SOURCE: Century Petroleum Corp

May 14, 2007 08:30 ET

Century Petroleum to Participate in High Impact Prospect

HOUSTON, TX -- (MARKET WIRE) -- May 14, 2007 -- Century Petroleum Corp. (OTCBB: CYPE) ("Century Petroleum" or "the Company") is pleased to announce its intention to participate in the high impact Alligator Bayou Prospect in Matagorda and Brazoria Counties, TX.

On May 8th, 2007, Century Petroleum signed a letter of intent to acquire 10% working interest in the Alligator Bayou Prospect from CTC Minerals, Inc. The prospect encompasses approximately 16,000 gross mineral acres within Matagorda and Brazoria Counties in Texas, which will increase the current mineral rights position of the Company by more than 300%.

The proposed total depth for the first exploratory well exceeds 20,000 feet and will target a P90 estimated resource in excess of 2 TCF. Century anticipates the well to spud late on the fourth quarter of 2007 or early first quarter of 2008. The well will be operated by El Paso Corporation, publicly traded on the New York Stock Exchange and one of North America's largest independent natural gas.

The Alligator Bayou Prospect is consistent with the Company's strategy of pursuing high impact Gulf Coast projects. The lower tertiary "turtle structure" is expected to encounter lower tertiary reservoirs in a high-pressure high-temperature environment (HP-HT). The project has been defined using proprietary 3D seismic data in combination with historical 2D seismic data.

"We are pleased to add this exciting prospect to our growing inventory of HP-HT projects, which also include the Thunder Stud and Shadyside Farm. These prospects all have the potential to become significant major discoveries. We will continue to pursue quality exploration projects operated by major companies which have major upside economic potential," commented James Hersch, CEO of Century Petroleum.

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

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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