Century Petroleum -- Operations Update
Market Wire, June, 2008
Century Petroleum Corp. (OTCBB: CYPE) ("Century" or "the Company") is pleased to provide an operations update on high-impact project portfolio.
ALLIGATOR BAYOU
Drilling operations on the Alligator Bayou #1 exploratory well are proceeding normally. Century expects the proposed total depth to be reached during the quarter of 2008.
SHADYSIDE FARM
The partners on Shadyside #1 are reviewing different engineering options to enhance the hydrocarbon production of the well. Century expects the results to be completed by the end of this month. During May 2008, the well produced at an average daily rate of approximately 52 BOC and 1.8MMCF.
THUNDER STUD
In 2007, the Thunder Stud #1 encountered both oil & gas on multiple pay horizons. Testing operations resulted in one zone flowing oil and gas at a gross rate of 1,057 MCFD and 456BOPD. The partners are integrating all available data and planning a path forward for this project.
"Century is working on securing additional high-impact exploration projects and on possible acquisitions of producing properties. At Century, we are confident that we will be successful in capturing significant growth opportunities for the Company," said James Hersch, CEO of Century Petroleum.
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 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.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document that SEC's guidelines may prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.
Contact: Century Petroleum Corp. Investor Relations Toll free: 877.284.8258 Email: Email Contact Website: http://www.centurypetrol.com
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