Dutton Associates Announces Investment Opinion: Century Petroleum Speculative Buy Rating In Update Note By Dutton Associates

  
    
  
  
    
      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.