CYPE Century Petroleum Corp (CE)

Dutton Associates updated its coverage of Century Petroleum (OTCBB: CYPE) maintaining a Speculative Buy rating and a 12-month $1.30 price target. The research note dated 1/10/2008 by Dutton senior analyst Richard R. Wolfe, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading financial portals. Century Petroleum announced first sales of natural gas and condensate from the discovery well at its Shadyside Farm prospect in St. Mary's Parish, Louisiana, where it holds a 15.17% working interest (up from 8.92% as of our August 2007 report). The company reported daily production rates of 1.6 MMcf natural gas and 136 barrels of condensate with further upside potential depending on reservoir performance. We believe that the company's results at Shadyside are a positive demonstration of management's judgment in terms of prospect risk assessment as well as its technical capabilities. Progress continues with regard to the company's other prospects. The Thunder Stud prospect (Calcasieu Parish, Louisiana) has been production tested at its deep pay (approx. 17,900 ft) and been confirmed as a discovery, flowing at daily rates of approximately 500 barrels and 1.1 MMcf. The Alligator Bayou prospect (Matagorda and Brazoria Counties, Texas), the company's largest in terms of estimated resource size, is still expected to spud in the second quarter of the 2008 calendar year. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton Associates one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 8/07/2007. Dutton Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.