Centurion Begins Production from Gelgel Field in Egypt

Said Arrata, Centurion's President and CEO revealed that the Gelgel field commenced production on October 20, 2003, from the company's South Manzala Development Lease (Centurion 100% working interest) located in Egypt's Nile Delta region.

The Gelgel field commenced production under natural flow on October 20, 2003 and has brought total production from the South Manzala area to 33 mmcf/day, and has raised company-wide production to approximately 9,900 boepd.

Centurion is completing the compression facilities which will increase total production from the South Manzala area and stabilize production to the contracted production rate of 35 mmcf/day. Completion of the compression facilities is expected in mid November, 2003, at which time total production will exceed 10,000 boepd.

This increase in production will allow Centurion to begin a new phase of high impact exploration. As previously released on October 16, 2003, Centurion has announced a financing initiative which is expected to close within the week. These funds, in addition to current operating cash flow will be used to further explore and develop Centurion's current land holdings, in addition to pursuing several strategic acquisitions of proven producing properties.
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