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 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.
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.
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