Century Finalizes Agreement on Aligator Bayou Prospect

Century Petroleum has acquired a 10% working interest (7% net revenue interest) in the high impact Alligator Bayou Prospect. The prospect is consistent with the Company's strategy of pursuing high impact Gulf Coast projects operated by major companies. The Alligator Bayou encompasses 15,387 gross mineral acres within Matagorda and Brazoria Counties in Texas, which takes Century's land position to over 22,000 gross acres. The initial exploratory well will target a P90 unrisked prospective resource in excess of 2 TCF. Century anticipates the well to spud late in the fourth quarter of 2007 or early first quarter of 2008.

"We are pleased to add this exciting prospect to our growing inventory of HP-HT projects. It is a prospect with the potential of becoming a major discovery in the emerging Lower Tertiary condensate play," said James Hersch, CEO of Century Petroleum. "Our operations are growing steadily and we expect a busy second half of 2007. We are currently well ahead of schedule on the drilling of the Shadyside #1, having drilled already over 11,000 feet of the planned 16,500 feet," added Mr. Hersch.