Century Petroleum Corp. ("Century Petroleum" or "the Company") is pleased to announce its intention to participate in the Shadyside Farm Prospect in St Mary Parish, Louisiana.
On February 16th, 2007, Century Petroleum signed a letter of intent to acquire 8.92353% working interest before casing point on the Shadyside Farm Prospect from Houston Energy, Inc. and Red Willow Offshore, LLC. The prospect is a 3-way highside closure on the Garden City Fault with good 3-D seismic and subsurface control.
The prospect is located close to the analogous 2 TCF Garden City giant field and close to a recent discovery by Petrogulf Corporation immediately downthrown. The initial 16,500 feet exploratory well will target resources P.50 of 50 BCF of which Century Petroleum's net could reach 0.63 MMBOE.
The prospective Miocene horizons are anticipated to be encountered between 15,500 feet and 15,800 feet. If successful, a second exploratory well and additional development wells may be proposed. Drilling costs for the first exploratory well of the prospect are estimated at $8.1 million and $3.6m for completion (100%). Spud date is estimated on late March or early second quarter of 2007.
"The company's management believes the Shadyside Farm Prospect has significant upside potential with P.90 resource numbers of 19.4 MMBOE. In such case, Century's proportionate share of the upside case could reach 1.47 MMBOE. We are very pleased to add this significant exploration opportunity to our growing Gulf Coast portfolio," said James Hersch.
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.
On behalf of the Company
James Hersch
President
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
Source: Century Petroleum Corporation
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