Century Petroleum -- Operations Update -- December 2008

  Century Petroleum Corp. (OTCBB: CYPE)
("Century" or "the Company") is pleased to provide an operations update on
its high-impact project portfolio.

ALLIGATOR BAYOU

Alligator Bayou's initial exploratory wildcat well has reached total depth at 23,830 feet. A full suite of petrophysical logs have been interpreted and integrated with both, conventional and rotary core data. The data suggests that several stratigraphic horizons could be hydrocarbon bearing. The well is currently undergoing preparation for production testing. Century has a 6% working interest in the project.

"The initial exploratory well at Alligator Bayou has resolved many of the geologic and mechanical risk factors concerning the project. This is our most ambitious HP-HT project to date and we are at the moment cautiously optimistic on its potential, as specific economic challenges remain unanswered. The production test and further analysis will be required before the economic impact of the discovery can be determined," said James Hersch, Century's CEO.

SHADYSIDE FARM

The Shadyside #1 well is undergoing a work over. The well will be perforated in the interpreted main pay interval. The work over is scheduled to take place immediately upon obtaining the appropriate well service equipment.

THUNDER STUD

The project is seeking an operator to drill a confirmation well. The geologic target is a 3-D defined structural closure up dip of the Brown No. 1 discovery well.

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 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.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document that SEC's guidelines may prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.

Contact: Century Petroleum Corp. Investor Relations Toll free: 877.284.8258 Email: Email Contact Website: http://www.centurypetrol.com