"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.
Century Petroleum Corporation is a publicly traded junior oil and gas exploration company currently focused on making significant commercial petroleum discoveries in the Southern states.
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