Century Petroleum -- Operations Update
March 05 2008 - 7:30AM
Marketwired
HOUSTON, TX ("Century" or "the Company") is pleased to provide
an operations update on its High Pressure - High Temperature
(HP-HT) project portfolio.
SHADYSIDE FARM
Shadyside #1 (St. Mary's Parish, LA) started production on
January 7th this year. The operator has gradually increased the
choke size and production flow rates have increased. On March 2nd
2008, Shadyside #1 was producing at a rate of approximately
2.45MMCFD and 200 BOD on an 11/64 choke.
Century expects Shadyside's initial revenue distribution during
March 2008. The partnership continues to integrate the geological
and engineering data to assess remaining exploration potential on
our existing lease block. Century has 15.17% working interest in
this new field discovery.
THUNDER STUD
Thunder Stud #1 (Calcasieu Parish, LA) encountered both oil
& gas on multiple pay horizons. Testing operations were carried
out in two intervals of the Yegua formation. One of these intervals
was deemed to be non-commercial, whilst the other interval flowed
oil and gas at a gross rate of 1,057 MCFD and 456BOPD. In addition,
shallower Hackberry sands were found and were deemed to be
productive. Partners are expected to drill Thunder Stud #2
confirmation well later this year. The second well will target a
sizable geologic structure interpreted to be up-dip of the existing
well control.
Century's CEO, James Hersch, commented on the Company's progress
to date: "It has been an exciting start of the year. Century has
joined the ranks of producing companies with our participation in
the Shadyside HP-HT discovery. Thunder Stud has tested hydrocarbons
from an HP-HT section and we are hopeful that a confirmation well
will be successfully drilled and prove up significant resources.
Finally, our largest project to date, the Alligator Bayou, is
expected to spud during the second quarter."
Further Information
Shareholders and interested parties are encouraged to visit
Century Petroleum's website at www.centurypetrol.com and sign-up to
receive news on the company as it becomes available. Otherwise a
corporate information package can be requested by contacting
shareholder relations at toll-free 1-877-284-8258.
About Century Petroleum Corporation
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.
Forward-Looking Statements
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management, including, but not limited to, the Company's belief
that Century Petroleum Corp. can identify and successfully
negotiate leases for oil and gas properties, and that the Company
can participate in the exploration of those properties. Actual
results may differ materially from those currently anticipated due
to a number of factors beyond the reasonable control of the
Company. Additional information on risks and other factors that may
affect the business and financial results of the Company can be
found in filings of the Company with the US Securities and Exchange
Commission.
Contact: Century Petroleum Corp. Investor Relations Toll free:
877.284.8258 Email: Email Contact Website:
http://www.centurypetrol.com
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