 2006 08:30 ET

Century Petroleum Signs New Louisiana Exploration Agreement

HOUSTON, TX -- (MARKET WIRE) -- November 29, 2006 -- Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to announce its participation in a new exploration prospect in Louisiana and to provide an update on its exploration activities.

New Exploration Prospect: Thunder Stud

The Company recently acquired a 4% working interest in the Thunder Stud Prospect, a high profile exploration project in Louisiana. Century Petroleum has paid its share of the fees and costs to date of what is estimated to be a $12.9 million well (in case of completion). Drilling is expected to commence in late December 2006, and operations will be carried out by AIM-listed Sterling Energy plc. The initial well on this prospect will target over 133BCF, of which Century Petroleum's net interest would be approximately 866,000 BOE.

"We are pleased to participate in this significant exploratory project. The Thunder Stud Prospect has multiple geologic objectives and has significant reserve potential. If the initial well proves successful, Century's exploration cost of finding would be less than $1.30 per BOE which would be a great achievement for our Company," said James Hersch, Century Petroleum's President and CEO.

Ongoing Operations: El Grande Wilcox Prospect

The Company has sponsored a detailed seismic velocity analysis and pressure predictive work to assess the expanded potential of its El Grande Wilcox Prospect (100% working interest). The prospect is a classic high-side three-way closure with production tests from permeable Wilcox sands located 450 feet down dip. The preliminary analysis of the 3D proprietary data set suggests over 2,000 feet of potential on the expanded abnormal-pressured Wilcox section. The final results of the study are anticipated in late December 2006 or early January 2007. This new work should reduce risk of the prospect further and could improve its economics significantly. The exploratory well for this prospect is anticipated to spud on the third quarter of 2007. The Company will integrate all new information and seek joint venture partners.

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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